May 17, 2018 / 6:02 AM / 7 months ago

YNAP to delist June 20 after Richemont reaches 94.999 percent of group

MILAN (Reuters) - Online luxury retailer Yoox Net-a-Porter (YNAP) YNAP.MI will be delisted from the Milan Stock Exchange on June 20 after Cartier owner Richemont (CFR.S) reached nearly 95 percent of YNAP’s ordinary shares after a takeover.

Richemont, which already owned 25 percent of YNAP, in January launched a takeover to gain full control of the retailer so as to better compete in an expanding online market for luxury goods.

Reporting by Francesca Landini; Editing by Clarence Fernandez

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