The European Commission (EC) has granted online luxury fashion retailer Mytheresa unconditional clearance for the acquisition of YOOX Net-A-Porter (YNAP) from Richemont Italia.
Mytheresa and Richemont have now secured all the necessary consents from regulatory bodies and anticipate finalising the deal on 23 April 2025.
The two entities entered a definitive agreement on 7 October 2024, permitting Mytheresa to acquire the entire share capital of YNAP.
Online retailer YNAP has around four million high-spending customers and more than 900 million site visitors worldwide. It delivers to more than 170 countries globally, operating in China, Hong Kong SAR, Japan, Europe, the Middle East and the US.
In January 2025, Mytheresa disclosed its intention to rebrand as LuxExperience, coinciding with its proposed acquisition of YNAP.
The new LuxExperience brand will encompass Mytheresa, Net-A-Porter, Mr Porter, YOOX and The Outnet, providing a selection of high-end brands to a wide-reaching luxury consumer base.
Mytheresa and Richemont will provide more information about their integration strategy at a later stage.
Mytheresa CEO Michael Kliger stated: “We are truly excited to have received all required regulatory clearances to finalise the acquisition of YOOX Net-A-Porter. We will become one of the leading global, digital luxury platforms for true luxury enthusiasts through having multiple, highly distinguished storefronts, all under the umbrella of LuxExperience. We will generate significant synergies by using a joint back-of-house platform, but most importantly because we will have one of the most relevant overall value propositions for global luxury shoppers and brands.”
Mytheresa will issue new shares to Richemont amounting to a 33% stake in Mytheresa post-issuance.
Concurrently, Richemont will transfer YNAP to Mytheresa with a €555m cash reserve and no debt obligations.
Richemont has committed to providing a €100m revolving credit facility to YNAP up to 2030.
Post-acquisition, Mytheresa, Net-A-Porter and Mr Porter will continue to deliver distinct yet complementary luxury offerings.
Each brand will retain its unique identity while leveraging shared central infrastructure. Meanwhile, YOOX and The Outnet will operate separately from the luxury segment to streamline operations.
Upon completion of the deal, Richemont chief financial officer Burkhart Grund will join Mytheresa’s supervisory board.
Richemont chairman Johann Rupert stated: “We look forward to LuxExperience’s future success, as the receipt of this clearance paves the way for both the Mytheresa and YNAP teams, their brand partners and customers alike to fully benefit from the enhanced value propositions and expanded global reach offered by the combined businesses.”
