May 25, 2018 / 6:04 AM / 6 months ago

Richemont clinches takeover of Yoox Net-A-Porter

FILE PHOTO: Branding is seen on a disposable cup during a tour of online clothing retailer Yoox Net-A-Porter's Tech Hub premises in White City in London, Britain June 27, 2017. REUTERS/Toby Melville/File Photo

ZURICH (Reuters) - Swiss luxury goods group Richemont has clinched its takeover offer for Yoox Net-a-Porter (YNAP) by garnering more than 95 percent of the Italian group’s shares, the companies said on Friday.

Cartier owner Richemont, which like many rivals in the watch industry and high fashion world has been slow to move into selling online, had offered 38 euros per share for YNAP. The stock closed on Thursday at just below that level.

The offer valued YNAP at 5.3 billion euros (4.6 billion pounds).

Reporting by Michael Shields

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