Luxury multi-brand digital platform Mytheresa has signed a definitive agreement to acquire the entire share capital of online luxury and fashion retailer YNAP from Swiss conglomerate Richemont.
The acquisition is designed to offer a highly curated selection of luxury brands and products across the globe.
YNAP’s Luxury division will merge with Mytheresa, creating a unified entity with three distinct online storefronts - MYTHERESA, NET-A-PORTER and MR PORTER.
The move will offer unique assortments, marketing and customer engagement, while also providing luxury brand partners with a wider and more targeted consumer reach.
The merger will leverage shared infrastructure, including Mytheresa’s technology platform and operational best practices, to drive efficiencies and preserve the unique identities of each brand.
Mytheresa also plans to separate YNAP’s off-price division, featuring YOOX and THE OUTNET, from the Luxury division, aiming for a streamlined operating model to boost growth and profitability.
The white label division of YNAP will be discontinued as Richemont Maisons' online stores transition to their selected platforms.
Mytheresa CEO Michael Kliger said: “With this transaction, Mytheresa aims to create a pre-eminent, multi-brand, digital, luxury group worldwide.
“We believe that this transaction will create significant value for our shareholders, brand partners and most importantly for our high-end customers."
On closure, Richemont will transfer YNAP to Mytheresa with a cash position of €555m and no financial debt, in return for a 33% stake in Mytheresa’s fully diluted share capital.
Richemont will also provide a 6-year revolving credit facility of €100m to support YNAP’s corporate needs, including working capital.
The luxury group will be entitled to appoint a member and an observer to Mytheresa’s supervisory board once the transaction concludes.
The deal is contingent on customary conditions such as antitrust approvals and is anticipated to be completed in the first half of the 2025 calendar year.
It does not require the approval of shareholders from either Richemont or Mytheresa.
