Natalie Massanet, the Net-A-Porter Founder, Resigns Ahead Of Merger

In March earlier this year, it was announced that designer website Net-a-Porter was to merge with Italian discount designer shopping portal, Yoox. The merger, which was confirmed by Richemont (who bought Net-a-Porter in 2010), is expected to close later this month/early of next, and is anticipated to create the world's largest online shopping hub, with sales of more than €1billion.

At the time, it was assumed that Net-a-Porter founder, Natalie Massenet, would stay onboard.

In a dramatic U-turn, however, it was announced yesterday that Massenet is now leaving Net-a-Porter altogether, resigning as the retailer's executive chairman and forgoing the chairmanship of the soon-to-be merged company as well.

'My entrepreneurial drive is as strong today as it always has been,' she said in a statement, as reported by The Business of Fashion, 'and my passion for innovation will continue to be my greatest guide in business.'

Massenet walks away with an estimated €120million after selling her Net-a-Porter shares, a source told BoF.