Richemont, the Swiss luxury goods giant, has officially announced the sale of its Italian subsidiary Yoox Net-A-Porter (YNAP) to Mytheresa, a Munich-based online retail platform renowned for its luxury offerings. This strategic acquisition reflects a significant shift within the luxury e-commerce landscape, enabling Mytheresa to enhance its market position as a preeminent global multi-brand luxury group.
The deal, valued at €555 million (approximately CHF 521 million), includes Richemont acquiring a substantial 33% stake in Mytheresa, thus maintaining a substantial influence in the newly formed alliance. Additionally, Richemont will extend a €100 million line of credit to facilitate the transition. The transaction is expected to be finalized in the first half of 2025, marking a new chapter for both companies. Richemont has been on a quest to divest YNAP for some time. Previously, a deal with Farfetch fell through at the end of 2023 when the British luxury online retailer was acquired by South Korean e-commerce behemoth Coupang. This sale to Mytheresa presents a promising alternative, as YNAP is well-regarded for its pioneering customer service and strong relationships with major luxury brands, ensuring that it remains a critical player in the high-end fashion domain.
Michael Kliger, CEO of Mytheresa, expressed his enthusiasm for the acquisition, stating that the goal is to create a leading multi-brand luxury digital group on a global scale. He emphasized that Mytheresa, alongside Net-A-Porter and Mr Porter, aims to offer differentiated yet complementary luxury products, hence enhancing customer experience through exemplary service. The integration of their infrastructures is expected to create operational synergies, while each brand will retain its distinct identity, contributing to a more diverse and appealing product range for consumers.
Johann Rupert, the chairman of Richemont and son of its founder Anton Rupert, expressed satisfaction with the decision to sell YNAP to a capable partner like Mytheresa. He acknowledged YNAP’s trusted relationships with premier global luxury brands and its reputation for exceptional services catering to high-end clientele.
Richemont, founded in 1988 by Anton Rupert, has a robust market presence, reporting revenues of €20.6 billion for the fiscal year 2023/2024. Johann Rupert currently holds a substantial fortune, valued at $14 billion, according to Bloomberg’s Billionaires Index, underscoring his influence and legacy in the luxury sector.
