Mytheresa to Acquire Entirety of Yoox Net-a-Porter Group From Richemont

"With this transaction, Mytheresa aims to create a pre-eminent, multi-brand, digital luxury group worldwide", says Mytheresa CEO Michael Kliger.

Richemont, a Swiss corporation, has reached a deal with Mytheresa to acquire 100% of Yoox Net-a-Porter (YNAP). This follows a failed hunt for a new owner last year. Richemont will also acquire a 33% position in the German luxury fashion portal Mytheresa in return for YNAP's share capital, the Swiss group announced on Monday.Mytheresa will get YNAP's EUR 555 million cash pile without any financial debt, as well as a EUR 100 million revolving credit line from Richemont. This merger resulted in a 7.75% increase in Mytheresa's share price, while Richemont's increased by 1.1%.

 Last year, YNAP lost EUR 1.46 billion due to a large write-down and a 14% reduction in sales—when rival online luxury retailer Farfetch Holdings was an earlier candidate for YNAP. However, the agreement fell through in December 2023.

"We are pleased to have found such a good home for YNAP," said Johann Rupert, Richemont's chairman, in a statement released on Monday. Rupert added, "As a trusted partner to many of the world's biggest global luxury brands, YNAP is famous for its pioneering high-end customer services, coupled by its distinctive and inspirational editorial voice. Mytheresa is well-positioned to capitalize on YNAP's assets to satisfy customers and brand partners around the world by using both firms' unique capabilities."

Mytheresa CEO Michael Kliger stated, "With this transaction, Mytheresa aims to create a pre-eminent, multi-brand, digital luxury group worldwide".

 The high-profile transaction, which is slated to close in the first half of 2025, will see Richemont join Mytheresa's supervisory board. Furthermore, the deal is subject to usual conditions, including the obtaining of antitrust approvals, but will have no impact on any Richemont or Mytheresa shareholders.