💼 Richemont Sells Yoox Net-A-Porter
Richemont, the Swiss luxury giant, has sold its Yoox Net-A-Porter (YNAP) unit to Mytheresa for $610M. This deal gives Richemont a 33% stake in Mytheresa, the parent company of MYT Netherlands Parent B.V. The sale also includes a 100M euro ($106M) revolving credit for YNAP, extended for six years. The transaction is set to finalize in the first half of 2025, pending antitrust approvals.
🔄 Farfetch Deal Falls Through
Richemont had originally planned to sell YNAP to Farfetch, with antitrust clearance granted in October 2023. However, those plans collapsed when Farfetch was sold to Coupang in December 2023. Richemont quickly shifted to finding another buyer, eventually landing on Mytheresa.
🛍️ Mytheresa’s Ambitions
Michael Kliger, CEO of Mytheresa, stated the acquisition aims to create a global digital luxury group. Mytheresa will integrate with YNAP's infrastructure to drive efficiencies while maintaining each brand's identity. Kliger sees growth potential in separating luxury and off-price models, improving profitability.
📉 Richemont's Financial Impact
Richemont expects to write down 1.3B euros ($1.4B) in YNAP assets following the deal. In its July 2024 earnings, Richemont reported a 1% revenue drop to 5.3B euros ($5.7B), and YNAP, listed as discontinued, saw a 15% drop in sales. Despite the challenges, Richemont Chairman Johann Rupert believes Mytheresa can elevate YNAP's offerings worldwide.
Will Mytheresa grow faster after acquiring YNAP?
