Richemont has divested its Yoox Net-a-Porter (YNAP) unit to MyTheresa, securing a 33% stake in the latter.
- The transaction is anticipated to close in the first half of 2025, with MyTheresa gaining full ownership of YNAP.
- Richemont has provisioned a revolving credit facility and forecasts a significant write-down of YNAP’s assets.
- Post-acquisition, MyTheresa intends to create a unified group while separating YNAP’s off-price segments.
- This move marks the end of Richemont’s search for a suitable proprietor after an unsuccessful Farfetch agreement.
In a notable shift within the luxury e-commerce sector, Richemont has confirmed the sale of its Yoox Net-a-Porter (YNAP) division to MyTheresa for a 33% equity stake. This strategic divestment will see MyTheresa assume full ownership of YNAP, with the deal expected to conclude in the initial half of 2025.
Richemont is facilitating the transition with a robust financial backing, including a cash position of £463 million (€555 million) and a six-year revolving credit facility worth £83 million (€100 million), to support YNAP’s financial needs. Furthermore, Richemont anticipates a considerable write-down approximating €1.3 billion of YNAP’s net assets, indicating the scale of financial restructuring involved.
Following the acquisition, MyTheresa plans to consolidate its operations into a singular entity featuring distinct storefronts: MyTheresa, Net-a-Porter, and Mr Porter. The separation of YNAP’s off-price divisions, Yoox and The Outnet, aims to streamline operations and enhance growth prospects. CEO Michael Kliger expressed enthusiasm about forming a preeminent multi-brand luxury group, emphasizing synergies and shared infrastructure among the brands while maintaining unique brand identities.
Richemont’s Chairman, Johann Rupert, remarked on the alignment of the deal with Richemont’s strategic objectives and highlighted YNAP’s standing as a leader in luxury services. He noted, “We are pleased to have found such a good home for YNAP.” This decision arrived after a tumultuous period for the brand marked by a failed acquisition attempt with Farfetch, which subsequently entered a rescue deal with Coupang.
While MyTheresa remains resilient amidst recent market volatility that saw peers like Farfetch and MatchesFashion experience financial distress, it achieved a 9.8% sales increase last year, reaching €840.9 million in revenue. This marked a substantial milestone, with adjusted EBITDA rising markedly, attesting to MyTheresa’s robust positioning in the luxury e-commerce landscape.
The acquisition represents a significant consolidation in the luxury e-commerce sector, reshaping market dynamics for future growth.
