Statement from Federico Marchetti, CEO of YOOX NET-A-PORTER GROUP, regarding Compagnie Financière Richemont’s Announcement
Milan, 22 January 2018 – With reference to the voluntary tender offer launched today by Compagnie Financière Richemont on all ordinary shares of YOOX-NET-A-PORTER GROUP S.p.A. (MTA: YNAP) at €38.00 per share, Federico Marchetti – Founder of YOOX and CEO of YOOX NET-A-PORTER GROUP – stated: “Today marks an historic event for the YOOX NET-A-PORTER GROUP.
Richemont, already our largest shareholder, has decided to make a tender offer to buy all of YNAP’s shares.
Richemont explained that the rationale for the investment is to build on YNAP’s solid track record of growth.
Richemont aims to provide additional resources that further strengthen and accelerate YNAP’s long-term leadership in online luxury. This means investing even more in product, technology, logistics, people and marketing.
YNAP will continue to be managed as a separate company, providing a neutral and highly attractive platform for all luxury brands.
The success of YNAP is built on an exceptional team. I’m proud that Richemont has expressed its strong appreciation for the quality of our management and our people.
As a passionate entrepreneur, I remember with pride the hard work and excitement of YOOX’s IPO in 2009, when we listed our shares at just over €4 and total revenues were around €150 million.
It was always my dream to create something much bigger. This became possible through the combination of YOOX and NET-A-PORTER in 2015, a vision shared with Richemont.
The hard work of our combined teams created the world leader in online luxury, reaching over €2 billion in revenues in just a couple of years.
I am very grateful to everyone who made it all possible.
Nearly 20 years after inventing YOOX, YNAP’s magic excites me even more. The prospect of no longer owning 4% of the share capital does not change my entrepreneurial commitment to YNAP. Dreaming and innovating to the benefit of our customers has always been my motivation; it will remain so in the years to come.”