Natalie Massenet, the 41 year old founder of Net-a-porter also hailed as the Queen of Retail Luxury Fashion always wanted to remain independent. This is why she initially turned town many millions of pounds in offers for sale of the firm in which she owns an 18 percent stake. But her plans probably went under a strategic review and she is selling off her stake at as much as 50 million pounds to Swiss Luxury boutique Richemonte.
Richemonte already held a 29% stake and this deal will entitle it to a 70% share in the company from other investors. A bit of history tells us that Net-a-porter was started 10 years ago by the former fashion journalist and has registered 100,000 active customers who place an average order size of 500 pounds minimum. It features labels such as Jimmy Choo, Alexander McQueen, Stella McCartney and Givenchy. It employs a workforce of over 800 in London and New York City and the net worth of its business is now estimated to be around 350 million pounds.
It looks like Richemonte was keen on eliminating competition as last year LVMH’s luxury website had conceded defeat was shut down owing to dominance of Net-a-porter. But it is trying to recoup by launch of its Luxury Blog Nowness.