‘Net-à-Porter seeks IPO or it is for sale’
What will become of Net-à-Porter, the luxury fashion retailer that was founded in 2000 and grew to become a global operation? The online retailer is part of Swiss holding company Richemont, but this group is currently think about Net-à-Porter’s future. There are plans to bring the online retailer in 2015 either to the stock market or put it up for sale.
It’s said that Richemont is currently in talks with Swiss banks about the British online store that it owns since 2010. Richemont did not comment on the speculation, but we will probably hear more about this soon.
Back in 2010, the Swiss company increased its original investment in Net-à-Porter from a third to 100%. It bought the remaining 67 percent stake for as much as 225 million pounds (€284 million) in cash, so it could gain a stronger foothold in the online fashion market.
Net-à-Porter sold to Yoox?
One year ago there were also some rumors related to the sale of Net-à-Porter. Back then, it was said the Italian ecommerce company (and rival) Yoox has shown interest in buying the fashion site, but Richemont has always denied these rumors. Sources told Reuters that an acquisition by Yoox had been explored by the Swiss company, but it was ultimately vetoed by Net-à-Porter’s founder Natalie Massenet.
According to an analyst from Bank Vontobel, Net-à-Porter’s sales reached 580 million euros during the 2013/2014 fiscal year and should reach 660 million euros for next year. The fashion website, however, is still not profitable, but it could be in the black during the first half of 2015.
Net-à-Porter has remained without a CEO since last July, when Mark Sebba announced his retirement. Check out the video employees made for him: