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Richemont’s takeover of YNAP completes

Richemont has announced the successful closing of its acquisition of all remaining shares in Yoox Net-a-Porter Group.

YNAP is now on track to be delisted from the stock market.

Richemont, which owns brands including Cartier and Dunhill London, already has a stake in YNAP but in January made a public tender offer to buy the shares it does not own for €38 (£33.5) per share.

The bid has a total value of €2.69bn (£2.37bn), or €2.77bn (£2.44bn).

Federico Marchetti, CEO of YNAP, said: “[YNAP] powered by Richemont will be truly unbeatable.

“Our solid track record of growth has made us number one in online luxury. Together with Richemont, we will invest even more in product, technology, logistics, people and marketing. We will accelerate our global growth and guarantee YNAP’s long-term leadership.

“We started the business long before anyone else believed luxury could move online. I’m proud of what we’ve built over nearly two decades. It’s been a journey fuelled by the creativity and courage of so many people.”

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