On 7 October 2024, Mitharesa and Richmont signed binding agreements for acquisition of 100% of YNAP’s share capital from Richmont, aimed at building a major global multi-brand digital luxury group. The final stages for completion of all necessary regulatory approval to be completed. Under the umbrella of “luxexperience BV”, which will be nominated after acquisition to the joint company, brands will offer mythresa, network, mr porter, YOOX and outnet ascetics with highly curated and firm differential selections of the most reputable brands for luxury customers.
MyThesa has received final regulatory approval from the European Commission to acquire YNAP from Richemont, with a deal for closure on 23 April 2025. The merged groups, luxexperience BV, will include MyThesa, NET-A-porter, MR Porter, YOOX and Outnet. MyThesa aims to construct € 4 billion (~ $ 4.56 billion) GMV luxury platform with expectation of profitability after 24–36 months reorganization.
Michael Cligger, Chief Executive Officer of MethesaSaid, “We are actually excited to obtain all necessary regulatory approval to finalize the acquisition of Yox Net-A-Porter. We will become one of the global, digital luxury platforms leading for true luxury enthusiasts through many, many, highly reputed stores, which are below the umbrellas of Luxyx and Brands. today is an important milestone in our success story because we enter a new and exciting phase for both MyTheresa and all YNAP brands, which is expected to create an important price for our customers, brand partners and shareholders. “
Martin Beer, Chief Financial Officer of MithhesaAdded: “Acquisition of YNAP fulfills the ambition of MyThesa to create a leading online luxury group for around 3 billion Euro GMV per year. In the medium period, our goal for luxexperience will have to work with Elibled for 4 billion Euro GMV per year. Foreign change and ynap businesses will have to work.
Johan Rupert, President of Richmont,
At the closure of the transaction, Mithhesa will issue new shares to Richmont, which will represent 33% of the completely thin share capital of methesa after releasing the idea shares. At the same time, Richmont will sell YNAP with a cash position of € 555 m (~ ~ $ 632.86 million) and MyThesa will not have any financial debt, which will become the only shareholder of YNAP. Richemont will also provide the credit feature for YNAP 6-year € 100 meter (~ $ 114.03 million). When the transaction is closed, Richmont’s Chief Financial Officer Burkhart Grund, will join the Mayresa Supervisory Board as the new board member.
MyThesa, NET-A-porter and MR porter, differentiated to luxury customers, but supplement, will continue to offer multi-brand offers. The three individual stores brands will jointly maintain their brand identity by sharing the resources of the central infrastructure. At the same time, the off-pris division, which includes Yox and Outnet, will be separated from the luxury division for a very simple and more efficient operating model.
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Fibre2fashion News Desk (RM)
