Luxury multi-brand digital platform Mytheresa has signed a definitive agreement to acquire the entire share capital of online luxury goods and fashion retailer YNAP from Swiss conglomerate Richemont.
The acquisition aims to offer a selection of premium brands and products around the world.
YNAP’s luxury division will merge with Mytheresa to create an integrated entity with three distinct online storefronts: MYTHERESA, NET-A-PORTER, and MR PORTER.
This move provides unique assortment, marketing and customer engagement, while giving our luxury brand partners a broader and more targeted consumer reach.
The merger will leverage shared infrastructure, including Mytheresa’s technology platform and operational best practices, to drive efficiencies and maintain each brand’s unique identity.
Mytheresa also plans to separate YNAP’s off-price division, featuring YOOX and THE OUTNET, from the luxury division, aiming to drive growth and profitability with a streamlined operating model.
YNAP’s white label division will be discontinued as Richemont Maison’s online store migrates to selected platforms.
Michael Kliger, CEO of Mytheresa, said: “With this transaction, Mytheresa aims to create a multi-brand, digital and luxury group that stands out worldwide.
“We believe this transaction creates significant value for our shareholders, brand partners and, most importantly, our high-end customers.”
Upon completion of the transaction, Richemont will transfer YNAP to Mytheresa in exchange for a 33% stake in Mytheresa’s fully diluted share capital, with a cash position of €555 million and no financial debt.
Richemont will also provide a six-year, €100 million revolving credit facility to support YNAP’s corporate needs, including working capital.
Upon completion of the transaction, the luxury group will have the right to appoint Mytheresa’s supervisory board members and observers.
The transaction is subject to customary conditions, including antitrust approvals, and is expected to close in the first half of calendar year 2025.
No approval is required from Richemont or Mytheresa shareholders.
“Mytheresa acquires digital luxury retailer YNAP” was originally created and published by Retail Insight Network, a brand owned by GlobalData.
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