Net-a-Porter Acquired by Richemont

Net-a-Porter is a well known online luxury store that sells products as soon as they are announced on the catwalk. It has now been acquired by Richemont, the Swiss luxury goods group for a price of £350 million. The amount created some dozen millionaires since many people were stakeholders.

Natalie Massenet, who is the founder of the luxury online boutique and whose mother was a Chanel model gained about £50 million, and she would continue to be with the Net-a-Porter even after the acquisition. However some analysts fear that names like Gucci and others may pull out of the site since Richemont would create competition right on the site and it would belong to the Richemont group as well.

It would be interesting how the site would develop further and it already receives 3m people every month, the average spend on the site is £400. The site had a turnover of £81.5m last year, and it sure is one of the best sites to purchase luxury goods and fashion. Many people initially feared people would not buy a £5,000 dress online but they have been proven wrong.

Via: Times Online

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