Richemont set to expand

THE founder of the Net-a-Porter website is in line for a £50m windfall after reports said luxury goods group Richemont plans to buy the online fashion boutique in a deal worth up to £350m.

By The Newsroom

Published 15th Mar 2010, 08:25 BST

Updated 15th Mar 2010, 08:25 BST

Richemont, which is home to leading brands including Cartier and Alfred Dunhill, already controls a 29 per cent stake in Net-a-Porter and is thought to be in detailed talks about buying the shares it does not already own.

This includes the 18 per cent held by former fashion journalist Natalie Massenet who founded the business in June 2000.

Net-a-Porter employs more than 800 people in New York and London. In the year to January 2009 it saw a 234 per cent rise in pre-tax profits to 10.1m on sales of 81.5m.

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