Richemont has agreed a deal with Mytheresa, the Geneva-based company announced on Monday. The Munich-based e-commerce company is set to take over YNAP in full in the first half of 2025.
The deal will reportedly give Richemont a 33% stake in German luxury fashion platform Mytheresa in exchange for 100% of the share capital of YNAP. The transaction aims to create a leading, global, multi-brand digital luxury group offering a highly curated and strongly differentiated edit of the most prestigious luxury brands and products to luxury enthusiasts worldwide.
“We are pleased to have found such a good home for YNAP,” commented Johann Rupert, Chairman of Richemont. “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.”
“With this transaction, Mytheresa aims to create a pre-eminent, multi-brand, digital, luxury group worldwide,” added Michael Kliger, CEO of Mytheresa. “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. 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.”
