Net-a-Porter, the London-based high-end fashion website, is to merge with Yoox, the Italian discount designer shopping portal, creating an online shopping giant with sales of more than $1.3 billion.

The combined business will be known as Yoox Net-a-Porter Group. Fashion conglomerate Richemont – which acquired Net-a-Porter in 2010 – confirmed the deal today after industry speculation.

Founded by Natalie Massenet in 2000, Net-a-Porter is a trailblazer in high-end online shopping, a website full of beautifully shot merchandise. In 2014, the company moved closer towards industry domination with the launch of Porter, a glossy doorstop magazine published every two months with cover stars including Gisele and Christy Turlington.

Yoox was also founded in 2000, but takes a more cheap and cheerful approach to designer fashion, selling end-of-season items and pieces from past collections. Merchandise tends to be shot more pragmatically on dummies, with prices falling further the longer items remain on the site.

What this will mean for designer shoppers’ wardrobes (Yoox is the source of many a secret fashion editor purchase) and for Net-a-Porter’s existing outlet website, The Outnet, is yet to be seen. The deal will become effective in September, if Yoox shareholders approve it in June.