Net-a-Porter founder resigns
Net-a-Porter founder Natalie Massenet has resigned suddenly, in the final stages of a merger.
On Wednesday news broke that Massenet had handed in her resignation after returning from a holiday.
It's thought she will leave with $153 million after selling a number of shares in the company.
In March a merger with online luxury retail company Yoox was announced and the deal was to be finalised at the latest by October.
Massenet was set to become executive chairperson of the combined venture, but Yoox has now released a statement confirming her departure.
"YOOX S.p.A. (MTA:YOOX) announces 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," it reads.
No further details of her exit were released.
It's believed Massenet and her counterpart at Yoox, Federico Marchetti, had a troubled relationship. During a recent interview with New York Magazine, she seemed unsure of her future at the company.
“Since the day I started the company, I have thought about what it will take for this business to have momentum and keep going forward regardless of who is in the company,” Massenet said.
Massenet created Net-a-Porter 15 years ago and was one of the first to enter the luxury market online. She is well known in the fashion world and often attends high-profile events like the Met Gala.