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Richemont bids to acquire YNAP

Yoox Net a Porter Group’s (YNAP) largest shareholder, Richemont, has made an offer to buy all of the luxury ecommerce giant’s shares.

Frederico Marchetti, CEO of YNAP, has implied he will support the deal and said that Richemont’s rationale for the investment is to build on YNAP’s “solid track record of growth” and strengthen its “long-term leadership in online luxury”.

Marchetti said: “The prospect of no longer owning 4% of the share capital does not change my entrepreneurial commitment to YNAP.

“Dreaming and innovating to the benefit of our customers has always been my motivation; it will remain so in the years to come.”

He added that YNAP will continue to be managed as a separate company.

Full year revenue at the business soared by 16.9% to €2.1bn (£1.8bn) in 2016.

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