There have been a lot of rumors as of late surrounding the fate of Net-a-Porter. Besides speculation that Amazon would be purchasing the e-tailer, it was reported that parent company Richemont had plans to merge it with Yoox. Now, Richemont has come forward to confirm that Yoox and Net-a-Porter will combine to form the Yoox Net-a-Porter Group.
Where Yoox and Net-a-Porter used to be rivals, now they will be working together to provide the world with luxury fashion accessed by a few simple clicks of the mouse. “We believe it is important to increase leadership and size to protect the uniqueness of the luxury industry,” Richemont Chairman Johann Rupert said. “The merger of the two leaders will further enhance an independent, neutral platform for a sophisticated clientele looking for luxury brands.”
Richemont is hoping that the pair, considered pioneers in the luxury retail game, can join forces and again shift the landscape. “Together, we plan to expand on our many combined successes and industry breadth to strengthen partnerships with the world’s leading luxury brands and harness a significant untapped growth potential,” Yoox founder Federico Marchetti said.