Fashion News: Net-A-Porter’s Founder Natalie Massenet Resigns

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Natalie Massenet 1

All good things come to an end! Net-A-Porter‘s founder Natalie Massenet has resigned from the online fashion retailer prior to its planned merger with Yook. She was set to be chairman of the combined company after a planned merger with Italian rival Yook Spa.

According to Bloomberg Business, “Massenet tendered her resignation after returning from a vacation, a person with direct knowledge of the matter said before Yoox confirmed her departure in a statement. She leaves with more than 100 million pounds ($153 million) after selling shares in Net-a-Porter, the person said. Massenet resigned as executive chairman of Net-a-Porter and won’t be on the board of the combined company, Yoox said.”

Yook founder Federico Marchetti is set to become chief executive officer of the combined company, which will be called Yook Net-A-Porter Group (this was not affected by Massent‘s resignation).

Last March, Cie. Financiere Richemont SA, which owns Net-A-Porter, announced the merger with Yook, who were previously rivals within the same market. Yook agreed to buy Net-A-Porter from the company. The all-stock deal, which is expected to close this month, will create the world’s largest online luxury-goods retailer.

Massenet began her career at Women’s Wear Daily and worked as Isabella Blow’s assistant at Tatler. She founded Net-A-Porter in 2000 in London, and launched the site in her Chelsea home. She leaves with more than 100 million pounds ($153 million) after selling shares in Net-A-Porter, according to their source.

Photos Credit: Courtesy

Source: Bloomberg Business 

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Donovan

Donovan is the CEO and Editor-In-Chief of www.dmfashionbook.com. For all general inquiries please email don@dmfashionbook.com Donovan has a BA in Journalism & Media Studies from the prestigious Rutgers University. He's currently studying entertainment and fashion law.