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Updated: Net-a-Porter owner YNAP snapped up by MyTheresa

Updated: Net-a-Porter owner YNAP snapped up by MyTheresa

Luxury conglomerate Richemont has agreed to sell its Yoox Net-a-Porter business to German ecommerce platform MyTheresa in exchange for a 33% stake in the business, it confirmed on Monday.

MyTheresa will own 100% of the share capital of YNAP following the deal, which is due to close in the first half of 2025.

Richemont is selling the business with a cash position of £463m (€555m) and will also provide a six year £83m (€100m) revolving credit facility to help finance YNAP. It currently expects the write-down of YNAP net assets to amount to around €1.3bn.

Following the acquisition, MyTheresa plans to form one group with three distinct storefronts – MyTheresa, Net-a-Porter and Mr Porter – and separate YNAP’s off-price divisions of Yoox and The Outnet to “allow for a simpler and more efficient operating model driving higher growth and profitability”.

Mytheresa chief executive Michael Kliger said: “I am truly excited by today’s announcement. With this transaction, MyTheresa aims to create a pre-eminent, multi-brand, digital, luxury group worldwide. MyTheresa, Net-a-Porter and Mr Porter will offer differentiated but complementary multi-brand luxury edits based on curation, inspiration and outmost customer service.

“The three brands will share a large part of their infrastructure creating synergies and efficiencies while maintaining their different brand identities.

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“The off-price business will benefit from the separation from luxury and a much simpler operating model driving growth and profitability. We believe that this transaction will create significant value for our shareholders, brand partners and most importantly for our high-end customers.”

Richemont chairman Johann Rupert added: “We are pleased to have found such a good home for YNAP. As a trusted partner to many of the world’s leading global luxury brands, YNAP is renowned for its pioneering high-end customer services complemented by its distinctive and inspirational editorial voice.

“MyTheresa is ideally placed to build on YNAP’s assets to further delight customers and brand partners alike across the world by harnessing both companies’ respective strengths.”

The deal puts an end to Richemont’s near year-long search for a new owner for YNAP after its agreement with Farfetch fell through when the platform was bought by Korean ecommerce giant Coupang in a rescue deal in December last year.

Richemont bought the group back in 2018, it was valued at €5.3bn (£4.4bn), however, last year there was a €3.4bn (£2.8bn) non-cash write-down of YNAP’s net assets.

MyTheresa is one of the few luxury ecommerce players to remain unscathed in recent years amid a crash in the market.

Rival Farfetch, which was valued at $6.2bn (£4.7bn) when it listed in the US in 2018, was sold in a pre-pack administration to Coupang in December, the same month that MatchesFashion was rescued by Frasers Group, which just three months later placed the luxury retailer into administration.

However, MyTheresa’s sales jumped 9.8% to €840.9m (£703.8m) last year as adjusted EBITDA hit €25.8m (£21.6m). It said adjusted profitability had almost doubled in its most recent half to 30 June.

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