It has just been announced that luxury e-retailers Swiss conglomerate Richemont have reached an agreement with Mytheresa to acquire 100% of Yoox Net-a-Porter (YNAP). This follows the unsuccessful search for a new owner last year. Richemont will also take a 33% stake in the German luxury fashion platform Mytheresa in exchange for YNAP’s share capital, as mentioned by the Swiss group on Monday. Mytheresa will receive YNAP’s cash reserves of EUR 555 million without any financial liabilities, along with a revolving credit facility of EUR 100 million from Richemont. The merger has resulted in a 7.75% increase in Mytheresa’s stock, while Richemont’s stock grew by 1.1%.
Last year, YNAP reported a significant loss of EUR 1.46 billion due to a major write-down and a 14% decrease in sales, as rival online luxury retailer Farfetch Holdings was previously interested in acquiring YNAP. However, that deal fell apart in December 2023.
“We are delighted to have found such a suitable home for YNAP,” stated Johann Rupert, chairman of Richemont, in a release on Monday. Rupert added, “As a trusted partner to many of the leading global luxury brands, YNAP is recognized for its innovative high-end customer services paired with its unique and inspiring editorial approach. Mytheresa is perfectly positioned to leverage YNAP’s assets to further satisfy customers and brand partners globally by capitalizing on the strengths of both companies.”
The goals of the merger were further emphasized by Mytheresa’s CEO Michael Kliger, who noted, “Through this transaction, Mytheresa seeks to establish a leading multi-brand digital luxury group on a global scale.”
The completion of this high-profile agreement is anticipated in the first half of 2025, with Richemont to take a position on Mytheresa’s supervisory board. Additionally, the transaction will be subject to standard conditions, including obtaining antitrust approvals but will remain unaffected by any shareholders of Richemont or Mytheresa.
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