In a significant move within the luxury e-commerce sector, Richemont has entered into a binding agreement to sell 100% of its share in Yoox Net-a-Porter (YNAP) to online luxury retailer Mytheresa. This deal, anticipated to close in the first half of 2025, will see Richemont receive shares in Mytheresa representing 33% of the retailer’s fully diluted share capital, as well as a cash position of €555 million for YNAP, which will be left debt-free. Richemont will also extend a €100 million revolving credit facility to YNAP to cover its operational needs.
Mytheresa, renowned for its curated collection of high-end fashion, intends to merge YNAP’s luxury brands into its existing portfolio, which includes its flagship platform, NET-A-PORTER, and MR PORTER. Michael Kliger, CEO of Mytheresa, expressed excitement over the deal, highlighting that the combined group will offer a more diversified and curated selection of luxury items, while maintaining distinct identities for each platform. “This transaction positions us to build a leading, global, multi-brand luxury group,” Kliger said. “The integration will create synergies and efficiencies, while maintaining distinct brand identities.”
The deal is part of Mytheresa’s broader strategy to expand its market share and global presence by offering a unique shopping experience for luxury consumers. The off-price divisions of YNAP, including YOOX and THE OUTNET, will be separated from the luxury businesses to streamline operations and drive profitability.
Richemont Chairman Johann Rupert expressed satisfaction with the transaction, noting that YNAP will be in good hands with Mytheresa. “YNAP is known for its high-end services and inspirational editorial voice. Mytheresa’s expertise will only enhance these offerings,” he remarked.
The transaction is subject to regulatory approval and customary closing conditions but is not conditional on shareholder approval from either company. Upon completion, Richemont will hold a seat on Mytheresa’s Supervisory Board and an observer role. The deal includes a one-year lock-up period for Richemont’s shares post-closing, with limited selling options in the second year.
Richemont expects a write-down of approximately €1.3 billion in YNAP’s net assets due to the sale, with the final value dependent on various factors such as Mytheresa’s share price and currency exchange rates.
The acquisition is expected to strengthen Mytheresa’s position as a key player in the luxury e-commerce space, offering a unique blend of luxury brands and cutting-edge customer service across multiple platforms.
Mytheresa will host a conference call to discuss the transaction, with a replay available for one week. Interested participants can access the webcast through Mytheresa’s investor relations website or by phone.
The closing of this transaction marks a significant moment for both Richemont and Mytheresa as they aim to redefine the luxury e-commerce market. For more information, please visit https://investors.mytheresa.com/.