The board of online fashion retailer Yoox Net-A-Porter (YNAP) has approved a €2.69bn (£2.37bn) takeover offer by Swiss luxury goods group Richemont.

Richemont already owns 49 per cent of YNAP and stated its offer will run from March 19 to May 9. In January, the company issued a public tender offer for the remaining stock, at a rate of €38 (£33.5) per share, equating to a total valuation of €5.3 billion (£4.64 billion).

The Italian competition authority Commissione Nazionale per le Società e la Borsa (Consob) gave the deal its approval last week.

US-based investor Robotti & Co - which owns less than one per cent of YNAP - opposed the proposal for not offering a sufficient valuation, however YNAP’s board has said it considered the price to be fair.

Earlier this month YNAP published its 2017 full year results, revealing a 16.9 per cent uptick in revenues to €2.1 billion (£1.8 billion), including a 13.7 per cent rise in the UK to €286 million (£257 million).

Meanwhile, Richemont - which already owns brands including Cartier, Dunhill and Chloé - reported sales of €10.6 million (£9.3 billion) to 31 March 2017.

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