Mytheresa is set to acquire Yoox-Net-A-Porter (YNAP) from Richemont for €555m (£465m), taking a 33% stake in Mytheresa.
- Richemont plans to support YNAP with a €100m (£84m) revolving credit facility over six years.
- The deal will see YNAP’s luxury division integrated into Mytheresa, creating a unified luxury group.
- YNAP’s off-price platforms Yoox and The Outnet will be separated to enhance operational efficiency.
- The transaction is expected to complete in the first half of 2025, promising significant value for stakeholders.
In a significant business move, Mytheresa has announced its acquisition of Yoox-Net-A-Porter (YNAP) from its current owner Richemont. This deal, valued at €555 million (£465 million), involves Mytheresa offering shares in its business.
In a parallel development, Richemont will maintain a presence in Mytheresa by taking a 33% stake as part of the agreement. Additionally, Richemont will provide a €100 million (£84 million) revolving credit facility to YNAP, accessible over six years, ensuring financial support during the transition period.
This acquisition is strategically important as Mytheresa aims to incorporate YNAP’s luxury division into its own operations, resulting in a consolidated luxury entity that includes Mytheresa, Net-A-Porter, and Mr Porter. By doing so, Mytheresa seeks to create a cohesive group that leverages shared infrastructure for increased synergies and operational efficiencies.
To further streamline its operations, Mytheresa intends to separate YNAP’s off-price platforms, Yoox and The Outnet, from the luxury segment. This move is aimed at simplifying the business model, fostering growth, and enhancing profitability by clearly delineating luxury offerings from off-price markets.
With the completion anticipated in the first half of 2025, this acquisition is poised to deliver substantial benefits to shareholders, brand partners, and customers, with both companies leveraging their combined strengths to enhance customer service and brand experience across the globe.
This acquisition marks a pivotal step in the evolution of luxury retail, promising enhanced efficiency and customer value.
