RICHEMONT: VOLUNTARY PUBLIC TENDER OFFER FOR YOOX NET-A-PORTER: Compagnie Financière Richemont SA (Richemont), the Swiss luxury goods group, has notified YOOX NET-A-PORTER GROUP S.p.A and the relevant market authorities of its intention to launch a voluntary public tender offer (the “Offer”) to acquire all the issued and to be issued ordinary shares of YOOX NET-A-PORTER GROUP S.p.A (“YNAP”) that it or its affiliates do not already own.
RICHEMONT: VOLUNTARY PUBLIC TENDER OFFER FOR YOOX NET-A-PORTER: Euro 38.00 per share
Under the terms of the Offer, for each ordinary YNAP share held, YNAP shareholders would receive Euro 38.00 (thirty eight) per share. The terms, conditions and essential elements of the Offer are summarised in the official notice in accordance with Article 102, paragraph 1, of the Legislative Decree of 24 February 1998, no. 58, a translation of which is set out appended to this announcement.
YOOX NET-A-PORTER GROUP would continue to operate as a separate business
YNAP has waived the standstill obligation included in the shareholder agreement entered into on 31 March 2015, which would otherwise prevent Richemont and all its affiliates from purchasing any further ordinary shares of YNAP save in certain circumstances. Furthermore, an irrevocable undertaking to accept the offer in respect of all of his shares has been received from Mr Federico Marchetti, chief executive officer of YNAP. Commenting on the offer, Mr Johann Rupert, Chairman of Richemont, said:
“Over a century ago the famous aviator, Alberto Santos-Dumont, complained to his friend, Louis Cartier, about the difficulty of checking his pocket watch whilst flying. He needed to keep his hands on the plane’s controls, but instead kept having to fumble for the pocket watch. Louis Cartier listened and, Eureka!, an idea was born, which was to become the Santos-Dumont wristwatch – the first pilot watch. Ever since then, the success of our various Maisons has been dependent on giving our clients the best possible products and service.
This client centric obsession led us to invest in very many avenues. We are therefore proud to have participated in the growth of NET-A-PORTER since its infancy and in the creation of YOOX NET-A-PORTER GROUP, the world’s leading online luxury retailer. With this new step, we intend to strengthen Richemont’s presence and focus on the digital channel, which is becoming critically important in meeting luxury consumers’ needs.
We are very pleased with the results achieved by YOOX NET-A-PORTER GROUP’s management team, led by Federico Marchetti, and we intend to support them going forward to execute their strategy and further accelerate the growth of the business. Thanks to our long-term commitment and resources, we see a meaningful opportunity to strengthen further YOOX NETA-PORTER GROUP’s leading positioning in luxury e-commerce, growing the business in existing and new geographies, increasing product availability and range, and continuing to develop unparalleled services and content for today’s highly discerning consumers. As part of our Group, YOOX NET-A-PORTER GROUP would continue to operate as a separate business, ensuring it remains a neutral and highly attractive platform for third party luxury brands.”
[Text: epcnews, Richemont/Screen: nat-a-porter]