Mytheresa Takes Over Yoox Net-a-Porter in €555 Million Deal with Richemont
In a major move in the world of luxury fashion, Mytheresa has announced its acquisition of Yoox Net-a-Porter (YNAP) from Swiss conglomerate Richemont. The deal, valued at €555 million EUR ($609 million USD), will make Mytheresa the new owner of YNAP, with a strong cash position and no financial debt.
But that’s not all – Mytheresa will also receive a €100 million EUR ($109 million USD) credit revolving credit facility from Richemont. And while Mytheresa will have full ownership of YNAP, Richemont will still hold a 33% stake in Mytheresa.
The deal is expected to be finalized in the first half of 2025, with Richemont also securing a seat on Mytheresa’s board. In a statement, Mytheresa revealed plans to separate Net-a-Porter from Yoox, creating “one group with three distinct storefronts.” These storefronts will include Mytheresa, Net-a-Porter, and Mr. Porter, offering a diverse range of luxury products.
By separating Yoox, Mytheresa will be able to focus on the more profitable divisions of the company. According to CEO Michael Kliger, Yoox requires a “much simpler” operating model, while the three luxury storefronts will offer “differentiated but complementary multi-brand luxury edits based on curation, inspiration, and utmost customer service.” This will allow each storefront to maintain its unique brand identity.
The deal is still subject to antitrust approval, but does not require the approval of Mytheresa or YNAP shareholders. This acquisition marks a significant step for Mytheresa in solidifying its position as a leader in the luxury fashion industry. Stay tuned for more updates on this exciting development.
