Richemont sells its Yoox Net-a-Porter business to MyTheresa for a 33% stake.
- The transaction will make MyTheresa the sole owner of YNAP’s share capital.
- Richemont provides financial support post-acquisition, including a £83m credit facility.
- MyTheresa aims to enhance growth by reorganising YNAP’s divisions and operations.
- The deal concludes Richemont’s search for a new YNAP owner after a previous sale fell through.
Luxury conglomerate Richemont has reached an agreement to sell its Yoox Net-a-Porter (YNAP) business to MyTheresa, a German e-commerce platform. This deal grants Richemont a 33% stake in MyTheresa, marking a significant transition in ownership. The completion of the transaction is set by the first half of 2025.
Post-acquisition, MyTheresa will possess 100% of YNAP’s share capital. To support the business financially, Richemont has ensured a cash position of £463 million and is providing a six-year revolving credit facility of £83 million. The expected write-down of YNAP’s net assets is estimated at around €1.3 billion.
MyTheresa plans to consolidate its operations into one group featuring three distinct storefronts: MyTheresa, Net-a-Porter, and Mr Porter, while separately managing YNAP’s off-price divisions, Yoox and The Outnet. This reorganisation is aimed at achieving a more straightforward and efficient operational model that is expected to drive improved growth and profitability.
Michael Kliger, CEO of MyTheresa, expressed excitement about the acquisition, emphasizing its potential to form a leading global luxury group that offers distinctive multi-brand collections. He noted that while synergies and efficiencies will be shared among the brands, their unique identities will be maintained.
Chairman of Richemont, Johann Rupert, expressed satisfaction in finding a suitable home for YNAP. He highlighted YNAP’s reputation for pioneering high-end customer services and its strong brand partnerships, suggesting that MyTheresa is well-positioned to build on these strengths to benefit customers and partners worldwide.
This acquisition ends Richemont’s year-long quest for a buyer for YNAP after the previous agreement with Farfetch fell through following its acquisition by Coupang. Richemont initially acquired the group in 2018 when it was valued at €5.3 billion, though a €3.4 billion write-down of net assets occurred last year.
While some luxury e-commerce rivals like Farfetch and MatchesFashion have faced challenges, MyTheresa has shown resilience. The company reported a 9.8% increase in sales to €840.9 million last year, with adjusted EBITDA reaching €25.8 million. Recent reports indicate profitability nearly doubled in the first half of their financial year ending 30 June.
The acquisition of Yoox Net-a-Porter by MyTheresa marks a pivotal transformation in the luxury e-commerce landscape, promising enhanced operational efficiency and growth.
