This just in: Richemont, the Swiss-based luxury conglomerate, announced plans to buy complete control of the wildly successful Internet retailer Net-a-Porter. In a deal that is said to value the company at $535 million, it is nearly three times the value of last years $183 million in profits. But that doesn’t worry the purchaser’s outlook; Net-a-Porter doesn’t rely on bricks and mortars to hold their business together so operating with a larger margin is no huge risk.
What does this mean for us fashion fiends dedicated to trolling the remarkably chic wares on this site daily? Massanet says, “This is an incredibly important stage in the life and development of the Net-a-Porter group.” Richemont Chairman Johan Rupert replies, “Natalie has created a superb, customer-oriented business at Net-a-Porter in a relatively short period of time. Becoming part of our group will provide the company with the support it requires to realize its business strategies.”
So, does this mean we will see more of Richemont’s own brands making their debut on the site? Maybe. Their stable of designers includes Chloé—already a top seller for the retailer—Cartier, Alfred Dunhill, Montblanc, and more. Net-a-Porter, who already carries some 300 plus collections, including Alexander Wang, Balmain, Fendi, Christian Louboutin and Givenchy, has made a reputation for making such premier labels attainable to the mass market. Just point and click, and the latest Yves Saint Laurent tribute sandal can be yours. With their one millionth order under its belt, Net-a-Porter is poised for continued growth. And with Richemont on their side, things can only get better.