LuxExperience sells The Outnet. For Yoox table at Mimit adjourned to 18 November
The group sells the off-price fashion platform for USD 30 million and continues its reorganisation and resource optimisation plan
LuxExperience, the New York-listed group created in May this year by the merger of Yoox and The Net-a-Porter Group, which were sold by the Richemont Group, into MyTheresa, announced the sale of The Outnet, an off-price fashion platform, and all its assets, to The O Group LLC, a group of investors that includes Joseph Edery, founder and CEO of Icon Luxury Group, which supports brands in selling their off-price inventory, and Ritesh Punjabi, CEO of Timeless Group of Companies, a retail and distribution company.
The transaction was paid $30 million in cash and closing is expected in the first quarter of 2026. With the sale of The Outnet, LuxExperience is proceeding with its strategy to optimise and reorganise its brands, which was also reaffirmed by CEO Michael Kliger, who commented: "We are very pleased to have found an optimal solution for both The Outnet and our group. The transaction will allow The Outnet to reach its full potential with an independent business model. LuxExperience will fully focus its off-price resources on creating the lean operating model needed for Yoox to regain growth and financial strength and will accelerate our overall transformation plan to achieve an efficient platform for Net-a-Porter and Mr Porter.
Together with Myhteresa, Net-a-Porter and Mr Porter, they make up the luxury segment of LuxExperience, while Yoox, at this point alone, covers the off-price. The Outnet, founded in 2009, had closedthe fiscal year 2025 with profits of EUR 260 million. LuxExperience closedthe fiscal year 2025 with net sales of EUR 2.7 billion, up 5.9% year-on-year, adjusted EBITDA increased from EUR 25.8 million to EUR 44.6 million, and the margin rose from 3.1% to 4.9% of sales.
At the beginning of September, LuxExperience announced its intention to cut 700 jobs between the US and Europe, with 211 redundancies planned in Italy, among the Yoox workforce in Milan and Bologna. A crisis table was then opened at Mimit, and at the meeting of 2 October the company announced the decision to suspend with immediate effect the collective redundancy procedure, in order to find solutions shared with the trade unions. The parties also agreed that, during the period of suspension of the collective redundancy procedure, the discussion would continue at the company's headquarters
