Net-a-Porter founder Natalie Massenet has suddenly resigned from the online fashion retailer ahead of a multi-billion dollar merger with Italian ecommerce retailer Yoox Group.
Massenet has stepped down from her role as executive chairman amid reports of a clash with new chief executive Federico Marchetti. She was notably absent from the conference call announcing the Yoox merger earlier in the year.
The Italian retailer issued a statement confirming the resignation, which read: “Following Natalie Massenet’s tendering of her resignation today as executive chairman of The Net-A-Porter Group, Ms. Massenet will not be a member of the board of directors of the new group, which will result from the upcoming merger.”
Net-a Porter posted revenue of $835m in 2014 and the combined entity with Yoox, valued at $2.5bn, will form the world’s largest online luxury retailer.
According to Bloomberg’s Massenet will sell her estimated $153m stake in Net-A-Porter when she leaves the company.