LONDON, United Kingdom — Net-a-Porter founder Natalie Massenet resigned from the online fashion retailer ahead of a planned merger with Italian rival Yoox, according to a person with direct knowledge of the matter.

Massenet tendered her resignation after returning from a vacation, said the person, who asked not to be named ahead of an official statement. She leaves with more than 100 million pounds ($153 million) after selling shares in Net-a-Porter, the person said.

A spokeswoman for Net-a-Porter didn’t return a call seeking comment. A spokeswoman for Yoox declined to provide an immediate comment. Massenet’s representative didn’t immediately reply to a call and an e-mail, and Massenet did not immediately reply to an e-mail sent to her over LinkedIn.

Yoox agreed to buy Net-a-Porter from Cie. Financiere Richemont SA in March. The all-stock deal creates the world’s largest online luxury-goods retailer. Massenet was to be chairman of the combined company. Yoox founder Federico Marchetti will be chief executive officer. The deal is expected to close this month.

Story Credit: BOF