Yoox Net-A-Porter to be acquired by Mytheresa in €555m deal

Mytheresa has signed a deal to acquire Yoox Net-A-Porter (YNAP) from Richemont for €555m (£464m).Following the deal, Richemont will acquire a 33% stake in Mytheresa, while Mytheresa will acquire 100% of the share capital of YNAP. Richemont will also provide a six-year revolving credit facility of €100m (£84m) to help finance YNAP’s corporate needs. The deal is expected to close in H1 2025, subject to regulatory approvals. Richemont said it currently expects the write-down of YNAP net assets to hit around €1.3bn (£1bn). Following the move, Mytheresea plans to incorporate YNAP’s Luxury division into the business to form one group with three storefronts: Mytheresa, Net-A-Porter and Mr Porter. It said this will provide a “broader and further differentiated” luxury offering based on “distinctive” assortments, marketing and customer touchpoints. It will also share infrastructure with YNAP, including Mytheresa`s technology platform and operational best practices to “facilitate greater efficiencies while maintaining their distinct brand identities”. In addition, the off-price division, which comprises YOOX and The Outnet, will be separated from the Luxury division to create a “simpler and more efficient” operating model. YNAP’s white label division will also be discontinued following the deal. Michael Kliger, CEO of Mytheresa, said: “I am truly excited by today’s announcement. With this transaction, Mytheresa aims to create a pre-eminent, multi-brand, digital, luxury group worldwide. Mytheresa, Net-A-Porter and Mr Porter will offer differentiated but complementary multi-brand luxury edits based on curation, inspiration and outmost customer service. “The three brands will share a large part of their infrastructure creating synergies and efficiencies while maintaining their different brand identities. The off-price business will benefit from the separation from luxury and a much simpler operating model driving growth and profitability. We believe that this transaction will create significant value for our shareholders, brand partners and most importantly for our high-end customers.” Johann Rupert, chairman of Richemont, added: “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.”