Yoox Net-A-Porter Sells Stake To Middle East Retail Giant
Yoox Net-a-Porter, an e-commerce group that calls itself the “world’s biggest luxury fashion store,” is setting its sights on the Middle East, selling a 100 million-euro stake to Alabbar Enterprises, the Dubai, United Arab Emirates-based owner of Emaar Properties, which includes the Dubai Mall, the world’s most-visited luxury shopping mall. “The world’s biggest online retailer is joining forces with the world’s biggest brick-and-mortar retailer,” Federico Marchetti, chief executive of Yoox Net-a-Porter, said in a call from Milan. In a deal announced on Tuesday in Milan, Alabbar, which is controlled by Mohamed Alabbar, will pay €28 a share, a premium of 5.7 percent on the closing share price of Yoox Net-a-Porter on Monday. The deal values the company at €3.7 billion, or about $4.2 billion. Richemont, the former parent of Net-a-Porter, will remain the group’s largest shareholder; Alabbar will have 4 percent of ordinary shares. It is the biggest move Mr. Marchetti has made since Yoox merged with Net-a-Porter in March 2015. Read more at The New York Times.
