On October 7, 2024, Mytheresa (MYT Netherlands Parent B.V.) announced that it has signed an agreement to acquire all shares of the Italian online fashion retailer Yoox Net-a-Porter Group (YNAP), owned by Richemont. Through this acquisition, Mytheresa aims to establish a global multi-brand digital luxury group encompassing a wide range of luxury brands. As part of this transaction, Richemont will acquire a 33% stake in Mytheresa.
Richemont will sell Yoox Net-a-Porter Group for €555 million in cash, with no financial debt. The transaction is expected to close in the first half of 2025, subject to customary conditions, including regulatory approvals.
This transaction will allow Mytheresa and Yoox Net-a-Porter Group to leverage their respective strengths, further solidifying their positions in the luxury industry. Mytheresa plans to separate the off-price divisions, such as YOOX and THE OUTNET, and adopt a more efficient and growth-oriented operational model.
Both Mytheresa and Yoox Net-a-Porter Group are renowned in the luxury industry for their innovation and high-quality customer service. With this acquisition, Mytheresa, Net-a-Porter, and MR PORTER—three distinct brands—will coexist, each offering unique value while providing differentiated products and experiences to their customers.
Mytheresa’s CEO, Michael Kliger, commented, “With this transaction, 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.” He further added that the separation of the off-price business is expected to enhance both growth and profitability.
Richemont’s Chairman, Johann Rupert, expressed his satisfaction, stating, “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. 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.”
Additionally, Richemont is expected to record an impairment charge of approximately €1.3 billion as a result of this transaction. Following the completion of the deal, Richemont will hold a 33% stake in Mytheresa, although the exact value may fluctuate depending on factors such as share price, exchange rates, and the financial condition of Yoox Net-a-Porter Group.
Once a fiercely competitive space, the luxury e-commerce sector is now undergoing dramatic changes. Farfetch faced a fire sale, and Matches went into administration, leading to a significant reduction in market players. For Richemont, selling the loss-making Yoox Net-a-Porter Group has been a long-time goal. Although talks with Farfetch fell through in December 2023, the possibility of selling persisted. In Richemont’s earnings, Yoox Net-a-Porter Group has been labeled as “discontinued operations,” with sales down by 15% in the quarter ending June 2024.
In the midst of these rapid industry-wide changes, Mytheresa and Richemont have made a decisive move. Through this transaction, Mytheresa strengthens its position as a leader in the digital luxury space and is poised to drive future growth and profitability by bringing Yoox Net-a-Porter Group under its umbrella.