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Luxury e-tailer Mytheresa has successfully acquired the entire competing platform Yoox Net-a-Porter (YNAP) from its former owner Richemont in a deal worth €555 million in cash and no financial debt.
In exchange for 100% of YNAP’s shares, Richemont will acquire 33% of Mytheresa’s shares. The deal also includes a one-year lock-up period after the transaction officially takes place, meaning Richemont will not be able to sell any of its Mytheresa shares during this period. This will be followed by another one-year period during which limited sales may be allowed. Richemont will also nominate a member of Mytheresa’s board of directors, with a final decision due in early 2025.
As for the future of the businesses involved, “Mytheresa, Net-a-Porter and Mr Porter will offer differentiated but complementary multi-brand luxury editorials… The three brands will share much of the infrastructure, creating synergies and efficiencies while maintaining their different brand identities,” Mytheresa CEO Michael Kliger said in a press release.
While the deal combines two of the largest online luxury fashion e-tailers, both companies will continue to offer their own unique product curations, with Krieger emphasizing during an investor call on Monday that the agreement was a “pure financial transaction,” adding that “there is no operating relationship” between Mytheresa and YNAP.
Mytheresa also plans to separate its discount divisions, which include Yoox and The Outnet, from its luxury divisions, and discontinue YNAP’s white-label division after the online stores it supports migrate to other platforms.
The announcement is the latest in Yoox Net-a-Porter’s financial saga, which has seen Richemont initially sell 47.5% of the company to Farfetch for around €1 billion in 2022, before being forced to sell 47.5% of the company to Farfetch in an emergency deal for $500 million. The agreement was terminated at the end of 2023 after the acquisition of South Korean retailer Coupang.
Johann Rupert, Chairman of Richemont Group, said in the press release: “We are delighted 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 known for its groundbreaking high-end clientele. famous.
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