Italian market watchdog Consob has given the green light for Richemont’s takeover of luxury online retailer Yoox Net-A-Porter (YNAP).
Swiss-based Richemont, which owns brands such as Cartier, Montblanc and Dunhill London, already has a stake in the YNAP Group, but in January made a public tender offer to buy the remaining shares for £33.50 per share.
YNAP Group is the Milan-based company that owns British online retailers Mr Porter, The Outnet and Net-A-Porter, as well as Yoox.
Now Consob’s approval has been given Richemont announced that the offer will now from 8:30am on 19 March 2018 until 5:30pm on 9 May 2018, and if agreed with Consob will be reopened from 8:30am on 21 May 2018 until 5:30pm on 25 May 2018.
Richemont said that the total value of the offer, in the event of its full acceptance, will amount to £2.44bn
In its full year report last week, YNAP Groups’ full-year net revenues reached over €2bn for the first time, increasing 16.9 % to €2.1 bn (£1.86 bn).
In the UK, YNAP’s net revenue increased 13.7% to €286.8m (£257.1m) on a reported basis in the financial year ending 31 December.