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Net-A-Porter Founder Natalie Massenet Resigns Ahead Of Yoox Merger

This article is more than 8 years old.

Natalie Massenet has reportedly resigned from Net-A-Porter, the online fashion giant she founded 15 years ago, ahead of its long-planned, multi-billion dollar merger with Italian retailer Yoox Group.

Bloomberg first reported Massenet's decision to step down on Wednesday afternoon, based on an insider's tip. Details on her resignation remain scant, and Net-A-Porter did not return Forbes' request for comment.

Net-A-Porter, which posted net sales of $835 million in 2014, is set to merge with Yoox later this month in a deal that values the combined entity at $2.5 billion and creates the world's largest online luxury retailer.

Net-a-Porter’s Swiss parent company Richemont confirmed the agreement in March after rumors that Amazon was interested in snapping up the site to bolster its high-fashion credentials.

Massenet, who founded Net-A-Porter from her apartment in 2000, is considered one of the leading lights in fashion and retail, having started the company in the heady dot com boom days and watched it not just outlive its peers but grow to compete with mall stalwarts like Neiman Marcus, Saks and Nordstrom JWN +1.46%.

Bloomberg's source says Massenet is selling her approximately $153 million stake in Net-A-Porter as she leaves the company. Forbes estimated Massenet's net worth at $170 million in May, listing her as 'one to watch' for future lists of the richest self-made women entrepreneurs.

There is no indication that her departure will derail the Yoox merger, which received antitrust clearance on Wednesday, according to Reuters.

UPDATE: Italian retailer Yoox issued a statement confirming the move, saying that "following Natalie Massenet’s tendering of her resignation today as executive chairman of The Net-A-Porter Group, Ms. Massenet will not be a member of the board of directors of the new Group, which will result from the upcoming merger."

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