Mytheresa has acquired 100 percent of the share capital of Yoox Net-A-Porter Group (YNAP). At transaction closing, Richemont will sell YNAP to Mytheresa with a cash position of 555 million euros and no financial debt.
Richemont will also make available a six-year revolving credit facility of 100 million euros to finance YNAP’s general corporate needs, including working capital. Richemont will have the right to nominate a member and an observer to the supervisory board of Mytheresa following closing.
In the medium term, Mytheresa’s vision for the combined group includes the integration of YNAP’s luxury division into Mytheresa, to form one group with three distinct storefronts: Mytheresa, Net-A-Porter and Mr Porter, the separation of the off-price division – comprising Yoox and The Outnet, destinations for online off-price luxury shopping to allow for a simpler and efficient operating model driving higher growth and profitability and discontinuation of YNAP’s white label division.
Mytheresa plans three storefronts, to discontinue YNAP’s white label division
Commenting on the development, Michael Kliger, CEO of Mytheresa, said: “With this transaction, Mytheresa aims to create a pre-eminent, multi-brand, digital, luxury group worldwide. 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,” added Kliger.
The company said in a statement that the transaction aims to create a global, multi-brand digital luxury group offering a highly curated and strongly differentiated edit of luxury brands and products.
“We are pleased to have found such a good home for YNAP. 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,” said Johann Rupert, chairman of Richemont.
Closing of the transaction is expected to occur in the first half of calendar year 2025. As a result of this transaction, Richemont currently expects the write-down of YNAP net assets to amount to approximately 1.3 billion euros, which also accounts for the cash to be left in YNAP upon completion.
