Richemont is finally exiting Yoox Net-a-Porter, but the price of ridding itself of the loss-making online luxury business is a hefty one.
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Luxury goods group Richemont said on Monday that it has concluded the merger of its high-fashion online retail business Net-A-Porter with Yoox, a global Internet retailer for fashion brands, and will receive 65,6m shares in the enlarged Yoox Net-A-Porter Group. Yoox owns popular
JSE-listed Richemont has announced it will merge its high-fashion online retail business Net-A-Porter with Italy’s Yoox, a global Internet retailer for fashion brands that owns websites such as yoox.com