Amazon in Talks to Buy Online Luxury Retailer Net-a-Porter: Reports

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By Reuters | Updated: 27 March 2015 11:37 IST
Amazon.com is in talks to buy online luxury retailer Net-a-porter in what could be the biggest acquisition yet for the e-commerce giant, but the negotiations are in early stages and could fall apart, Forbes reported, citing a person familiar with the matter.

The potential deal, first reported by Women's Wear Daily, could value Net-a-Porter lower than the valuation of 2 billion euros reported by the fashion industry trade journal, Forbes said, citing the person.

Seattle-based Amazon has long eyed the high-end fashion retail sector and any deal for Net-a-Porter would mean a new commitment in an area where the company lacks a strong presence, Forbes said.

"It's Day 1 in the category," Amazon Chief Executive Jeff Bezos told the New York Times in an interview in 2012, saying the company was making a "significant" investment in fashion to convince top brands that it wanted to work with them, not against them.

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Media reports in 2014 said Amazon was in talks to buy Indian fashion retailer Jabong.com for $1.2 billion.

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Net-a-Porter is owned by luxury goods group Richemont, which bought the London-based company for EUR 392 million in 2010.

Amazon.com, Net-a-Porter and Richemont could not be immediately reached for comment outside regular business hours.

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© Thomson Reuters 2015

 

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