News has just broke of the merger of the luxury e-retailers, Swiss conglomerate Richemont has entered into an agreement with Mytheresa to aquire 100% of Yoox Net-a-Porter (YNAP). This comes after the search for a new owner fell through last year. Richemont will also hold a 33% stake in the German luxury fashion platform Mytheresa in exchange for the share capital of YNAP, the Swiss group said on Monday. Mytheresa will get YNAP’s EUR 555 million cash pile without any financial debt, in addition to a a revolving credit facility of EUR 100 million from Richemont. The results of this merger saw 7 .75% growth for the Mytheresa share while Richemont grew 1.1%.
Last year, YNAP, had suffered a EUR 1.46 billion loss after a big write-down and a 14% drop in sales — when rival online luxury retailer Farfetch Holdings was an earlier suitor for YNAP. However, the deal fell through in December 2023.
“We are pleased to have found such a good home for YNAP,” said Johann Rupert, chairman of Richemont, in a statement on relased on Monday. Rupert also stated, “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.”
The aim of the merger was also highlighted by Mytheresa chief executive officer Michael Kliger, “With this transaction, Mytheresa aims to create a pre-eminent, multi-brand, digital luxury group worldwide”.
The finalisation of the high-profile transaction, which is expected to occur in the first calendar half of 2025, with Richemont on Mytheresa’s supervisory board. Furthermore, the transaction is subject to customary conditions, including the receipt of antitrust approvals bur however, will be unaffected by any Richemont or Mytheresa shareholders.
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