| Thu 1 Apr 2010, 7:30 | | CFR - Richemont Offers to Acquire Shares in Net-A-Porter |
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CFR
CFR
CFR - Richemont Offers to Acquire Shares in Net-A-Porter
Compagnie Financiere Richemont SA Depositary Receipts
issued by Richemont Securities AG
(Incorporated in Switzerland)
ISIN: CH0045159024
Depositary Receipt Code: CFR
PRESS RELEASE
RICHEMONT OFFERS TO ACQUIRE SHARES IN NET-A-PORTER
Richemont announces that it has made an offer to shareholders in NET-A-PORTER
Limited to acquire all of the shares in NET-A-PORTER Limited. The offer values
the equity of NET-A-PORTER at GBP 350 million. Richemont currently holds some
33 per cent of the issued share capital of NET-A-PORTER Limited.
Irrevocable undertakings to accept the offer have already been received in
respect of shares with over 80 per cent of the voting rights. Richemont will
be entitled to acquire the remaining shares from other shareholders in due
course if the offer becomes unconditional. The offer is expected to become
unconditional on or after 1 April 2010.
The offer has the full support of NET-A-PORTER senior management and Ms
Natalie Massenet, founder of NET-A-PORTER, will remain as Executive Chairman
of NET-A-PORTER Limited. Ms Massenet is making an investment in the Richemont
subsidiary established to own NET-A-PORTER Limited.
NET-A-PORTER Limited owns NET-A-PORTER.COM, the premier online luxury fashion
retailer. Established in 2000, it features collections from over 300 of the
world`s leading designers and offers unrivalled customer service; it ships to
over 170 countries worldwide and recently celebrated its millionth order.
NET-A-PORTER Limited`s unaudited turnover for the financial year ended 31
January 2010 was approximately GBP 120 million; it employs some 600 staff at
its principal operations centres in London and New York.
NET-A-PORTER will operate as an independent entity alongside Richemont`s other
luxury goods businesses.
Commenting on the acquisition, Johann Rupert, Executive Chairman and Chief
Executive Officer of Richemont, said:
Quote
Natalie has created a superb, customer-oriented business at NET-A-PORTER in a
relatively short period of time. We welcome her and her team to Richemont and
look forward to working with them in the future to ensure NET-A-PORTER`s
continuing success.
At Richemont, we value the independence of our Maisons very highly. That
principle will especially apply to NET-A-PORTER as a platform for third
parties. Becoming part of our Group will provide the company with the support
it requires to realise its business strategies.
Unquote
Natalie Massenet, Executive Chairman of NET-A-PORTER, said:
Quote
This is an incredibly important stage in the life and development of The NET-A-
PORTER Group. The entire team is immensely proud of what we have built and is
very excited about our future. 10 years on and firmly established as a
benchmark in global luxury on-line retail, The NET-A-PORTER Group is poised
and ready for the next decade and beyond.
Richemont has completely embraced our vision and strategy since they came on
board as a shareholder and together we are going to continue to build the 21st
Century model for luxury fashion retailing.
Unquote
The transaction is not anticipated to have any material impact on Richemont`s
net asset position or earnings, excluding the impact of one-off accounting
adjustments and amortisation charges, for the financial year ending 31 March
2011.
Press enquiries:
Mr. Alan Grieve
Director of Corporate Affairs
Tel: +41 22 721 3507
Analysts` inquiries:
Ms. Sophie Cagnard
Head of Investor Relations
Tel. +33 1 5818 2597
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Compagnie Financiere Richemont SA
50, Chemin de la Chenaie 1293 Bellevue - Geneva Switzerland
Telephone +41 (0)22 721 3500 Telefax +41 (0)22 721 3550
www.richemont.com
01 APRIL 2010
Date: 01/04/2010 07:30:03 Produced by the JSE SENS Department.
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