Richemont acquires full control of Net-A-Porter

Swiss luxury retailer Richemont agreed to acquire the rest of London-based luxury e-commerce site Net-A-Porter.com on April 1. Prior to the deal, Richemont owned 33% of the company.

The deal is valued at $343 million, according to Bloomberg News. Richemont said the total value of Net-A-Porter is $533 million.

Net-A-Porter will continue to operate as a standalone business, according to a Richemont statement. Natalie Massenet will continue to lead Net-A-Porter as executive chairman.

Representatives from both Richemont and Net-A-Porter could not be immediately reached for comment.