Slaughters advises as Richemont makes €2.8bn bid for Yoox Net-a-Porter

Slaughter and May is acting for Swiss luxury group Richemont on its €2.8bn (£2.5bn) offer to acquire Milan-listed online retailer Yoox Net-a-Porter (YNAP).

Richemont already has a 49% stake in the business, which it is looking to increase to at least 90%. It is offering €38 (£33) a share.

Slaughters is advising alongside Italian firm Bonelli Erede Pappalardo. The firms, which have a longstanding relationship, are working as an integrated team on the bid, which was announced today (22 January).

The magic circle firm’s team is being led by corporate partners Oliver Wareham and Rob Innes, alongside finance partners Ed Fife and Matthew Tobin, competition partner Will Turtle and tax partner Sara Luder.

The Bonelli team is being led out of Milan by corporate partners Umberto Nicodano, Vittoria Giustiniani and Stefano Micheli.

Italian firm Gatti Pavesi Bianchi is acting for YNAP, with Milan M&A partner Stefano Valerio heading up its team.

Slaughters and Bonelli also previously acted for Richemont in connection with the all-share merger of the Net-a-Porter group with YOOX in 2015, which led to the creation of YNAP.

Other recent fashion deals have included the £896m sale last year of high-end shoemaker Jimmy Choo to Michael Kors.

Freshfields Bruckhaus Deringer advised Jimmy Choo while Slaughters and Paul Weiss Rifkind Wharton & Garrison acted for Michael Kors. Slaughters’ team on that deal was led by private equity head Jeff Twentyman.

Photo credit: Maria Morri