Luxury conglomerate Richemont has finalized a significant deal with MyTheresa.
- Through this agreement, MyTheresa will acquire Yoox Net-a-Porter (YNAP).
- Richemont will receive a 33% stake in MyTheresa as part of the deal.
- The acquisition includes plans for operational restructuring at YNAP.
- Completion of the deal is projected for the first half of 2025.
Richemont, a major player in the luxury goods sector, has agreed to transfer its Yoox Net-a-Porter (YNAP) operations to the German e-commerce entity MyTheresa. As part of this strategic transaction, Richemont will secure a substantial 33% stake in MyTheresa, confirming an essential partnership for both parties.
The financial aspect of the deal reveals YNAP’s cash position at £463 million (€555 million) and includes a notable provision of a six-year revolving credit facility worth £83 million (€100 million) by Richemont to assist YNAP financially.
MyTheresa anticipates complete ownership of YNAP’s share capital, orchestrating a future where three distinct brands – MyTheresa, Net-a-Porter, and Mr Porter – coexist, each offering unique yet complementary luxury fashion experiences.
Post-acquisition, MyTheresa intends to separate YNAP’s off-price divisions, Yoox and The Outnet, from its luxury operations. This strategic move is aimed at simplifying the business model, thereby increasing operational efficiency and profitability.
Michael Kliger, CEO of MyTheresa, expressed his enthusiasm, highlighting the potential to shape a leading digital luxury group that shares synergies and efficiencies across brands while maintaining distinct identities. ‘MyTheresa, Net-a-Porter, and Mr Porter will continue to offer differentiated luxury edits based on curation and unparalleled customer service,’ he stated.
Richemont Chairman Johann Rupert acknowledged MyTheresa as an apt successor for YNAP, praising its ability to leverage YNAP’s robust assets and continue delivering high-end customer service alongside inspirational editorial content globally.
The transaction marks the conclusion of Richemont’s prolonged search for a suitable new owner for YNAP, previously explored through a failed agreement with Farfetch, ultimately leading to this successful arrangement with MyTheresa.
In recent financial disclosures, MyTheresa reported a 9.8% increase in sales to €840.9 million (£703.8 million) last year, with adjusted EBITDA reaching €25.8 million (£21.6 million). The company noted that its adjusted profitability nearly doubled in the first half of this year through June 30.
The strategic acquisition by MyTheresa promises to reshape the digital luxury landscape through innovative restructuring and partnerships.
