Net-A-Porter merger nets founder €95m
The founder of upmarket fashion website Net-A-Porter is set for a reported €95m payout after the firm she launched 15 years ago announced a merger with an Italian rival.
Former fashion journalist Natalie Massenet, who founded the business from her London flat in 2000, will see Net-A-Porter merge with Italy's YOOX to create an enlarged firm with annual sales of €1.3bn and adjusted earnings of €108m.
"Today, we open the doors to the world's biggest luxury fashion store," Ms Massenet, who will be executive chairman of the group, said.
Net-A-Porter covers 180 countries and last year took 5.8 million orders for such designers as Alexander McQueen, Jimmy Choo and Dolce & Gabbana.
Californian-born Ms Massenet sold a controlling stake in Net-A-Porter to Richemont in 2010 for €70m. It employs more than 2,500 staff in London, New York, Hong Kong and Shanghai.