×
168
Fashion Jobs
FREELANCER PRATIK PARIKH
Opening in Leading Life Insurance Company/ Area Business Manager
Permanent · Gandhinagar
MANISHMEDI INNOVATION
Area Sales Manager
Permanent · Hyderabad
OJB HERBALS
Area Sales Manager
Permanent · Ranchi
LIVE BIOTECH PRIVATE LIMITED
Area Sales Manager, Regional Sales Manager, Zsm
Permanent · Chennai
KM ELECTRONIC CABLES PVT. LTD
Area Sales Manager - Vijayawada
Permanent · Chennai
CTA APPARELS PVT. LTD
Opening For Merchandising Manager- Noida(Garment Export)
Permanent · Noida
CTA APPARELS PVT. LTD
Opening For Merchandising Manager- Noida(Garment Export)
Permanent · Noida
STAR UNION DAI ICHI LIFE INSURANCE (SUD LIFE)
Hiring- Area Manager - Bancassurance- Kolkata Metro
Permanent · Kolkata
NIKKO & CO.
Area Sales Manager /Sales Officers(5-10 Yrs Into Fmcg)
Permanent · Karimnagar
FUTURE GENERALI
Opening For Area Manager in Bangalore With Future Generali li
Permanent · Bengaluru
INFEXN LABORATORIES PRIVATE LIMITED
Area Sales Manager
Permanent · Mumbai
LENSKART
Area Operations Manager
Permanent · Chennai
ADECCO INDIA PRIVATE LIMITED
Job Opening For Area Sales Manager Role For Mnc Company
Permanent · Bengaluru
DR LAL PATHLABS
Area Sales Manager -Chandigarh
Permanent · Chandigarh
JOB INDIA
Regional Manager Sales (Backend Operations)Garments - Gurgaon
Permanent · Faridabad
HERITAGE NUTRIVET LIMITED
Cattle Feed - Area Sales Manager - Salem Location
Permanent · Salem
THINK FIRST DIGITAL
Hiring For Event Production Manager - Mumbai
Permanent · Mumbai
LUPIN
Opportunity For Area Manager - Mass Marketing - Lupin Ltd
Permanent · Pune
SOBHA
Manager - Sales at Sobha Nesara, Kothrud - Pune
Permanent · Pune
MIDAS HYGIENE INDUSTRIES PRIVATE LIMITED
Area Sales Manager - Punjab
Permanent · Jalandhar
PETPOOJA
Area Sales Manager || Software Sales (Pos) || Petpooja
Permanent · Navi Mumbai
FLEETX
Assistant Area Sales Manager/ Area Sales Manager
Permanent · Haldia
By
Reuters
Published
Mar 30, 2015
Reading time
3 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Yoox confirms Net-a-Porter merger talks

By
Reuters
Published
Mar 30, 2015

Italian online fashion retailers Yoox and Richemont's Net-a-Porter confirmed merger talks were under way to create an industry leader in the fast-growing online fashion market.

Sources told Reuters at the weekend that a purchase of Net-a-Porter by Yoox could be announced as early as this week, sending shares in the Italian group up more than 8 percent in early trade on Monday.

Foto: Adnkronos


Yoox said it was discussing with Richemont "a potential business combination" with Net-a-Porter, adding it could not comment further for now. Shortly after, Richemont made a similarly terse statement confirming the talks.

Cartier owner Richemont is keen to retain a stake in the combined entity and preserve exposure to the online fashion market, sources close to the matter said.

The two companies together would be better able to fight cut-throat competition from the bevy of online fashion retailers that have sprung up in recent years, particularly in Asia, and from upmarket department stores such as Bergdorf Goodman which have boosted investments in online trading and services.

Much of the growth in online fashion retail has been driven by buyers in Asia and the United States, hunting for off-the-runway products or good deals. Many fashion buyers prefer buying online to save time but retailers make significantly lower margins if they return the product - which happens regularly.

A tie-up between the two would bring together Yoox's leading discounts offer with Net-a-Porter's full price offer, analysts at Citi said in a note on Monday.

"No other players match Yoox/NAP's breadth of sourcing, client base, luxury expertise and relationships," they said.

The combination would also enable Yoox to rely less on the online shopping sites it runs on behalf of various fashion names, broker Fidentiis said in a note.
Both sides explored merger talks at the end of 2013 but could not agree on a deal.

This time around, an agreement might be easier to find as Net-a-Porter founder Natalie Massenet is finalising negotiations with Richemont over the five-year payout she agreed with the Swiss group when it bought control in 2010 and which is based on the value of her company as of March 31.

Richemont could use the payout, which would reach more than 100 million euros, to persuade Massenent into agreeing a deal with Yoox.

It is not clear however what such deal would mean for Gucci owner Kering which sells its luxury fashion brands Bottega Veneta and Saint Laurent via Yoox.

Nonetheless, Fidentiis said, "the deal would bring together two high-end fashion e-commerce players, of which one has more sales but little profit (Net-a-Porter), and the other has arguably one the strongest track records in operations (double-digit EBITDA margin) in the business," it said.

Net-a-Porter, which is estimated to have sales of more than 700 million euros in the fiscal year just ending, is gauged by analysts to be worth between 1.3 billion and 1.5 billion euros ($1.42 billion to $1.63 billion) using industry multiples.

The UK business made an operating profit before foreign exchange losses and other charge of 22.4 million pounds sterling in the year to Dec.31, up from 16 million in 2013, according to accounts published on Companies House.

Italy's Yoox, which like Net-a-Porter enjoys double-digit growth, is profitable and carries a similar valuation with a market capitalisation of 1.32 billion euros.

€1 = $1.09/£0.73

© Thomson Reuters 2022 All rights reserved.