Luxury goods group Richemont and MYT Netherlands Parent (Mytheresa) have signed an agreement for Mytheresa to acquire online retailer Yoox Net-A-Porter (YNAP) in exchange for a 33% equity stake in Mytheresa.
The transaction aims to create a leading, global, multi-brand digital luxury group offering a highly curated and strongly differentiated edit of the most prestigious luxury brands and products to luxury enthusiasts worldwide, Richemont said in a statement on Monday.
In terms of the deal, Richemont will sell YNAP to Munich headquartered luxury goods group Mytheresa with a cash position of €555m and no financial debt, subject to customary closing adjustments.
Mytheresa is one of the world’s leading luxury multi-brand digital platforms shipping to over 130 countries, according to its website. It will issue shares to Richemont representing 33% of its fully diluted share capital. Richemont will provide a six-year €100m revolving credit facility to YNAP.
Mytheresa CEO Michael Kliger said Mytheresa aims to create a pre-eminent, multi-brand, digital, luxury group worldwide. Mytheresa, Net-A-Porter and Mr Porter will offer differentiated but complementary multi-brand luxury edits based on curation, inspiration and outmost customer service.
“The three brands will share a large part of their infrastructure creating synergies and efficiencies while maintaining their different brand identities. The off-price business will benefit from the separation from luxury and a much simpler operating model driving growth and profitability,” he said.
“We are pleased to have found such a good home for YNAP. As a trusted partner to many of the world's leading global luxury brands, YNAP is renowned for its pioneering high-end customer services complemented by its distinctive and inspirational editorial voice,” said Richemont CEO Johann Rupert.
Richemont will have the right to nominate a member and an observer to the supervisory board of Mytheresa following closing of the transaction, which is expected to occur in the first half of calendar year 2025.
As a result of this transaction, Richemont expects the writedown of YNAP net assets to amount to about €1.3bn, which also accounts for the cash to be left in YNAP upon completion.
The transaction is subject to customary conditions, including the receipt of antitrust approvals.
Richemont’s brands include Cartier, Van Cleef & Arpels, Jaeger-LeCoultre, Piaget and Chloé,
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