After returning from a vacation, Net-a-Porter founder Natalie Massenet tendered her resignation from the online fashion retailer ahead of a planned merger with Italian rival Yoox. According to someone, she leaves with more than 100 million pounds ($153 million) after selling shares in Net-a-Porter. Massenet and Yoox declined to provide an immediate comment.
Yoox agreed to buy Net-a-Porter from Cie. Financiere Richemont SA in March. The all-stock deal, which is expected to close this month, will create the world’s largest online luxury-goods retailer. Massenet was to be chairman of the combined entity and Yoox founder Federico Marchetti its chief executive officer. Continue reading