Mytheresa to acquire YNAP from Richemont

The deal is set to close in the first half of 2025.

Luxury e-commerce platform Mytheresa has signed a binding agreement to acquire 100% of YOOX Net-A-Porter (YNAP) from luxury powerhouse Richemont. 

This acquisition aims to establish a leading global digital luxury group, offering a curated selection of top luxury brands to customers worldwide. 

It will combine YNAP's luxury division with Mytheresa, creating three distinct storefronts: Mytheresa, Net-A-Porter, and Mr Porter. 

This integration will enhance luxury offerings and streamline operations by sharing Mytheresa’s technology platform whilst  maintaining each brand's unique identity. Additionally, YNAP's off-price divisions—YOOX and THE OUTNET—will be separated to create a more efficient operating model.

In financial terms, Richemont will receive shares representing 33% of Mytheresa’s fully diluted capital in exchange for YNAP, which will be transferred with $607m (€555m) in cash and no financial debt. 

Richemont will also provide a $109m (€100m) revolving credit facility for YNAP’s operations. The deal is set to close in the first half of 2025, pending regulatory approvals. Richemont will have a one-year lock-up on its shares post-closing. Richemont expects a write-down of approximately $1.4b (€1.3b) on YNAP’s net assets, which includes cash remaining after the transaction.