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Luxury goods maker Richemont on Monday offered up to €2.8 billion to take full control of Yoox Net-A-Porter (YNAP) in a bid to expand the online retailer as competition for online sales of high-end products grows.
Richemont offered €38 per share for YNAP, an almost 26 per cent premium to the e-commerce portal’s closing price on Friday.
The Swiss firm, whose brands include jeweller Cartier, pen and accessories maker Montblanc and watchmaker Baume & Mercier, owns 49 per cent of YNAP but only has 25 per cent of voting rights. Its bid values YNAP at about €5.3 billion, YNAP CEO Federico Marchetti said.
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