Yesterday, Mytheresa has announced its acquisition of Yoox Net-a-porter (YNAP) from Richemont, positioning itself as a key player in the global luxury e-commerce space. Mytheresa CEO, Michael Kliger described the move as a transformative step toward creating a “pre-eminent, multibrand, digital luxury group” with the potential to achieve a gross merchandise value (GMV) of 4 billion euros.
The deal will see Mytheresa acquire 100% of YNAP, with Richemont receiving shares in Mytheresa in return. The deal also includes Richemont providing YNAP with 555 million euros in cash and no financial debt, along with a six-year revolving credit facility worth 100 million euros to support YNAP’s corporate needs.
As part of the agreement, Richemont will own 33% of Mytheresa’s shares and will have the right to nominate a member and an observer to Mytheresa’s board. The transaction is expected to close in the first half of 2025. Following the announcement, Mytheresa’s shares surged by 57%, closing at $6.76 on the New York Stock Exchange.
Kliger emphasized that the acquisition will deliver significant value to shareholders, brand partners, and customers. He also highlighted the unique synergies between Mytheresa, Net-a-porter, and Mr Porter, which will remain separate but complementary businesses, catering to different segments of the luxury market. Kliger believes that Mytheresa’s technological expertise and operational strengths will revitalize YNAP and contribute to the creation of a luxury e-commerce juggernaut.
The combined GMV of Mytheresa and YNAP is currently at 3 billion euros, with plans to increase it to 4 billion by 2029, alongside a high single-digit adjusted EBITDA margin. Kliger noted that despite macroeconomic challenges, particularly in the luxury sector, the U.S. market remains strong for Mytheresa.
Richemont chairman Johann Rupert expressed confidence in Mytheresa’s ability to provide YNAP with a strong future, citing YNAP’s reputation for high-end customer service and inspirational editorial content. This acquisition follows Richemont’s previous failed attempt to sell YNAP to Farfetch.
