Swiss Conglomerate Richemont Sign Agreement for Mytheresa To Acquire YOOX NET-A-PORTER

Johann Rupert, Chairman of Richemont, said:

“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.”

Swiss conglomerate Richemont, announced on October 7, 2024, that they have entered into an equity agreement to sell online fashion retailer Yoox Net-a-Porter (YNAP) to the German e-commerce luxury giant Mytheresa. As part of the deal, Richemont will take a 33% stake in Mytheresa and will sell Yoox Net-a-Porter (YNAP) to Mytheresa with a cash position of €555m, with no financial debt, and subject to customary closing adjustments.

“The transaction aims to create a leading, global, multi-brand digital luxury group offering a highly curated and strongly differentiated edit of the most prestigious luxury brands and products to luxury enthusiasts worldwide…… Mytheresa and YNAP have each earned a strong reputation in the luxury industry for their pioneering roles in innovation, authoritative editorial voice and curation, as well as high-quality customer service,” as per Richemont in a statement.

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.”

The agreement is expected to be finalized in the first half of 2025, and Richemont will secure a position on Mytheresa's board of directors.

Brief History

Richemont acquired the YNAP Group in May 2018 by purchasing 95% of the company's available shares. Yoox Group and Net-a-porter Group (NAP) merged in October 2015 creating the YNAP Group. Yoox was an Italian online fashion retailer founded by Federico Marchetti in Milan in 2000, while Net-a-Porter was founded by Natalie Massenet in London in 2000.