Richemont has confirmed that YOOX and Net-a-Porter are merging, following reports that the two online high-end retail mainstays were in talks to do so. Richemont SA’s online fashion retail unit Net-a-Porter has long rivaled Italian YOOX SpA, and this merger will result in Richemont owning 50 percent of the combined company, which will be called Yoox Net-a-Porter Group. It will be traded on the Italian stock exchange, and Yoox’s founder Federico Marchetti will act as chief executive officer. Yoox Net-a-Porter is planning a capital increase of $216 million USD after the transaction is complete, in hopes of raising funds for expansion and to attract new shareholders. Apart from the 50 percent stake from the merger, the Geneva-based Richemont Group also owns other high-end luxury brands such as Cartier and Chloe.