Yoox Net-A-Porter's transition board to be led by Federico Marchetti
Little more than two years after leading the merger of his company Yoox and the site Net-A-Porter, Federico Marchetti is preparing the company for transition in the run up to its acquisition by Richemont, the Swiss luxury giant, which holds 48.5% of YNAP, and has issued a public takeover bid for the group specialised in online fashion retail.
The company's shareholder meeting, which took place on 20th April, approved 2017's balance sheet, which reported net earnings of 17.3 million euros and revenues of 2.1 billion, and renewed YNAP's Board of Directors, appointing Federico Marchetti as its chairman.
The Yoox founder and delegated administrator of YNAP will lead the Board of Directors through the company's transition until the conclusion of Richemont's takeover bid, slated for May. He will be supported by Stefano Valerio, who has been appointed vice president.
At the same time, Raffaello Napoleone, CEO of trade show organiser Pitti Immagine, who stepped in as Yoox's president in 2015, has left the company and will not be part of the new Board of Directors.
Alongside Federico Marchetti and Stefano Valerio, the other members of the Board are Campari CEO Robert Kunze-Concewitz, Instagram's head of fashion partnerships Eva Chen, Laura Zoni, Catherine Gérardin Vautrin, Richard Lapeu, Cédric Charles Marcel Bossert and Alessandro Foti.
For Federico Marchetti, the objective is "to maintain the company's structure as far as possible, pending the results of the takeover bid". The executive is counting on the success of the acquisition, which he has described as "very important for the company and its future development". Marchetti also stated at the shareholder meeting that, as part of the acquisition, he will hand over his 3.8% share in the company.
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