Mytheresa Acquires Yoox Net-a-Porter, Establishing a Preeminent Global Luxury Group
Key Takeaways:
• Mytheresa Acquires YNAP: Luxury retailer Mytheresa will acquire Yoox Net-a-Porter Group (YNAP) from Richemont, ending months of speculation.
• Strategic Vision: Mytheresa aims to create a multi-brand digital luxury group, emphasizing differentiated yet complementary luxury brands such as Net-a-Porter and Mr Porter.
• Financial Details: Richemont will receive a 33% stake in Mytheresa, with YNAP’s assets valued at approximately 555 million euros.
• Operational Changes: YNAP’s lower-priced divisions, including Yoox and The Outnet, will be separated for operational efficiency and profitability enhancement.
• Credit Facility: Richemont will provide YNAP with a six-year revolving credit facility worth 100 million euros for general corporate needs.
Luxury retailer Mytheresa is set to acquire Yoox Net-a-Porter Group (YNAP) from Richemont, a deal that will reshape the luxury e-commerce landscape and mark a significant step towards creating a leading multi-brand digital luxury group. The agreement brings an end to persistent market rumors and confirms earlier reports by WWD.
Under the terms of the deal, Richemont will sell YNAP to Mytheresa in exchange for shares, giving the Swiss luxury group a 33 percent stake in Mytheresa’s fully diluted share capital. YNAP’s cash position stands at 555 million euros with no financial debt, making the transaction financially stable. As part of the arrangement, Richemont will also provide YNAP with a six-year revolving credit facility worth 100 million euros to fund general corporate needs, including working capital.
Richemont expects a write-down of approximately 1.3 billion euros, reflecting YNAP’s net assets and the remaining cash at the time of the deal’s closure.
Michael Kliger, CEO of Mytheresa, expressed optimism about the acquisition, stating that the transaction is expected to create significant value for shareholders, brand partners, and high-end customers. Kliger envisions a multi-brand digital luxury group, with Mytheresa and YNAP brands like Net-a-Porter and Mr Porter offering complementary yet distinctive luxury experiences, driven by customer service and inspirational curation.
Johann Rupert, chairman of Richemont, also praised the deal, remarking that YNAP has found a suitable home under Mytheresa’s stewardship. He highlighted YNAP’s reputation for providing high-end customer service and its influential editorial voice, which has garnered the loyalty of leading global luxury brands.
As part of the acquisition, Mytheresa plans to separate YNAP’s lower-priced divisions, including Yoox and The Outnet, from its luxury-focused operations. The white label division of YNAP will be discontinued, aligning with Mytheresa’s focus on high-end fashion.
The agreement comes nearly a year after Richemont decided to withdraw from a potential sale agreement with Farfetch, following Farfetch’s acquisition by Coupang. With this latest move, Mytheresa positions itself for growth in the competitive luxury e-commerce market.