Former journalist nets £50m
Natalie Massenet, founder of the Net-a-Porter website, looks set to reap an estimated £50m windfall after agreeing to sell her stake in the business to the owner of the Cartier and Montblanc brands.
Ms Massenet, a former fashion journalist who set up the internet retail business in June 2000, will remain as executive chairman after the deal with Richemont. The Geneva-based luxury goods retailer owns 33 per cent of the business and is making an offer for the remainder of the shares in a deal valuing Net-a-Porter at around 350m.