Net-a-porter founder and executive chairman Natalie Massenet has resigned from her company. This was announced by Italian rival Yoox which is just about to merge with the French luxury fashion e-tailer as was disclosed in April 2015.

Massenet will not be a member of the board of directors of the newborn entity formed by the two leading e-commerce platforms. According to a previous agreement, she was expected to become executive chairman of the merger firm whilst Yoox founder Federico Marchetti should become its chief executive officer.

Net-à-Porter is a subsidiary of the Richemont Group which is said to have payed the French entrepreneur a severance pay of more than €100 million, as sources close to Richemont report.