Alabbar Enterprise acquires a 100-million-euro stake in Yoox Net-a-Porter
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.