The Italian fashion e-commerce Yoox SpA is buying Net-a-Porter, the high-end fashion site controlled by Richemont SA.

Net-a-Porter, the London-based firm owned by the Richemont entered an all-shares transaction with Yoox, that is expected to be completed by September 2015. Shares in the combined group will be incorporated in Italy with a listing on the Italian stock exchange. Yoox’s founder, Federico Marchetti, will be Chief Executive, while Net-a-Porter’s founder, Natalie Massenet, will be Executive Chairman.

“It is important to increase leadership and size to protect the uniqueness of the luxury industry. The merger of the two leaders will further enhance an independent, neutral platform for a sophisticated clientele looking for luxury brands,” explained Richemont’s Chairman Johann Rupert in an official statement.

This particular union between two of Europe’s leading websites for high-end fashion and accessories will make Yoox Net-a-Porter the world’s largest e-commerce for luxury goods.

Picture courtesy of Net-a-Porter / Yoox.