Mytheresa to acquire Yoox Net-a-Porter from Richemont
Mytheresa has agreed to acquire Yoox Net-A-Porter (YNAP) from Richemont, aiming to create a €4 billion ($6.5 billion) online luxury powerhouse.
Transaction snapshot
Deal value: N/A
Deal multiples: N/A
Deal type: Share swap
Investors: Mytheresa, a subsidiary of Neiman Marcus
Mytheresa will acquire 100% of YNAP from Richemont in exchange for a 33% stake in the combined entity. YNAP currently has a cash position of €555 million ($905.4 million) and no financial debt. The Swiss luxury group will also offer a six-year €100 million ($163.1 million) revolving credit facility to YNAP.
The deal aims to create a leading multibrand digital luxury group. Mytheresa, Net-a-porter, and Mr Porter will remain separate businesses, offering customers different luxury experiences.
Mytheresa CEO Michael Kliger said the combined platform currently generates €3 billion ($4.9 billion) in gross merchandise value (GMV). The company aims to grow this to €4 billion ($6.5 billion) with a high single-digit adjusted EBITDA margin by fiscal 2029.
Kliger plans to leverage Mytheresa's tech expertise and operational know-how to improve YNAP's performance. The Net-a-porter and Mr Porter businesses are currently profitable with low single-digit margins, while the off-price division is loss-making.
The deal comes after Richemont's previous agreement to sell YNAP to Farfetch fell through in December 2023. YNAP has been struggling, with sales down 15% in the quarter ending 30 June 2024.
As part of the transaction, YNAP's white-label division will be discontinued. The off-price division, comprising Yoox and The Outnet, will be separated from the luxury division to create a simpler operating model.
Mytheresa's share price rose 57% to close at $6.76 on the New York Stock Exchange following the announcement. Richemont's shares closed up 2% at 133.5 Swiss francs.
