Business of Fashion was one of the first news engines to break the news of Net-a-Porter founder and former chairwoman Natalie Massenet’s seemingly sudden decision to resign from the company right before a merger with their Italian rival Yoox.
The news quickly spread like wildfire on social media and over various online news engines, each offering their own take on the reasons for her departure, specifically with her disagreement over the merger. To clear the air, Natalie released a statement through Net-a-Porter to shed some light on the situation:
“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.
“I am immensely proud of the achievements of everyone who has helped build the world’s greatest game changing luxury fashion company, and I thank them all for helping me realise and surpass our dreams. I also want to thank our millions of customers around the world for continuing to be our greatest champions and inspiration, and the brands and designers who embarked with me on this digital journey over a decade ago and who made THE NET-A-PORTER GROUP possible.
“The business I started in 2000 could not be in better shape today. Having joined forces with Yoox Group, the company will be bigger, stronger and superbly well positioned under Federico’s leadership to lead the industry and create the future of fashion. As a continuing loyal customer I will be excited to see the next chapters for this amazing business.
“As for my own future, my entrepreneurial drive is as strong today as it always has been, and my passion for innovation will continue to be my greatest guide in business. The incredible experiences and memories of the past decade and a half and the people I have had the honour to work alongside will always be an inspiration to me.”
While her statement doesn’t reveal much about her plans after her resignation, what we do know is that she has a yearlong non-compete agreement with Richemont, so don’t expect her back in the online retail game so soon.
On the other hand, investors have moved on quickly since her announcement with reported shares of the company rising. “The market reacted positively to the news of Massenet’s departure. At 2.30 p.m. on the Milan Bourse, where Yoox is traded, shares were up 5.16 percent to 27.90 euros, or $31.42 at current exchange rates, after being suspended earlier Thursday morning following an excessive rise,” WWD reports.
“The fact that the operative control of the new group after the merger would remain mainly in the hands of Yoox and its CEO [Federico] Marchetti was an evident factor,” Intermonte analysts observed on Thursday.
As for Federico, he only had this to say regarding her departure: “As a fellow entrepreneur, I have to say ‘hats off’ to Natalie Massenet. I’d like to take this occasion to congratulate her for having created such a wonderful company with an exceptionally talented team of professionals. I am very excited to help write the next chapter in the future of Yoox Net-a-Porter Group and I wish Natalie all the best.”
[Observer]
Photo courtesy of Bloomberg
