Mytheresa will be acquiring Yoox Net-a-Porter (YNAP) from Swiss conglomerate Richemont. The equity deal will see Mytheresa become the new owner of YNAP with a €555 million EUR ($609 million USD) cash position and no financial debt.
Mytheresa will additionally get a €100 million EUR ($109 million USD) credit revolving credit facility from Richemont. While Mytheresa will fully own YNAP, Richemont will take a 33% stake in Mytheresa.
The deal is expected to close in the first half of 2025 with Richemont taking a seat on Mytheresa’s board.
In its announcement, Mytheresa details plans to separate Net-a-Porter from Yoox, the latter of which sells luxury at discounted prices, to “form one group with three distinct storefronts.” Providing a variety of luxury offerings, the storefronts will be Mytheresa, Net-a-Porter and Mr. Porter.
The separation of Yoox will allow Mytheresa to focus on the more profitable divisions of the company, as Yoox requires a “much simpler” operating model.
Mytheresa CEO Michael Kliger said that the three luxury storefronts will “offer differentiated but complementary multi-brand luxury edits based on curation, inspiration and outmost customer service… while maintaining their different brand identities.”
The deal is still subject to antitrust approval but doesn’t require the approval from Mytheresa or YNAP shareholders.
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