What is the offered price per share in Richemont's bid for YNAP?

Richemont has made a public tender offer to buy the shares it does not currently own for €38 per share. This equates to £33.5 per share at the time of the article.

E-Tailing

YNAP shareholder criticises Richemont’s acquisition bid

By Rajiv Menon

1 min readUpdated Feb 21, 2018Feb 21, 201811:30 PM

In this article (5)

Richemont’s takeover bid for Yoox Net-a-Porter (YNAP) has been handed some uncertainty amid reports that a long term shareholder will vote against it.

US-based value investor Robotti & Co – which has a stake of less than one per cent in the YNAP Group – did not see the deal as being “synergistic” or that the price offered was at “sufficient valuation”.

“Given that Yoox Net-a-Porter has leading a position in the industry and the best management team, we think the company should remain independent for the time being,” Robotti & Co portfolio manager Isaac Schwartz told the newspaper.

Swiss-based Richemont – which owns high-end brands such as Cartier, Montblanc and Dunhill London – already has a stake in the YNAP Group but last month it made a public tender offer to buy the shares it does not own for €38 (£33.5) per share.

Various publications have revealed different total estimates for the takeover bid, ranging from €2.8 billion (£2.4 billion) to €5.1 billion (£4.5 billion).

The deal would only go ahead once it is approved by YNAP Group shareholders.

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What this means

Richemont’s proposed YNAP takeover faces a significant challenge from Robotti & Co, indicating a potential misjudgment of shareholder sentiment and YNAP’s perceived value. This opposition suggests the €38 per share offer is insufficient, contrasting with the successful Asian expansion strategies seen with physical retail like Lululemon’s renovated store in Hong Kong or Panpuri's planned 16-store rollout. While Richemont’s existing stake in YNAP and ownership of Cartier provides a strong foundation, forcing a higher bid or prolonged uncertainty undermines immediate synergy gains. The move pressures Richemont to either sweeten the deal or articulate a more compelling vision. Watch for any subsequent public statements from other major YNAP shareholders regarding the offer price.

Rajiv Menon · Retail News Asia newsroom

Questions & Answers

Why does Robotti & Co oppose Richemont's bid for YNAP?

Robotti & Co believes the deal is not synergistic and the offered price does not represent a sufficient valuation. They also think YNAP, with its leading position and management, should remain independent for now.

What is the reported total value of Richemont's takeover bid for YNAP?

Different publications have revealed varying total estimates for the takeover bid. These range from €2.8 billion (£2.4 billion) up to €5.1 billion (£4.5 billion).

Which company currently owns brands like Cartier and Montblanc?

Swiss-based Richemont, the company making the acquisition bid for YNAP, owns a portfolio of high-end brands. These include Cartier, Montblanc, and Dunhill London.

Reader pulse

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