Mytheresa's acquisition of YOOX NET-A-PORTER is confirmed through a signed agreement with Richemont

2 min read | October 07, 2024 06:16 AM PDT | By Team Kalkine Media

Google News:

Mytheresa's acquisition of YOOX NET-A-PORTER is confirmed through a signed agreement with Richemont — Image source: Shutterstock

Recent News

Why Does Lowe’s (NYSE:LOW) Keep Expanding Its Creator Network?

What’s Behind Robinhood (NASDAQ:HOOD) Notes Closing?

Vivakor (NASDAQ:VIVK) Oil Deal Puts Cushing In Focus

What’s Driving Baker Hughes (NASDAQ:BKR) Offshore Buzz?

Make Kalkine Media
My Trusted Source

Highlights:

MYT Netherlands Parent B.V. (Mytheresa) has signed an agreement to acquire YOOX NET-A-PORTER (YNAP) from Richemont, establishing a leading global multi-brand digital luxury group.
The transaction includes a €555 million cash position with no debt, alongside Mytheresa issuing shares to Richemont, representing 33% of its fully diluted share capital.
The deal is expected to close in H1 2025, pending regulatory approvals, and will result in the integration of YNAP's Luxury division into Mytheresa's existing brand portfolio.

MYT Netherlands Parent B.V. (Mytheresa) {NYSE:MYTE} has entered into a significant agreement with Richemont to acquire YOOX NET-A-PORTER (YNAP), a move that positions Mytheresa as a leader in the global multi-brand digital luxury market. Under the terms of the agreement, Richemont will sell YNAP to Mytheresa with a robust €555 million cash position and no outstanding debt.

In addition to the cash transaction, Mytheresa will issue shares to Richemont, representing 33% of its fully diluted share capital, further solidifying the partnership between the two companies. Richemont will also extend a €100 million revolving credit facility to YNAP to support its operational needs during the transition period.

The completion of the transaction is anticipated in the first half of 2025, subject to necessary regulatory approvals. Following the acquisition, Mytheresa plans to integrate YNAP's Luxury division into its operations, creating a unified group that will encompass three distinct storefronts: MYTHERESA, NET-A-PORTER, and MR PORTER.

To enhance operational efficiency, YNAP's off-price division, which includes YOOX and THE OUTNET, will be separated from the main luxury operations, and YNAP's white-label division is set to be discontinued. This strategic move aims to leverage the strengths of both Mytheresa and YNAP, ultimately driving growth and enhancing the customer experience in the luxury retail space.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.