Mytheresa Acquires YNAP from Richemont
In a notable development in the luxury e-commerce sector, Richemont has announced the sale of its Yoox Net-a-Porter (YNAP) group to Mytheresa. This acquisition marks a significant shift in the digital luxury landscape, transferring the control of a once-thriving platform that has faced substantial financial challenges over the years.
Richemont, known for its prestigious brands like Cartier and Van Cleef & Arpels, initiated the divestiture of YNAP following a series of unsuccessful efforts to stabilize the platform, including a collapsed deal with Farfetch. The agreement with Mytheresa involves Richemont transferring the complete share capital of YNAP along with a cash position of €555 million and no financial debt.
In return, Richemont will receive a 33% stake in Mytheresa, indicating a strategic partnership rather than a clean break. This stake comes with certain privileges, including the ability to appoint a member to Mytheresa’s supervisory board, hinting at an ongoing interest in the combined entity’s future direction.
The sale comes after other potential buyers, including private equity firms, withdrew due to concerns over YNAP’s continuing losses and the complex challenges of turning the business around. Mytheresa, having demonstrated resilience and growth even as competitors faltered, stands to create a consolidated luxury digital platform that could leverage YNAP’s established relationships and customer base.
Mytheresa plans to operate three distinct storefronts under its umbrella: Mytheresa, Net-a-Porter, and Mr Porter, while separating the discount operations, Yoox and The Outnet, from the core luxury services. This strategic segmentation is aimed at enhancing operational efficiency and profitability in a challenging market environment.
Richemont’s decision to divest YNAP also reflects a broader trend in the luxury sector where companies are re-evaluating their digital strategies, especially in the wake of pandemic-induced shifts in consumer behavior and the end of the era of easy money. The focus now shifts to integrating digital tools more effectively while managing the high expectations of a discerning customer base.
This acquisition is expected to close in the first half of 2025, setting the stage for Mytheresa to potentially emerge as a leader in the luxury digital market by harnessing YNAP’s capabilities and transforming its current operational trajectory.