British fashion retailer Net-a-Porter looks to have dismissed Amazon’s rumoured planned purchase of the group by partnering with an Italian e-commerce firm Yoox.
With the partnership, Net-a-Porter founder Natalie Massanet has gained an estimated £70m payoff, as the group looks to have snubbed last week’s $2.19bn Amazon takeover.
The move was announced by Net-a-Porter owner Richemont Group which claimed the deal is a “merger of equals".
Yoox, much like Net-a-Porter, is a firm specialising in the sale of over-stocked designer products.
The new entity will be headquartered in Italy and listed on the Italian stock exchange, according to the Telegraph.
In the 12 months leading to 29 March 2014, Net-a-Porter saw revenue of $835m, a 23 per cent increase on the previous year.