Cie. Financiere Richemont SA, whose brands include Cartier, Montblanc and Chloe, is buying out Net-A-Porter LLC, the online luxury fashion retailer. The deal that would see Richemont acquire a further 67% stake in the company values the online retailer at £350 million.

Founder Natalie Massanet will remain Executive Chairman of the retailer and plans to invest in the Richemont subsidiary established to own Net-A-Porter Limited.

Net-A-Porter, which was established in 2000, features collections by over 300 leading designers and ships to over 170 countries worldwide. The site, which recently reached its millionth order, drew revenues of approximately £120 million for the fiscal year ended Jan. 31, 2010.

“This is an incredibly important stage in the life and development of the Net-A-Porter Group,” said Massanet. “The entire team is immensely proud of what we have built and is very excited about our future. Ten years on and firmly established as a benchmark in global luxury online retail, the Net –A-Porter Group is poised and ready for the next decade and beyond.”

—Tim Yap