Richemont Announces Deal to Acquire Online Luxury Retailer Net-a-Porter.com
Compagnie Financi��re Richemont SA has announced that it will acquire online luxury retailer Net-a-Porter. Richemont purchased a 33% interest in Net-a-Porter in 2002, and in this deal Richemont will acquire the remaining shares. The transaction values Net-a-Porter at about $530 million. Net-a-porter sells expensive women’s clothes and accessories, offering collections from more than 300 leading designers. Net-a-porter was founded in 2000 by former fashion journalist Natalie Massenet, who will continue as executive chairwoman. The company delivers goods to 170 countries, and has been profitable since 2004. Net-a-Porter has over 600 employees with principal operation centers in London and New York. Last June, the company reported profits of $18.3 million on sales of $147.6 million for the year to January 31, 2009.Net-a-Porter founder Natalie MassenetAnalysts see Richemont’s move as an acknowledgment that consumers will buy very expensive goods online. Whether we will see Riche

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