Net-a-Porter boss staying put after merger
NET-A-PORTER chairman Natalie Massenet signalled that she plans to stay at the online fashion and luxury-goods retailer after it merges with Italy’s Yoox, saying she’s someone who’s “super happy in the background”.
With Yoox founder Federico Marchetti becoming chief executive of the combined company, some analysts have ex- pressed concern over Massenet’s long-term plans. Yet in an interview with Bloomberg Television, the 50year-old gave every indication that she does not intend to go anywhere soon.
“We’ve only just begun,” said Massenet, who formed Net-a- Porter in 2000 and will be the merged company’s executive chairman. Describing herself as a “reluctant leader”, Massenet said the scale of the business was all that would change. “We’re going to be the same, but bigger,” she said.
After the merger was announced in March, Exane BNP Paribas analyst Luca Solca said the executive “seems to have little in the way of direct business responsibilities”. Yet she could prove to be “a dynamic group ambassador to the luxury industry”, according to Citigroup analyst Mauro Baragiola.
Yoox is buying Net-a-Porter from Richemont in an all-stock deal due to complete in September. Richemont will own half of a new company known as Yoox Net-a-Porter Group with annual revenue of € 1.3 billion (R18bn).
Net-a-Porter was seeing “really exciting, strong growth in China”, Massenet also said, predicting the Asian country will become one of the retailer’s top 10 markets next year.
Menswear, meanwhile, could become as big as womenswear in the next decade as the shift toward a more creative economy allowed males to express themselves through style, she said.
To stand out in an increasingly crowded market that would soon include Vogue magazine publisher Conde Nast International, Net-a-Porter needed to keep innovating “because I don’t think anything is going to stand still”, Massenet said.
Conde Nast’s Style.com will become a web retailer in 2016, blending e-commerce with editorial content as Net-a-Porter does.