U.S. e-commerce giant Amazon.com Inc is in talks to buy London-based online luxury retailer Net-a-Porter, but a deal is far from complete as negotiations are still in the early stages, Forbes reported Thursday, citing a person familiar with the matter.
The potential deal, which could be Amazon’s biggest acquisition yet if finalized, was first reported by Women's Wear Daily, which also noted that a successful completion of the deal will value Net-a-Porter lower than its current valuation of 2 billion euros ($2.19 billion).
Amazon has been eyeing the high-end fashion retail sector for long, and acquiring Net-a-Porter, owned by Swiss firm Compagnie Financière Richemont, would mean a new commitment to a segment where the Seattle-based company lacks a strong foothold, according to Forbes. In 2012, Amazon’s CEO Jeff Bezos had told the New York Times that the company was making a “significant” investment in top luxury brands.
In August last year, Amazon bought video-game streaming company Twitch for about $1.1 billion in cash. In 2009, the company acquired online shoe retailer Zappos for $1.2 billion. Amazon was also reportedly in talks to buy Indian fashion retailer Jabong.com for $1.2 billion, Reuters reported.