The O Group to acquire THE OUTNET business of LuxExperience for $30m.

The O Group, a marketing agency, agreed to acquire THE OUTNET business of LuxExperience, a digital group that operates multiple online platforms, for $30m. “We are very pleased that we have found the optimal solution both for THE OUTNET and for our Group. The transaction will allow THE OUTNET to achieve its full potential under a renewed independent, stand-alone business model. LuxExperience will fully focus its resources in off-price on creating the lean operating model required for YOOX in order to regain growth and financial strength. In addition, it will also allow us to accelerate the overall transformation plan in regards to an efficient infrastructure platform for NET-A-PORTER and MR PORTER,” Michael Kliger, LuxExperience Chief Executive Officer.