Net-a-Porter was valued at higher than the £950m agreed by its Italian rival Yoox, according to an independent valuation requested by the online luxury retailer’s minority’s shareholders.
Net-a-Porter is a subsidiary of Swiss luxury group Richemont, which agreed to merge luxury etailer with Yoox for £950m in March.
But the minority shareholders, who hold around 10% equity stake, have refused to sell Net-a-Porter at the price that has been agreed.
An independent appraisal valued the company at £1.5bn, according to a document seen by Reuters.
Under the terms of the agreement with Richemont, when it acquired the company in 2010, the Net-a-Porter minority shareholders can sell their shares at that price.
Yoox’s shares have almost doubled in value since speculation started about a potential merger in January, fuelling the investor’s case that there has effectively been a transfer of value from Richemont’s shareholders to Yoox’s shareholders.