The board of directors at Yoox Net-A-Porter Group (YNAP) has approved Swiss luxury group Richemont’s public tender offer.
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 board has now said it considers this price to be “fair”. Italian market regulator Consob has also approved the takeover bid.
If taken up in full, the bid has a total value of €2.69bn (£2.37bn), or €2.77bn (£2.44bn) if its stock options are fully exercised.
Richemont said the offer, carried out through subsidiary RLG Italia Holding, will run from 19 March to 9 May.