Fashnopsis:
- Mytheresa’s growth: Mytheresa’s reach and market share in luxury e-commerce expands massively.
- Richemont’s confidence: Richemont’s financial support shows its belief in YNAP’s potential.
- Operational efficiency: Streamlining the off-price division improves focus and profitability.
- Customer experience: Brand synergy drives exceptional customer experiences and growth.
- Market impact: The acquisition reshapes the competitive landscape of luxury e-commerce.
Munich, Germany – Luxury e-commerce platform Mytheresa has announced the acquisition of Yoox Net-A-Porter Group (YNAP), a leading global online luxury fashion retailer. The deal, valued at 100% of YNAP’s share capital, marks a significant step towards Mytheresa’s goal of becoming a dominant force in the digital luxury market.
As part of the transaction, Richemont, YNAP’s current parent company, will sell its stake to Mytheresa for a cash consideration of 555 million euros. Additionally, Richemont will provide a six-year revolving credit facility of 100 million euros to support YNAP’s ongoing operations.
Mytheresa has outlined ambitious plans to integrate YNAP’s luxury division into its existing platform, creating a unified group with three distinct storefronts: Mytheresa, Net-A-Porter, and Mr Porter. The company also intends to separate YNAP’s off-price division, comprising Yoox and The Outnet, to streamline its operations and drive growth.
Michael Kliger, CEO of Mytheresa, expressed his enthusiasm for the acquisition, stating, “This transaction positions Mytheresa as a leading, multi-brand, digital luxury group worldwide. By combining the strengths of our three brands, we can create synergies, improve efficiencies, and deliver exceptional customer experiences.”
Johann Rupert, chairman of Richemont, praised the deal, noting, “We are confident that Mytheresa is the ideal partner to continue YNAP’s legacy of excellence and innovation in the luxury e-commerce space.”
The acquisition is expected to close in the first half of 2025. As a result of the transaction, Richemont anticipates a write-down of YNAP’s net assets of approximately 1.3 billion euros.
Image Source: Mytheresa
