The whispers have proved to be true. London-based Net-a-Porter and Italian rival Yoox have entered into a very lucrative marriage of convenience.
The unforseen decision to come together as a joint venture has resulted in a combined value of around £1.5bn for two online stores famous for selling luxury brands to the upwardly mobile
In a statement by Richemont, a Swiss-based companythat owns Net-a-Porter, chairman Johann Rupert stated;
“Established business models are being increasingly disrupted by the technological giants. It is with this in mind that we believe it is important to increase leadership and size to protect the uniqueness of the luxury industry.”
Mr Rupert continued;
“The merger of the two leaders will further enhance an independent, neutral platform for a sophisticated clientele looking for luxury brands.”
With stiff competition in their wake, it comes as no surprise that Net-a-Porter and Yoox have joined forces, they do after all have a digital presence to maintain. So it is with a hopeful sigh that we supportively look forward to seeing whether Yoox Net-a-Porter, as they will be both known going forward, will have their digital fairy tale of happily ever after.
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