Analysts at investment bank Exane noted at the time of the deal that her role as executive chairman at the combined company meant that she had “little in the way of direct business responsibilities”.
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Natalie Massenet has left Net-a-Porter, with a reported £100 million. The two online retailers have distinctly different cultures – Yoox is no-frills and profit driven while Massanet always considered Net a Porter a luxury jewel focused as much on customer service and editorial content as product. The founder became an icon in fashion circles, known for her taste and frequent appearances with a bevy of celebrity friends.
Richemont, which owns jewelers Cartier and Van Cleef & Arpels, agreed in March to promote Net-A-Porter to Yoox in an all-share deal that valued it on the time at round 950 million kilos. Marchetti will now lead the company.
London-based designer Nicholas Kirkwood, who has close ties to Massenet through her work as chairman of the British Fashion Council, has also hugely benefited from her support during his decade in the shoe business.
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. We can’t wait to see what she ends up doing next. “The business I started in 2000 could not be in better shape today”.
“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”, Massenet said in a statement. “The company will be bigger, stronger and superbly well positioned under Federico’s [Marchetti]’s leadership”.
Yoox confirmed her exit, saying that she had resigned as executive chairman.
Ms. Massenet couldn’t immediately be located for a response to Mr. Solca’s comments.
He said she would not receive a pay-out on top of what was in her contract or the money she received as part of her agreement with Richemont and for selling her remaining Net-A-Porter stake.
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Massenet’s resignation comes in the same week Moët Hennessy • Louis Vuitton named former Beats Music CEO and Apple director Ian Rogers as its chief digital officer in a bid to accelerate its efforts online.
