Mytheresa Acquires Yoox Net-a-Porter from Richemont

Mytheresa has finalized a deal to acquire 100% of Yoox Net-a-Porter (YNAP) from Richemont, paying €555 million while gaining no financial debt. In exchange, Richemont will receive a 33% equity stake in Mytheresa, along with a €100 million revolving credit facility for YNAP's needs. Mytheresa aims to create a global luxury fashion giant by integrating YNAP's luxury division under three distinct brands: Mytheresa, Net-a-Porter, and Mr Porter, while separating the off-price division of Yoox and The Outnet. The acquisition comes amid a challenging luxury market, where Mytheresa has shown resilience and growth. Richemont expects a write-down of YNAP's net assets to be approximately €1.3 billion. The deal is set to close in the first half of 2025, pending regulatory approvals.