On October 7, 2024, Mytheresa and Richemont signed binding agreements for the acquisition of Mytheresa of 100% of the social capital of Ynap of Richemont, with the aim of building a world leading global digital luxury group of multiple brands. The reception of all necessary regulatory approvals is the final step for the completion of the transaction. Under the umbrella of “Luxexperience BV”, which the combined company will be appointed after the acquisition, the Mytheresa, Net-A-Porter, MR Porter, Yoox and Outnet brands will offer highly cured and strongly differentiated selections from the most prestigious brands for luxury customers with unprecedented scope and relevance.
Mytheresa has received the final regulatory approval of the European Commission to acquire Ynap from Richemont, with the agreement to close on April 23, 2025. The merged group, Luxexperience BV, will include Mytheresa, Net-A-Porter, Mr. Porter, Yoox and the Outnet. Mytheresa aims to build a GMV luxury platform of 4 billion euros (~ $ 4.56 billion), with an expected profitability after a restructuring of 24 to 36 months.
Michael Kiger, Executive Director of MytheresaHe said: “We are really excited to have received all the regulatory authorizations required to end the acquisition of YOOX NET-A-PORTER. We will become one of the main global digital luxury platforms for true luxury enthusiasts through a multiple and highly distinguished store, all under the luxperience of Lux Experience. We will generate a house outbreak platform. Important, we will only have a more important platform, but most importantly, but most importantly, we will only have a more important way of the platform, but most importantly, but most importantly.
Martin Beer, financial director of MytheresaHe added: “Ynap's acquisition meets Mytheresa's ambition to build an online luxury group for a value of around 3 billion euros GMV per year. In the medium term, our goal for Luxperience will be to grow to a GMV of 4 billion euros per annual with a level of AJUD. Prepared exclusively to achieve a fundamental transformation and return the Ynap companies to profitability.
Johann Rupert, president of RichemontHe said: “We look forward to the future success of Luxexperience, since the reception of this authorization paves the way for the Mytheresa and Ynap teams, its members and customers of the brand to completely benefit from the improved value proposals and the expanded global scope offered by the combined businesses.”
At the close of the transaction, Mytheresa will issue new actions to Richemont that represent 33% of the fully diluted social capital of Mytheresa after the issuance of consideration actions. At the same time, Richemont will sell Ynap with a cash position of € 555m (~ $ 632.86 million) and without financial debt with Mytheresa, which will become the only Ynap shareholder. Richemont will also provide a 6 -year rotating credit line (~ $ 114.03 million) to Ynap. After the closing of the transaction, Burkhart Grund, financial director of Richemont, will join the Mytheresa Supervision Board as a new member of the Board.
Mytheresa, Net-A-Porter and MR Porter will continue to offer a differentiated but complementary offer of multiple brands for luxury customers. The three brands of individual stores will maintain the identities of their own brand while sharing the central infrastructure resources together. At the same time, the out -of -price division, which consists of Yoox and the Outnet, will be separated from the luxury division for a much simpler and more efficient operational model.
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Fiber2Fashion News Desk (RM)
