The merger between online luxury fashion retailer Net-a-Porter and Italian etail rival Yoox has been approved by the board of directors.
A statement released today (April 24) revealed that Richemont co-chief executive Richard Lepeu and chief financial officer Gary Saage will sit on the combined Yoox Net-a-Porter board.
As part of the deal, Largenta Italia, a recently established non-operating company indirectly controlled by Richemont will also be absorbed into Yoox.
Largenta Italia shareholders will receive new Yoox shares representing 50% of Yoox’s fully-diluted share capital.
Richemont, which owns Net-a-Porter will receive shares representing 25% of Yoox’s voting capital and shares without voting rights for the remaining 25%.
The board has also approved up to €200m (£143m) capital increase.