Another spectacular rise for Yoox's stock market which, after the +9,96% recorded in the last session, opens trading this morning with +13%, at 26,29 euros. Yesterday the Italian company confirmed the merger with Net-à-Porter, the English company of the group Richemont, for the creation of an e-commerce hub in the luxury clothing sector.
The new company will have registered office in Italy but it will be present in 184 countries with more than two million customers globally and 24 million unique visitors per month. THE Net revenues aggregates will be equal to approximately 1,3 billion euros and theAdjusted Ebitda aggregated to around 108 million euro.
The transaction will be structured as a merger by incorporation into Yoox of a newco, which on the effective date of the merger will indirectly hold the entire share capital of Net-à-Porter. Yoox will remain listed on the Milan Stock Exchange, but will be renamed upon completion of the transaction YOOX Net-A-Porter Group. According to the provisions of the agreements, Richemont, sole shareholder of the Newco, will hold 50% of the capital society of the new company. The Yoox shareholders will hold the remaining 50% of the capital.
Upon completion of the merger, Yoox Net-A-Porter Group intends to promote a capital increase up to a maximum of 200 million euro to finance new growth opportunities and integration, also with the aim of encouraging the entry of potential strategic investors and maintaining maximum financial flexibility.
The merger is subject to the approval of the competent Antitrust Authorities and the approval of the extraordinary shareholders' meeting of Yoox. The board of directors of the Italian company intends to approve the merger plan in the second half of April. The extraordinary meeting of Yoox called to approve the merger is expected to be held in the first half of June. Taking into account the period granted to creditors to oppose the merger, the closing of the transaction is expected for first half of September 2015.
Federico Marchetti, founder and CEO of Yoox, will also have the same role at Yoox Net-A-Porter Group.
