Richemont has entered a binding agreement with Mytheresa for the acquisition of 100% of the share capital of Yoox-Net-A-Porter (YNAP).
The agreement will see Richemont sell YNAP to Mytheresa with a cash position of €555m and no financial debt, subject to customary closing-related adjustments.
Mytheresa, owned by parent company MYT Netherlands Parent BV, will issue shares representing 33% of Mytheresa’s fully diluted share capital.
Richemont will provide a €100m revolving credit facility to YNAP.
The transaction is expected to close in the first half of 2025, and is subject to customary conditions including regulatory approvals.
Mytheresa has stated that its vision for the combined group of itself and YNAP involves the integration of YNAP’s Luxury division into Mytheresa.
The sale will also involve the separation of the off-price division, comprising Yoox and The Outnet, from the Luxury division to allow for a simpler and more efficient operating model.
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.”
Johann Rupert, chairman of Richemont, added: “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.”
