Mytheresa acquires YNAP from Richemont, consolidating Net-a-Porter and Mr Porter under its brand portfolio, while streamlining operations for growth and efficiency.
Netherlands-based Mytheresa has announced a deal to acquire YNAP from Richemont for €555 million in a strategic move that will create a global powerhouse in luxury e-commerce. This transaction will integrate three iconic platforms — Mytheresa, Net-a-Porter, and Mr Porter — under one group while maintaining their distinct identities. This merger positions Mytheresa as a dominant force with an expanded global reach and an unparalleled customer offering.
Mytheresa and Net-a-Porter are both influential luxury e-commerce platforms with distinct approaches to sustainability and market positioning.
Known for its highly curated selection of prestigious designer brands, Mytheresa brings a focus on exclusivity and a differentiated luxury experience. Its approach emphasizes refined curation and increased sustainability in recent years. The platform works closely with luxury brands that offer collections made with eco-friendly materials, ethical production practices, and lower carbon footprints. Mytheresa also collaborates with brands that emphasize transparency in their supply chains, ensuring that products meet high standards for sustainability.
Similarly, Net-a-Porter has made a significant push toward sustainability with initiatives such as its “Net Sustain” platform, which highlights brands and products that meet rigorous environmental and social criteria. These criteria include using organic and recycled materials, reducing carbon emissions, and promoting ethical labor practices. The platform has been a trailblazer in offering eco-conscious luxury options, positioning sustainability as a core part of its future strategy. Net-a-Porter continues to partner with designers and brands that align with these values, ensuring that sustainability is integrated across its offerings.
With this acquisition, Mytheresa will incorporate YNAP’s luxury division, enhancing its portfolio with a more comprehensive range of luxury assortments. The combined entity will leverage Mytheresa’s technology and operational best practices to streamline services while retaining each brand’s unique character. The company’s approach will focus on providing curated, differentiated luxury edits, targeting high-end consumers who expect a seamless, elevated shopping experience. This will also offer luxury brand partners broader access to global customers, all while maintaining the exclusivity and editorial flair that set these brands apart.
“Mytheresa, Net-a-Porter, and Mr Porter will offer differentiated but complementary multi-brand luxury edits based on curation, inspiration, and utmost customer service,” Michael Kliger, CEO of Mytheresa, said in a statement. “The three brands will share a large part of their infrastructure creating synergies and efficiencies while maintaining their different brand identities. The off-price business will benefit from the separation from luxury and a much simpler operating model driving growth and profitability. We believe that this transaction will create significant value for our shareholders, brand partners, and most importantly for our high-end customers.”
Central to this restructuring is the separation of YNAP’s off-price division, which includes Yoox and The Outnet. These platforms will now operate independently of the luxury segment, allowing for a clearer focus on driving growth and profitability in their specific market niches. The separation is expected to create a simpler, more efficient operating model across both segments, ensuring that Mytheresa’s high-end platforms can concentrate on premium customers, while Yoox and The Outnet focus on price-conscious luxury shoppers.
Richemont’s decision to sell YNAP to Mytheresa signals a strategic pivot for the Swiss luxury conglomerate. Richemont’s Chairman, Johann Rupert, expressed confidence in the future of the partnership. “We are pleased to have found such a good home for YNAP. As a trusted partner to many of the world’s leading global luxury brands, YNAP is renowned for its pioneering high-end customer services complemented by its distinctive and inspirational editorial voice. Mytheresa is ideally placed to build on YNAP’s assets to further delight customers and brand partners alike across the world by harnessing both companies’ respective strengths.”
The financial terms of the deal include Richemont transferring YNAP with a cash position of €555 million and no debt in exchange for Mytheresa shares. These shares will represent 33 percent of Mytheresa’s fully diluted share capital upon completion. Richemont will also provide a six-year revolving credit facility worth €100 million to support YNAP’s ongoing corporate needs. As part of the agreement, Richemont will gain the right to nominate a member and an observer to Mytheresa’s Supervisory Board.
This landmark deal, expected to close in the first half of 2025, is contingent on standard closing conditions such as antitrust approvals. Richemont’s stake in Mytheresa will be subject to a one-year lock-up period following the transaction’s closure, followed by a subsequent year in which only restricted sale transactions may occur.
As Richemont prepares to transfer YNAP, it anticipates writing down approximately €1.3 billion in net assets, though the exact figure will depend on variables such as foreign exchange rates and Mytheresa’s share price at the time of completion. Despite these adjustments, Richemont remains optimistic about the long-term value this deal will generate for its shareholders and the luxury brands it supports.
This acquisition solidifies Mytheresa’s position as a key player in the digital luxury market, combining the strengths of both companies to deliver an even more refined and curated shopping experience to luxury consumers worldwide. The collaboration between these renowned platforms signals the future of luxury e-commerce, driven by innovation, curation, and a commitment to excellence.
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