Olswang acts on sale of luxury on-line retailer, Net-A-Porter
14 April 2010
Net-A-Porter Limited, the world's premier luxury on-line retailer, has been acquired by Richemont, its largest shareholder, valuing the company at £350 million. Olswang acted for Net-A-Porter in the offer to approximately 160 shareholders, including a large number of employees who exercised share options.
Net-A-Porter was founded by Natalie Massenet, the executive chairman of the company, 10 years ago and features collections from over 300 of the world's leading fashion designers and has almost 600 employees in London and New York.
Net-A-Porter joins Richemont's group of luxury brands which include Cartier, Mont Blanc, Alfred Dunhill and Chloé.
Olswang's team was led by corporate partner Tony Leifer. Tony said: "Net-A-Porter is a much valued client and we were delighted to help the company and its people get to the next stage of their development". The Olswang team also included share scheme partner, Michael Deeks, and corporate associates Daniel Jacob and Katie Entwistle. Partner Alasdair Balfour provided competition law advice.
Mark Sebba, chief executive of Net-A-Porter said: "The Olswang team has provided years of great service to Net-A-Porter and, in this critical transaction, their advice, judgment and attentiveness was, as always, excellent and much appreciated."
Corporate partner and Head of Olswang's retail practice, David Roberts, commented "Net-A-Porter is a favourite client of Olswang's retail practice. Tony Leifer and the retail team have been involved with the business from its early days and have worked closely with the company to create and evolve e-commerce market practice. The development of the client's equally successful Outnet.com business was also revolutionary and we were pleased to be involved in the development of that site. Both Net-A-Porter and Outnet.com are examples of how technology when combined with a great idea can help to drive retail business".
