Mytheresa to Acquire Complete Ownership of Yoox Net-a-Porter Group from Richemont

“Through this transaction, Mytheresa intends to establish a leading, multi-brand, global digital luxury conglomerate,” states Mytheresa CEO Michael Kliger.

It has been announced that Swiss company Richemont has reached an agreement to acquire 100% of Yoox Net-a-Porter (YNAP) through a combination with luxury e-retailer Mytheresa. This follows the unsuccessful hunt for a new owner last year. Richemont will acquire a 33% equity interest in the German luxury fashion portal Mytheresa in return for the share capital of YNAP, the Swiss conglomerate announced on Monday. Mytheresa will acquire YNAP’s EUR 555 million cash reserve devoid of any financial liabilities, together with a EUR 100 million revolving credit line from Richemont. The merger resulted in a 7.75% increase in Mytheresa's shares, while Richemont experienced a 1.1% growth.

Last year, YNAP incurred a loss of EUR 1.46 billion following a substantial write-down and a 14% decline in sales, during which rival online luxury retailer Farfetch Holdings expressed interest in acquiring YNAP. Nevertheless, the agreement collapsed in December 2023.

“We are delighted to have secured an excellent home for YNAP,” stated Johann Rupert, chairman of Richemont, in a statement released on Monday. Rupert remarked, “As a reliable collaborator with numerous premier global luxury brands, YNAP is distinguished for its innovative high-end customer services, enhanced by its unique and inspiring editorial voice.” Mytheresa is optimally positioned to leverage YNAP’s capabilities to enhance consumer and brand partner satisfaction globally by utilizing the strengths of both organizations.

Mytheresa CEO Michael Kliger emphasized the merger's objective, stating, “With this transaction, Mytheresa aims to establish a pre-eminent, multi-brand, digital luxury group globally.”

The completion of the prominent deal is anticipated to take place in the first half of 2025, involving Richemont on Mytheresa’s supervisory board. Moreover, the purchase is contingent upon standard conditions, including the acquisition of antitrust approvals; nonetheless, it will remain unaffected by any shareholders of Richemont or Mytheresa.