The fashion entrepreneur, who founded the site in 2000 and most recently served as its executive chairman, tendered her resignation upon returning from a recent vacation, according to Bloomberg, which broke the story. Massenet has also reportedly sold her shares in Net-a-Porter and is exiting the company with more than £100 millions (roughly $153 million).
In March, Net-a-Porter announced it had reached an agreement to merge with Italian e-commerce competitor Yoox — and in late July, Yoox's shareholders gave the company the green light to finalize the deal. The merger is still expected to be completed by October.
Here is the resignation announcement in full:
YOOX S.p.A. (MTA:YOOX) announces that, following Natalie Massenet’s tendering of her resignation today as Executive Chairman of THE-NET-A-PORTER GROUP, Ms. Massenet will not be a member of the Board of Directors of the new Group, which will result from the upcoming merger.