Companies

Mytheresa acquires Yoox Net-a-Porter from Richemont

Oct 9, 2024 Switzerland

Richemont will sell Yoox Net-a-Porter (YNAP) to luxury e-commerce platform Mytheresa, ending years of efforts to dispose of YNAP. The transaction is expected to create a leading global multi-brand digital luxury group

Under the terms of the transaction, the Swiss-based luxury group will sell YNAP to Mytheresa with a cash position of 555 million euros and no financial debt, and in return, Richemont will acquire a 33% stake in Mytheresa. Richemont will also provide a 100 million-euro 6-year revolving credit facility to finance YNAP’s general corporate needs, including working capital. The transaction is expected to create a global multi-brand digital luxury group.

“I am truly excited by today’s announcement. With this transaction, Mytheresa aims to create a pre-eminent, multi-brand, digital, luxury group worldwide”, said Michael Kliger, CEO of Mytheresa. Going forward, Mytheresa, Net-a-Porter and Mr Porter “will offer differentiated but complementary multi-brand luxury edits based on curation, inspiration and outmost customer service”, while sharing much of their infrastructure to create synergies and efficiencies.

As a result of the deal, Richemont now expects to write down YNAP’s net assets by around 1.3 billion euros, ending years of efforts to dispose of the troubled company. Richemont has listed YNAP as a ‘discontinued operation’ in its earnings reports since 2022 and eventually struck a deal with Farfetch to acquire a 47.5% stake in the e-tailer. However, the deal was called off when Farfetch was rescued from the brink of bankruptcy by Coupang in December last year.

“We are pleased to have found such a good home for YNAP. As a trusted partner to many of the world’s leading global luxury brands, YNAP is renowned for its pioneering high-end customer services complemented by its distinctive and inspirational editorial voice. Mytheresa is ideally placed to build on YNAP’s assets to further delight customers and brand partners alike across the world by harnessing both companies’ respective strengths”, commented Johann Rupert, Chairman of Richemont.

The transaction is expected to close in the first half of 2025, subject to regulatory approvals. It is not subject to approval by the shareholders of either company.

Image Credits: grimshaw.global

Switzerland Acquisitions ecommerce Fashion Luxury Richemont