Mytheresa to finalise acquisition of Yoox Net-A-Porter
The combined company, to be named ‘LuxExperience B.V.’ following the acquisition, will encompass the brands Mytheresa, Net-A-Porter, Mr Porter, Yoox, and The Outnet
Mytheresa has received clearance from the European Commission for its acquisition of Yoox Net-A-Porter from Richemont, with plans to close the transaction on Wednesday 23 April.
It comes as the two groups signed binding agreements for the deal by Mytheresa of 100% of the share capital of YNAP from Richemont on 7 October 2024, with the aim to build “a leading global multi-brand digital luxury group”.
The combined company, to be named “LuxExperience B.V.” following the acquisition, will encompass the brands Mytheresa, Net-A-Porter, Mr Porter, Yoox, and The Outnet.
Richemont will receive new shares equaling 33% of Mytheresa’s fully diluted share capital after issuance of the consideration shares, upon closing of the transaction.
YNAP will be sold by Richemont to Mytheresa and will become its sole shareholder. YNAP will have a cash position of €555m (£479.8m) and no financial debt. Richemont will also provide YNAP with a €100m (£86.4m) revolving credit facility with a six-year term.
Upon transaction closing, Burkhart Grund, chief financial officer of Richemont, will join the Mytheresa supervisory board as a new board member.
Michael Kliger, chief executive of Mytheresa, said: “We are truly excited to have received all required regulatory clearances to finalise the acquisition of Yoox Net-A-Porter. We will become one of the leading global, digital luxury platforms for true luxury enthusiasts through having multiple, highly distinguished storefronts, all under the umbrella of LuxExperience.
“We will generate significant synergies by using a joint back-of-house platform, but most importantly because we will have one of the most relevant overall value propositions for global luxury shoppers and brands.”
Johann Rupert, chairman of Richemont, added: “We look forward to LuxExperience’s future success, as the receipt of this clearance paves the way for both the Mytheresa and YNAP teams, their brand partners and customers alike to fully benefit from the enhanced value propositions and expanded global reach offered by the combined businesses.”