Mytheresa acquires 100% of Ynap (Yoox and Net-a-porter) from Richemont
The German platform, listed in New York, announced today that it has acquired Ynap (Yoox and Net-a-porter) from Richemont
by Fashion Editor
2' min read
2' min read
Mytheresa has acquired 100% of Ynap from Richemont, a group created in 2015 from the then-merger between pioneering platforms Yoox, founded by Federico Marchetti, and Net-a-porter. The Swiss group Richemont, which had taken over Ynap in 2018, will have 33% of the value of Mytheresa's shares, with the obligation to hold them for one year.
Several rumours had been circulating in recent months about the transaction, which was confirmed this morning by the parties involved and is expected to be completed in the first half of 2025. The aim is to create a digital multi-brand group of significant weight, with a focus on the luxury consumer. With this in mind, off-price business (Yoox, at a loss) and luxury brands will be separated: the focus is on the development of net-a-porter and mrporter, which maintain, according to the companies' statement, a "low single digit" growth profitability and can benefit from a series of infrastructures already implemented by Mytheresa. "The net-a-porter and mrporter brands have great strength," said Michael Kliger, CEO of Mytheresa, commenting on a deal that he emphasised as "financial", "but they have had a number of back-office problems. Despite the fact that the last 18 months have been tough for the ecommerce segment as a whole and for luxury, we are experiencing an economically strong period: in the first half of the year we closed with +14%. And we think we can bring unique assets to restructure and re-energise the Ynap group'. Kliger refers to the 'scalable platform that we launched in April, with its own technology, as well as expertise in marketing to luxury consumers'.
The Yoox business, which, according to the press conference, 'will not be closed down', will be developed separately to bring it back to growth.
Altogether, the agreement creates a 1.3 million high-end consumer hub (900 thousand Mytheresa and 1.4 million net a porter and mrporter).
Richemont will sell Ynap to Mytheresa with a cash position of EUR 555 million and no financial debt. The Swiss group will provide Mytheresa with a EUR 100 million revolving credit line.
