Richemont completed the acquisition of a 95% stake in YOOX Net-A-Porter Group for £4.2bn.

Compagnie Financière Richemont, a Swiss luxury goods group, completed the acquisition of a 94.9% stake in YOOX Net-A-Porter Group, an online fashion retailer, for £4.2bn. “Over a century ago the famous aviator, Alberto Santos-Dumont, complained to his friend, Louis Cartier, about the difficulty of checking his pocket watch whilst flying. He needed to keep his hands on the plane’s controls, but instead kept having to fumble for the pocket watch. Louis Cartier listened and, Eureka!, an idea was born, which was to become the Santos-Dumont wristwatch – the first pilot watch. Ever since then, the success of our various Maisons has been dependent on giving our clients the best possible products and service," Johann Rupert, Richemont Chairman.