Mytheresa has bought premium online retailer Yoox Net-a-Porter (YNAP) from Richemont.
Under the deal, Swiss luxury group Richemont will sell 100% of the share capital of YNAP for a €555m cash sum and a 33% stake in Mytheresa.
Once part of the Munich, Germany-based conglomerate, YNAP’s luxury division will form one group with three distinct storefronts: Mytheresa, Net-a-Porter and Mr Porter.
The division will share infrastructure, including Mytheresa’s technology platform and operational best practices.
YNAP’s off-price division, comprising Yoox and The Outnet, will be separated from the luxury division, while its white label division will be discontinued.
“With this transaction, Mytheresa aims to create a pre-eminent, multi-brand, digital, luxury group worldwide,” said Mytheresa’s CEO Michael Kliger.
“Mytheresa, Net-a-Porter and Mr Porter will offer differentiated but complementary multi-brand luxury edits based on curation, inspiration and outmost 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, added: “We are pleased to have found such a good home for YNAP.
“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.”
Mytheresa is currently bucking the luxury slump with net sales for the year ended 30 June up 9.8% to €840.9m.
Meanwhile, YNAP’s full year 2024 sales declined 14% in what Richemont described at the time as a challenging environment for luxury e-commerce.
The Swiss giant has been looking to divest YNAP for a while now, with a planned sale to struggling Farfetch and Symphony Global falling through in December 2023.
The new transaction is expected to close in the first half of 2025.
It follows rumours that YNAP’s Net-a-Porter will close its beauty division next year to pivot to an affiliate programme.
From next year, the online retailer is expected to host a vertical on its homepage directing shoppers to affiliate brands.
