January 23, 2018 / 11:28 AM / in a year

YNAP shareholder Renzo Rosso says Richemont bid 'fantastic'

MILAN (Reuters) - Yoox Net-a-Porter YNAP.MI shareholder Renzo Rosso believes Richemont’s (CFR.S) bid for full control of the online retailer is of great value, even though he is sorry to see another renowned Italian brand pass under foreign control.

The Swiss group on Monday offered up to 2.8 billion euros to takeover YNAP in order to better compete in an expanding online market for luxury goods.

Rosso, who owns 5.7 percent of YNAP’s ordinary shares, declined to comment on whether he would tender his shares in the offer, but his comments suggested the deal would go through.

The Richemont bid is “fantastic” for YNAP and would allow the Italian firm to become part of a larger company that has always believed and invested in its strategy, said Rosso, founder of the Diesel brand and owner of fashion group OTB.

Richemont owns 49 percent of YNAP but only 25 percent of its voting rights.

“I’m a bit disappointed because I was the first major investor in Yoox, I saw it grow and evolve under my eyes,” Rosso told Reuters in emailed comments. “It’s another beautiful Italian company that falls into foreign hands, but it’s also proof that Italian entrepreneurship is alive and well.”

Reporting by Claudia Cristoferi, writing by Agnieszka Flak, editing by Giulia Segreti

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