YOOX NET-A-PORTER GROUP S.p.A is an Italian Internet mail order retailer of mens and womens multibrand clothing and accessories founded on 5 October 2015 after the merger between YOOX GROUP, the global Internet retailing partner for leading fashion and luxury brands, and THE NET-A-PORTER GROUP, the world’s premier online luxury fashion destination for content and commerce. Yoox was founded by Federico Marchetti, a former investment banker, in Zola Predosa near Bologna in 2000 and has become an e-commerce company that serves "more than 100 countries worldwide". Compagnie Financière Richemont agreed to merge Net-a-Porter with Yoox without the knowledge of Net-a-Porter founder Natalie Massenet for a valuation of about £950 million (about $1.4 billion), which was much lower than what Morgan Stanley bankers believed the business to be worth. YOOX’s concept is to buy up overstocked or unsold items from previous seasons in "a direct relationship" from renowned fashion houses "including Dolce & Gabbana, Diesel, Gucci, Armani and Cavalli" as well as "manufacturers and authorized dealers" and sell them online at discounted outlet prices. This is to enable "luxury brands to off-load last years merchandise without undermining their brands or cannibalizing sales at their existing stores". Vintage designer clothing (Chanel, Dior, Pucci etc.) is collected with the help of fashion editor Polly Allen Mellen and sold at special occasions. Some fashion designers have created capsule collections exclusively for yoox.com, such as Hussein Chalayan (menswear) or Alexandre Herchcovitch. In addition to its eponymous web site, the company, through Yoox Services (formed in 2006), operates the full-price online stores of fashion houses Marni (launched in 2006), Emporio Armani (2007), Diesel (2007), Stone Island (2008), C.P. Company (2008), Valentino SpA (2008), Miss Sixty (2008), Costume National (2008), Energie (2008), Emilio Pucci (2008), Dolce & Gabbana (2009), Moschino (2009), Jil Sander (2009), DSquared² (2009), Bally Shoe (2009), Roberto Cavalli (2009), Napapijri (2010), Coccinelle (2010), Giuseppe Zanotti Design (2010), Alberta Ferretti (2010), Zeis House (2010), Maison Martin Margiela (2010), Ermenegildo Zegna (2010), Y-3 (2011), Brunello Cucinelli and Dirk Bikkembergs (2011), all of which are referred to as "powered by Yoox".