Natalie Massenet captured by a street style photographer
Natalie Massenet, the founder of e-commerce giant Net-a-Porter, has resigned from her position as executive chairman of the company.
An insider with direct knowledge of the situation said Massenet gave her notice as soon as she returned from vacation, according to a report from Bloomberg. She’ll walk away with 100 million pounds ($153 million) after selling her shares in the U.K.-based company.
In March, Richemont sold NAP to Yoox.com, one of its biggest rivals in the luxury goods market, for a combined $1.5 billion valuation. “Today, we open the doors to the world’s biggest luxury-fashion store,” Massenet said in a statement at the time. “Together, with our world-class teams in technology, logistics, content, and commerce, we are redefining the fashion media and retail landscape.” She noted that she would stay on as chairman while Federico Marchetti, Yoox’s founder, would take over the role of CEO of the newly formed Yoox Net-a-Porter Group. Marchetti, meanwhile, made it crystal clear that he would be in charge of the new company in an interview with the Financial Times in May: “The Yoox Net-a-Porter Group has only one boss. He raises a hand: “And that’s me.”
Rumors of Massenet’s imminent departure swirled following the announcement. When asked by Bloomberg in July about the rumblings, she said, “We’ve only just begun.” The British entrepreneur added that company’s been “simultaneously growing new markets but in an organic way where we just make sure that our service and selection is appropriate.”
Yoox confirmed her exit, announcing that Massenet tendered her resignation on Wednesday as executive chairman of the Net-a-Porter Group and she will not be a member of the board of directors of the new Yoox Net-a-Porter Group, which will form in the upcoming merger.
On Thursday, Net-a-Porter released its own statement, quoting Massenet as saying that “the completion of [Net-a-Porter Group’s] merger with Yoox Group is the right time for me to move on to explore new ideas and opportunities.” She added that the business she “started in 2000 could not be in better shape today” and even pledged her supported for the company’s future, noting that the company will be “bigger, stronger and superbly well positioned under Federico [Marchetti’s] leadership to lead the industry and create the future of fashion.”
This certainly isn’t it for Massenet. “As for my own future, my entrepreneurial drive is as strong today as it always has been, and my passion for innovation will continue to be my greatest guide in business,” Massenet said of her next move. “The incredible experiences and memories of the past decade and a half and the people I have had the honour to work alongside will always be an inspiration to me.”
(Photo: Getty Images)