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Published
May 25, 2018
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Richemont clinches takeover of Yoox Net-A-Porter

By
Reuters API
Published
May 25, 2018

Swiss luxury goods group Richemont has clinched its takeover offer for Yoox Net-a-Porter (YNAP) by garnering more than 95 percent of the Italian group's shares, the companies said on Friday.


Photo: YNAP/ Instagram



Cartier owner Richemont, which like many rivals in the watch industry and high fashion world has been slow to move into selling online, had offered 38 euros per share for YNAP. The stock closed on Thursday at just below that level.

The offer valued YNAP at 5.3 billion euros (4.6 billion pounds).


 

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