Mytheresa acquires Yoox Net-a-Porter from Richemont

Mytheresa, the leading German platform, has decided to take its ambition to the next level by acquiring 100% of Richemont’s Yoox Net-a-Porter group. This deal comes just ten months after Richemont decided to cancel the sale of YNAP to Farfetch, showing the determination of both companies to redefine their position in the market.

In a joint statement, Mytheresa and Richemont confirmed the terms of the transaction. Mytheresa will take over the whole of YNAP, while Richemont will obtain a 33% stake in the German company. This deal not only reinforces Mytheresa’s strategy, but also ensures that Richemont retains significant influence in the operation.

In addition, Richemont will provide a six-year EUR 100 million revolving credit facility to cover YNAP’s operational needs, including its working capital. This represents a solid financial backing that will allow Mytheresa to maximise YNAP’s potential in the luxury market.

Michael Kliger, CEO of Mytheresa, made no secret of his enthusiasm and commented: ‘With this transaction, Mytheresa aims to consolidate a multi-brand digital luxury group that stands out globally’. This vision is more than a statement; it is a manifesto of intent in an industry where competition is fierce and innovation is constant.

For his part, Johann Rupert, Chairman of Richemont, underlined the importance of YNAP, describing it as ‘a trusted partner to many of the world’s most prestigious luxury brands, known for its exceptional customer service and unique editorial voice’. This statement highlights the legacy and value that YNAP brings to the table, an asset that Mytheresa is determined to leverage.

Key to the deal is the restructuring of YNAP, which will see the separation of its off-price division – Yoox and The Outnet – from Mytheresa’s luxury division. In addition, YNAP’s private label division will be eliminated. According to Mytheresa, this separation will facilitate a more efficient operating model, thereby driving superior growth and profitability in an increasingly competitive environment.

Mytheresa closed 2024 with a loss of 24.9 million euros, an increase of 46% over the previous year. However, despite these red figures, the German ecommerce company’s sales have continued to grow, reaching €840.9 million, an increase of 9.77% over the previous year. This shows that, although facing challenges, Mytheresa is on a growth trajectory.

The company’s growth expectations have been met, projecting an increase in turnover of between 8% and 13% for the financial year. Looking ahead, Mytheresa anticipates sales and Gross Merchandise Value (GMV) growth of up to 13% for the next financial year. The acquisition of YNAP puts Mytheresa in a new league in luxury ecommerce.

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