Yoox Net-a-Porter is setting its sights on the Middle East, selling a 100-million-euro stake to Alabbar Enterprises, the Dubai-based owner of Emaar Properties, which includes the Dubai Mall, the world’s most-visited luxury shopping mall.
In a deal announced Tuesday in Milan, Alabbar, which is controlled by Mohamed Alabbar, will pay €28 a share, a premium of 5.7 percent on the closing share price of Yoox Net-a-Porter on April 18. The deal values the company at €3.744 billion (or about $4.2 billion). Richemont, the former parent of Net-a-Porter, will remain the group’s largest shareholder; Alabbar will have 4 percent of ordinary shares.
Federico Marchetti, chief executive of Yoox Net-a-Porter said the money would be used to develop an integrated platform across the group’s brands, as well as to fund increased localization of websites, especially in Middle Eastern countries.
Yoox Net-a-Porter
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