Mytheresa has signed an equity deal to acquire luxury e-tail giant Yoox Net-a-Porter (YNAP) from Richemont. Under the terms of the transaction, Richemont will sell YNAP to Mytheresa with a cash position of â¬555m and no financial debt. Richemont will take a 33 percent stake in Mytheresa.
âWith this transaction, Mytheresa aims to create a pre-eminent, multi-brand, digital, luxury group worldwide,â Mytheresa CEO Michael Kliger said in a statement. The company plans to separate out YNAPâs off-price division, discontinue its white label services and integrate its e-commerce brands with Mytheresaâs technology platform.
Richemont expects the deal to result in â¬1.3 billion writedown.
The transaction is expected to close in the first half of 2025, subject to regulatory approvals. It is not subject to approval by either companyâs shareholders.
The deal brings Richemontâs years-long slog to offload the troubled YNAP to a close. Richemont started listing YNAP as a âdiscontinued operationâ in its earnings reports in 2022 when it entered an agreement with Farfetch to acquire a near-majority stake in the e-tailer.
Itâs also the latest consolidation play in a luxury e-commerce sector under pressure from a broad market slowdown, high customer acquisition costs and more major brands prioritizing direct-to-consumer channels.
Farfetch was rescued from near bankruptcy by South Koreaâs Coupang last December. That same month, MatchesFashion was acquired by retail giant Frasers Group which put the e-tailer into administration three months later.
Stay tuned to BoF for updates on this developing story.
Additional reporting by Malique Morris.
