Mytheresa is acquiring YNAP from Richemont to form a leading multi-brand digital luxury group, enhancing its market position and operational efficiencies.

Information on the Target

Richemont has agreed to sell YOOX NET-A-PORTER (YNAP) to Mytheresa as part of a strategic transaction aimed at crafting a leading multi-brand digital luxury group. This transaction will be executed with a cash position of €555 million and no financial debt, subject to standard closing adjustments. Mytheresa will also issue shares representing 33% of its fully diluted share capital to Richemont, signifying an alignment of interests between the two companies.

Alongside the acquisition, Richemont will extend a €100 million revolving credit facility to YNAP, ensuring the company has the necessary resources for operational stability during the transition. The completion of the deal is anticipated in the first half of 2025, contingent on customary regulatory approvals and closing conditions.

Industry Overview in the Target’s Specific Country

The luxury retail market in the digital space has seen exponential growth in recent years, driven by the increasing trend of online shopping among high-end consumers. Notably, the demand for luxury products has been expanding globally, with consumers