Richemont has reached an agreement to sell its Yoox Net-a-Porter business to MyTheresa, solidifying a 33% equity exchange.
- The deal allows MyTheresa full ownership of YNAP, with an expected close in the first half of 2025.
- Supported by a substantial cash position, the transaction also includes a £83m revolving credit facility from Richemont.
- MyTheresa plans to streamline operations across MyTheresa, Net-a-Porter, and Mr Porter while separating off-price segments.
- The acquisition follows Richemont’s extended search for a buyer, marking a significant shift in the luxury ecommerce landscape.
Luxury conglomerate Richemont has confirmed its decision to sell the Yoox Net-a-Porter (YNAP) business to German ecommerce firm MyTheresa, marking a pivotal transaction in the high-end retail sector. This agreement entails MyTheresa acquiring 100% ownership of the YNAP share capital, as confirmed in a statement released on Monday. The finalisation of this acquisition is projected for the first half of 2025, subject to regulatory approvals.
In its current form, Richemont exits the venture with YNAP’s cash assets totalling £463 million (€555 million), while also furnishing a six-year revolving credit facility worth £83 million (€100 million) to facilitate the business’s financial commitments post-acquisition. This financial arrangement is expected to write down YNAP’s net assets by approximately €1.3 billion, highlighting the strategic yet costly nature of this transaction for Richemont.
The strategic blueprint laid out by MyTheresa involves the integration of three distinctive storefronts—MyTheresa, Net-a-Porter, and Mr Porter—into a unique group structure. By maintaining separate identities for Yoox and The Outnet, MyTheresa aims to enhance efficiency and bolster growth across its luxury divisions. Michael Kliger, MyTheresa’s CEO, articulated the group’s vision as creating a leading multi-brand luxury entity, which combines differentiated curations with exceptional customer service.
Following the closure of this transaction, the off-price segments of Yoox and The Outnet will operate independently of the luxury brands to streamline operations. According to MyTheresa, this separation will not only clarify their business model but will also drive profitability and provide enhanced shareholder value. The evolution within YNAP reflects a broader trend amidst luxury retailers striving for agility and financial resilience.
Richemont Chairman Johann Rupert expressed satisfaction in entrusting YNAP to MyTheresa, citing the latter’s capability to leverage YNAP’s existing strengths and further enrich its offerings. The transaction concludes Richemont’s extended pursuit for an appropriate purchaser after a previous deal with Farfetch dissolved. Set against the backdrop of fluctuating fortunes in luxury ecommerce, this development signifies a new chapter for both MyTheresa and YNAP.
The acquisition represents a strategic realignment in luxury ecommerce, promising operational efficiency and enhanced customer engagement.
