Luxury Moves Into Online Shopping: Richemont Buys Net-A-Porter
Filed under: Apparel
We're big fans of online luxury retailer Net-a-Porter and apparently we aren't the only ones. Luxury conglomerate Richemont, the name behind brands like Cartier and Montblanc is bringing the e-tailer deeper into the fold. Richemont previously held a 33% stake in the company (it first starting investing in the company in 2002) but has agreed to acquire the majority of the company from a group of private shareholders for around $340 million according to an article in the Wall Street Journal.Net-a-Porter was founded in 2000 by former fashion journalist Natalie Massenet. It offers fashionable women's clothing and accessories and also has an editorial component with advice on lifestyle and trends. It's that combination of retail and editorial that has made Net-a-Porter a popular shopping destination. Net-a-Porter plans to expand in the U.S. Cashing in on the discount luxury trend (a segment that includes websites like Gilt Groupe and Rue La La), Net-a-Porter also runs theOutnet.com, a site that sells discounted designer clothing. Natalie Massenet will stay on with the company as executive chairman.
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