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Richemont completes acquisition of Net-a-Porter

Luxury goods group Richemont has completed its acquisition of shares in Net-a-Porter following its offer on 1 April.

Richemont will hold an effective interest of more than 93% in the issued ordinary capital of the etailer.

The group already owned a 28% stake in the business.

Founder Natalie Massenet will reinvest in the Net-a-Porter business alongside Richemont and will remain executive chairman.

Net-a-porter, which reported £120m in unaudited turnover for the year to 31 January, will operate an independent entity alongside Richemont’s other luxury goods businesses, including Cartier.

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