Mytheresa has announced a strategic acquisition of Yoox-Net-A-Porter (YNAP) from Richemont.
- The deal involves a cash position of €555m (£465m) with no financial debt involved.
- Richemont will gain a 33% stake in Mytheresa following the transaction.
- The integration will form a single group while separating off-price platforms for efficiency.
- The transaction is expected to create value for shareholders, partners, and customers.
In a significant move within the luxury fashion industry, Mytheresa has confirmed the acquisition of Yoox-Net-A-Porter (YNAP) from Richemont. This deal, valued at €555m (£465m), will be executed in exchange for shares, with Richemont receiving a 33% stake in Mytheresa. The transaction, emphasised by its cash position and absence of financial debt, is anticipated to conclude in the first half of 2025.
Upon completion, Mytheresa intends to amalgamate YNAP’s luxury division into its own operations. This will result in a consolidated group comprising Mytheresa, Net-A-Porter, and Mr Porter. Concurrently, YNAP’s off-price platforms, Yoox and The Outnet, will be disentangled from the luxury division. The goal is to streamline operations by creating a simpler, more efficient model. Additionally, YNAP’s white label division will be discontinued to further enhance operational efficiency.
Michael Kliger, CEO of Mytheresa, outlined how the integration will foster distinct yet complementary luxury offerings from Net-A-Porter and Mr Porter. Describing this strategy, he highlighted the focus on customer service, curation, and inspiration. Kliger stated, “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.”
Richemont’s Chairman, Johann Rupert, expressed confidence in Mytheresa’s capability to amplify YNAP’s renowned customer service and editorial voice. Rupert remarked, “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.” This transaction sets the stage for Mytheresa to enhance its market position by leveraging YNAP’s established platforms and resources.
This acquisition signifies a major shift in luxury retail, promising enhanced customer experiences and operational efficiency.
