UPDATE 2-Yoox buys Richemont's Net-a-Porter in all-share deal

March 31, 2015 10:31 AM

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PARIS/MILAN, March 31 (Reuters) - Italian online fashion retailer Yoox has bought Net-a-Porter, its upmarket rival, in an all-share deal that creates an industry leader in the booming online luxury market, with combined sales of 1.3 billion euros ($1.4 billion).

Net-a-Porter (NAP) owner Richemont will receive 50 percent of the combined Yoox Net-a-Porter Group but its voting rights will be capped at 25 percent, putting Yoox effectively in charge of the combined business.

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