Daily Front Row

2010 March 15

Richemont to Acquire Net-a-Porter

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Natalie Massenet
JONATHON ZIEGLER/PatrickMcMullan.com View Gallery

(NEW YORK) Compagnie Financière Richemont has owned a nearly 30 percent stake in Natalie Massenet’s wildly successful e-commerce venture, Net-a-Porter, but this week, the Swiss luxury goods company is slated to acquire the remaining stakes in the site. Massenet is expected to give up her 18 percent share—making over £50 million in the process. Net-a-Porter is currently valued at £350 million ($531 million), and according to the Times UK, in the 12 months leading up to January 31, 2009, Net-a-Porter posted a 234% rise in pre-tax profits.

Richemont is the world’s third-largest luxury good retailer—after LVMH and PPR—with brands like Chloé, Cartier, and Van Cleef & Arpels counted in its lineup (although not Prada; though rumors ran rampant in August and again in January that Richemont was in talks to acquire Prada, it was vehemently denied by both companies).