Update: Natalie Massenet has resigned from Net-a-Porter
Update: It's now been confirmed via a Net-a-Porter press release that Natalie Massenet has exited the company ahead of the merger with YOOX. In a statement reported by New York Times' The Cut, Massenet said: "After 15 extraordinary and exceptional years at THE NET-A-PORTER GROUP, the completion of the merger with Yoox Group is the right time for me to move on to explore new ideas and opportunities."
WWD reports that Massenet has a 12 month non-compete agreement with YOOX's parent company Richemont, so any speculation that she'll pop up at a rival e-tailer has been crushed. For now, her future movements are anyone's guess.
Related story: Net-a-Porter and the Yoox Group to merge
In April this year we reported the head-scratching news that luxury e-commerce site Net-a-Porter was set to merge with Italian discount fashion site YOOX. A strange combination of high and low fashion worlds colliding, the merger was set for action this month.
In news published by Bloomberg yesterday morning, it was reported that Massenet hadresigned from her proposed position as chairman of the newly merged companies. According to a source, she handed in her resignation after coming back from a holiday, and then a statement was released by YOOX confirming the news.
While this could be just pure speculation, the fact that reps for both Net-a-Porter and Massenet have declined to comment makes us think there's definitely some truth to the matter. Plus, there's that pesky YOOX press release that's now circulating. It's also been reported that Massenet departs the company with a tidy £100 million (AUD$217 million) in her back pocket - so it's not like she's come away damaged by the deal.
The merger was drawn up in March, with YOOX buying Net-a-Porter from Cie. Financiere Richemont SA. At the time, Massenet was confirmed as chairman, while YOOX founder Federico Marchetti was to be its CEO. Keep your eyes on this page for more updates as they will undoubtedly unfurl.
Buro 24/7 Selection