YNAP to delist June 20 after Richemont reaches 94.999 percent of group

Online luxury retailer Yoox Net-a-Porter (YNAP) will be delisted from the Milan Stock Exchange on June 20 after Cartier owner Richemont reached nearly 95 percent of YNAP’s ordinary shares after a takeover.

The threshold of 90 percent had been set as the condition for the public offering and has now been reached, the Geneva-based group said in a press release.

Richemont, which already owned 25 percent of YNAP, in January launched a takeover to gain full control of the retailer so as to better compete in an expanding online market for luxury goods.

The acquisition should enable Richemont, the owner of Cartier, Piaget and Jaeger-LeCoultre, to strengthen its online distribution at a moment when online sales of luxury products are flourishing.