Natalie Massenet quits Net-A-Porter ahead of merger with Yoox
Natalie Massenet, the founder of online fashion retailer Net-A-Porter has unexpectedly quit ahead of the company's mega merger with Italian luxury group Yoox.
Massenet, a former fashion journalist who set up the group in 2000 and turned it into a business that boasts sales of £500 million a year, said it was "the right time" to move on.
The company was sold by Cartier parent Richemont to Bologna-based Yoox for £2.3 billion.
Massenet, who was expected to pocket around £70 million from the deal, was due to stay on as executive chairman of the combined Yoox/Net-A-Porter Group, set to become the world's largest independent online luxury clothing retailer.
But today she said in a statement: "My entrepreneurial drive is as strong today as it always has been, and my passion for innovation will continue to be my greatest guide in business."
"Having joined forces with Yoox Group, the company will be bigger, stronger and superbly well positioned under Federico’s [Marchetti] leadership to lead the industry and create the future of fashion. As a continuing loyal customer I will be excited to see the next chapters for this amazing business."