Exciting news has emerged in the luxury e-retail sector, as Swiss conglomerate Richemont has officially announced its acquisition of 100% of Yoox Net-a-Porter (YNAP) through a strategic merger with Mytheresa. This significant development follows a challenging period in which the search for a new owner for YNAP stalled last year. In this deal, Richemont will also acquire a 33% equity stake in the German luxury fashion platform Mytheresa in exchange for YNAP, as detailed in a statement released by the Swiss group on Monday. Furthermore, Mytheresa will benefit from YNAP’s considerable cash reserves of EUR 555 million, entirely free from debt, alongside a revolving credit facility worth EUR 100 million provided by Richemont. Such financial maneuvers led to an impressive 7.75% increase in Mytheresa’s share value, while Richemont experienced a modest growth of 1.1%.
It’s important to note that YNAP faced significant challenges in the previous year, reporting a staggering EUR 1.46 billion loss after a large write-down and witnessing a 14% decline in sales. This downturn came about amid attempts to secure a buyer, with rival online luxury retailer Farfetch Holdings being an initial contender before negotiations collapsed in December 2023.
Richemont’s chairman, Johann Rupert, expressed his satisfaction with the merger, stating, “We are pleased to have found such a good home for YNAP.” He praised YNAP for its role as a trusted collaborator with many of the globe’s premier luxury brands, highlighting its innovative customer service and unique editorial voice. Rupert remarked that Mytheresa is in an excellent position to leverage YNAP’s strengths and create even greater value for customers and brand partners worldwide.
From Mytheresa’s perspective, CEO Michael Kliger emphasized that the merger aims to establish a leading, multi-brand digital luxury group on a global scale. The ambition behind this alliance is not only to enhance their market reach but also to improve customer engagement and satisfaction.
This landmark transaction is anticipated to be finalized in the first half of 2025 and will see Richemont attain a seat on Mytheresa’s supervisory board. However, the deal remains contingent upon customary conditions, including required antitrust approvals, and is expected to move forward without hindrance from the shareholders of either Richemont or Mythersea.
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