MYTHERESA PARENT COMPANY AND RICHEMONT TO BUY YOOX NET-A-PORTER

Digital luxury retailer Mytheresa and brand aggregator Richemont have agreed to acquire 100% of the share capital of the newly formed YNAP by 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.

YNAP’s Luxury division will be combined with Mytheresa to form one group with three distinct storefronts, Mytheresa, Net-A-Porter, and Mr Porter, which is expected to provide a broader and further differentiated luxury offering while reaching a broader range of luxury consumers. The combination will also allow the three storefronts to share infrastructure, including Mytheresa’s technology platform and operational best practices, to facilitate greater efficiencies while maintaining distinct brand identities.

The off-price division, YOOX, and THE OUTNET will be separated, and YNAP’s white label division will be discontinued.

Michael Kliger, CEO of Mytheresa, said, “I am truly excited by today’s announcement. 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 utmost 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. We believe that this transaction will create significant value for our shareholders, brand partners, and most importantly for our high-end customers.”

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. 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.”

At transaction closing—expected to occur in the first half of 2025—Richemont will sell YNAP to Mytheresa with a cash position of €555m and no financial debt, subject to customary closing adjustments, in exchange for shares to be issued by Mytheresa representing 33% of Mytheresa’s fully diluted1 share capital at closing following issuance of the consideration shares. Richemont will make available a 6-year revolving credit facility of €100m to finance YNAP’s general corporate needs, including working capital.

Mytheresa is a luxury multi-brand digital platform, shipping to over 130 countries. Founded as a boutique in 1987, Mytheresa launched online in 2006 and offers ready-to-wear, shoes, bags, and accessories for womenswear, menswear, kidswear as well as lifestyle products and fine jewelry. Brands include Bottega Veneta, Brunello Cucinelli, Dolce&Gabbana, Gucci, Loewe, Loro Piana, Moncler, Prada, Saint Laurent, The Row, Valentino, and many more.

Richemont operates in three business areas: jewellery maisons with Buccellati, Cartier, Van Cleef & Arpels, and Vhernier; watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis, and Vacheron Constantin; and fashion and accessories maisons with Alaïa, Chloé, Delvaux, Dunhill, Gianvito Rossi, Montblanc, and Peter Millar.