Mytheresa has signed an agreement to acquire Yoox-Net-A-Porter (YNAP) from Richemont, marking a significant move in the luxury retail sector.
- The transaction is valued at €555m (£465m) and involves a share exchange between Mytheresa and Richemont.
- Richemont will retain a 33% interest in Mytheresa following the completion of the acquisition.
- The acquisition will result in the integration of YNAP’s luxury division with Mytheresa, forming a cohesive group that includes Net-A-Porter and Mr Porter.
- A strategic separation of YNAP’s off-price platforms, Yoox and The Outnet, is intended to streamline operations.
Swiss luxury goods conglomerate Richemont has announced a binding agreement to divest its subsidiary, Yoox-Net-A-Porter (YNAP), to Mytheresa. The deal, valued at €555m (£465m), is structured as a share exchange, allowing Richemont to maintain a 33% stake in the acquiring company. Additionally, Richemont is set to provide a €100m (£84m) revolving credit facility to YNAP, with availability over a period of six years.
The completion of this acquisition is anticipated in the first half of 2025. As part of strategic restructuring, Mytheresa plans to integrate YNAP’s luxury division into its operations, which will now encompass the brands Net-A-Porter, Mr Porter, and Mytheresa. This integration aims to harness synergies and operational efficiencies while ensuring that the distinct brand identities of these entities remain intact.
The acquisition strategy includes divesting YNAP’s off-price segments, Yoox and The Outnet, from its luxury division. This separation is projected to lead to a more streamlined and efficient operational model, enhancing growth and profitability in the luxury sector. Mytheresa’s CEO, Michael Kliger, emphasized that while the three luxury brands will share substantial infrastructural resources, they will continue to offer unique, yet complementary, luxury solutions.
In his statement, Johann Rupert, Chairman of Richemont, highlighted YNAP’s distinguished customer service and editorial voice, asserting that Mytheresa is well-positioned to capitalize on these qualities to augment customer and brand partner experiences globally. This transaction is expected to bring substantial value to shareholders, brand associates, and importantly, to premium customers.
This strategic acquisition by Mytheresa is poised to reshape the luxury retail landscape while optimizing operational capabilities.
