MyTheresa has acquired Yoox Net-a-Porter

In a move that will create a new giant in the luxury e-commerce world, Mytheresa has announced the acquisition of Yoox Net-a-Porter Group from Richemont, with the aim of building a multi-brand digital retail business worth 4 billion euros. The deal, finalized through Richemont Italia Holding S.P.A., has received approval from all relevant regulatory authorities and consolidates Mytheresa's ambition to expand its influence far beyond its origins in Munich. As part of the agreement, Mytheresa acquired 100% of YNAP’s shares, giving Richemont 33% of Mytheresa’s share capital. The financial terms of the deal included not only the full shareholding of YNAP, but also a net cash position of 555 million euros, meaning the deal was completed without any financial debt. The newly consolidated entity will operate under the umbrella of MYT Netherlands Parent B.V., which will be renamed LuxExperience B.V. – a rebranded parent company listed on the New York Stock Exchange as "LuxExperience" with a new ticker symbol LUXE, starting May 1.

Nora Aufreiter, chair of the supervisory board, called the acquisition a historic moment for Mytheresa on WWD. She emphasized that the expanded company now includes some of the most prestigious names in online luxury retail and is strategically positioned to increase value for shareholders, strengthen collaborations with brands like Prada (of which Mytheresa became the global official partner just yesterday), and enhance the experience for customers and employees. Operationally, Mytheresa, Net-a-Porter, and Mr Porter will maintain distinct identities but will share infrastructure, unified technology platforms, and improved operational efficiencies. The outlets Yoox and The Outnet, on the other hand, will be managed independently to streamline operations and improve the strategic focus between the full-price and off-price segments. In addition, YNAP’s white label service will be gradually phased out once Richemont’s maisons complete the migration of their e-commerce to platforms of their choice. This move represents a clear break from the white label model, in favor of more direct control over the customer experience.

The goal is to expand LuxExperience’s gross merchandise value to 4 billion euros annually by combining Mytheresa's operational excellence and YNAP's global reach to create the best of luxury e-commerce. Currently, the medium-term target is to reach a total merchandise value and turnover of 3 billion euros. The integration and restructuring process, estimated to take between 24 and 36 months, will be funded by the already mentioned net cash position of 555 million euros, which should make everything relatively smooth. An interesting point is that this merger, coming on the heels of Farfetch's collapse, marks a new phase for a luxury e-commerce system that has exploded and then imploded over the past decade. In all the various ups and downs of this new branch of digital commerce, MyTheresa has evidently managed to execute an impeccable operation that, precisely at a time when major brands and groups are pulling their goods from these marketplaces, has earned it the trust of the Prada Group, which is notoriously very protective and rigorous about its distribution channels. Has a new era begun?