British fashion retailer Net-a-Porter looks to have dismissed Amazon’s rumoured planned purchase of the group by partnering with an Italian e-commerce firm Yoox.
With the partnership, Net-a-Porter founder Natalie Massanet has gained an estimated £70m payoff, as the group looks to have snubbed last week’s $2.19bn Amazon takeover.
The move was announced by Net-a-Porter owner Richemont Group which claimed the deal is a “merger of equals”.
Yoox, much like Net-a-Porter, is a firm specialising in the sale of over-stocked designer products.
The new entity will be headquartered in Italy and listed on the Italian stock exchange, according to the Telegraph.
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Source: The Drum
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