🔍 The luxury bidding war begins
Online luxury fashion is getting hotter by the minute, with Mytheresa and BestSecret emerging as frontrunners in the acquisition race for Yoox Net-a-Porter (YNAP). Currently under the wings of Richemont, YNAP hasn't had the smoothest flight, facing a €128M loss in the first half of the fiscal year and a €5.25M fine by Italy's antitrust authority for pricing discrepancies.
📉 A history of challenges
The backstory reads like a soap opera. In 2022, Farfetch aimed to save YNAP with a 47.5% stake acquisition, only to face its financial turmoil and subsequent takeover by Coupang, leading to a contract cancellation with YNAP. The drama continues as YNAP's search for stability turns into a saga of luxury, loss, and hope for redemption.
🛍 Potential buyers on the horizon
Richemont's quest for a buyer has attracted a chic crowd. Mytheresa, alongside private equity giants Bain Capital and Permira (behind BestSecret), are in the spotlight, rumored by the Financial Times. Yet, the air is thick with silence as none have commented on the speculation. YNAP's valuation is clouded by its projected losses through 2025, making the acquisition a risky haute couture gamble.
🔮 What's next for the fashion forward?
The luxury market watches with bated breath. As Mytheresa and BestSecret potentially prepare to add YNAP to their high-end portfolios, the fashion world wonders how this acquisition could reshape online luxury retail. Will YNAP find its savior, or will it continue its loss-leading trend? Only time will tell, but one thing's for sure - the fashion industry loves a good cliffhanger.
Who will win Yoox, Mytheresa or BestSecret?
