Natalie Massenet, the founder and chairwoman of luxury online retailer Net-a-Porter has abruptly resigned, halfway through its pending merger with Italian e-commerce group Yoox.
Ms. Massenet who worked as a model in Japan before starting her career in journalism at Women's Wear Daily and Tatler Massenet was slated to be chairman of the combined company the Yoox Net-a-Porter Group. Her resignation comes after after Massenet and minority shareholders won a tribunal ruling over NAP's valuation. The merger, which will create the world's largest luxury e-commerce group was found to have been undervalued by Richemont with its fair value being 1.5 billion pounds ($2.3 billion), 50% more than agreed in the deal.
"The completion of Net-a-Porter Group's merger with Yoox Group is the right time for me to move on to explore new ideas and opportunities," said Massenet in a statement this morning. "The business I started in 2000 could not be in better shape today. Having joined forces with Yoox Group, the company will be bigger, stronger and superbly well positioned under Federico Marchetti's leadership to lead the industry and create the future of fashion. As a continuing loyal customer I will be excited to see the next chapter for this amazing business."
Massenet is said to receive a pay-off well in excess of $112 million after selling shares in the company.