LONDON – Mytheresa will acquire 100 percent of Yoox Net-a-porter group from Richemont, following widespread market speculation, and previous reports in WWD.
According to a statement, Richemont will sell YNAP to Mytheresa with a cash position of 555 million euros and no financial debt in exchange for shares. Those shares will be issued by Mytheresa and represent 33 percent of Mytheresa’s fully diluted share capital.
Richemont will make available a six-year revolving credit facility of 100 million euros to finance YNAP’s general corporate needs, including working capital.
Richemont said it expects the write-down of YNAP’s net assets to amount to approximately 1.3 billion euros, which also accounts for the cash to be left in YNAP upon completion of the deal.
Michael Kliger, CEO of Mytheresa, said: “With this transaction, Mytheresa aims to create a pre-eminent, multi-brand, digital, luxury group worldwide.”
He added that Mytheresa and the YNAP brands Net-a-porter and Mr Porter, will offer “differentiated but complementary” multi-brand luxury edits based on curation, inspiration and quality customer service.
“We believe that this transaction will create significant value for our shareholders, brand partners and most importantly for our high-end customers,” he added.
Johann Rupert, chairman of Richemont, 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.”
The deal will also include the “separation” of YNAP’s off-price division, comprising Yoox and The Outnet, from Mytheresa’s luxury division “to allow for a simpler and more efficient operating model driving higher growth and profitability,” according to Mytheresa.
YNAP’s white label division will also be discontinued.
The deal comes nearly 10 months after Richemont pulled the plug on an agreement to sell YNAP to Farfetch. Richemont took that deal off the table after the troubled Farfetch was purchased by Coupang.
