This article was produced by Olswang LLP, which joined with CMS on 1 May 2017.
International Technology, Media and Telecoms law firm Olswang has advised leading online luxury fashion retailer YOOX NET-A-PORTER GROUP (YNAP) on the UK aspects of its joint venture with Symphony Investments, an entity controlled by Mohamed Alabbar.
Capitalizing on the Middle East's significant growth potential for luxury online retail, the strategic partnership will manage all of YNAP's existing multi-brand online stores in the region (YOOX, NET-A-PORTER, MR PORTER and THE OUTNET). It will provide Middle Eastern customers with a fully localized offering and as well as, in agreement with brands, select existing and future online flagship stores, “Powered by YOOX NET-A-PORTER GROUP”, that have significant business potential in the Middle East. A 60% percent stake will be owned by YNAP, with the remaining 40% held by Symphony Investments.
Olswang Corporate Partner Katie Nagy de Nagybaczon commented: "This is the first corporate transaction that we've worked on with YNAP, and we're delighted to have played a role in a joint venture which promises to bring a tremendous amount of value to luxury fashion customers. The Middle East is well primed for a strategic partnership of this nature, and we keenly anticipate that YNAP's reach and expertise coupled with Mr Alabbar's proven business nous will result in this joint venture becoming the region's leader in online luxury retail. We look forward to working with the team in the future as they continue to further grow the YNAP brand and global presence."
Corporate Partner Katie Nagy de Nagybaczon led the Olswang team, with support from Corporate Associate Sarah Wilson, working closely alongside YNAP's Italian legal advisers, Gatti Pavesi Bianchi.