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Key Points
- Richemont will sell its entire stake in YOOX NET-A-PORTER for $609.7 million, aiming to boost profitability in online luxury retail.
- The transaction includes a €100-million ($109.9 million) revolving credit facility and a 33% equity stake in Mytheresa for Richemont, with expected closure in 2025.
- Johann Rupert expresses confidence in Mytheresa's ability to improve YNAP's customer experience and strengthen brand relationships post-acquisition.
Richemont, the Swiss luxury conglomerate led by South African billionaire Johann Rupert, has agreed to divest its entire stake in YOOX NET-A-PORTER (YNAP) to MYT Netherlands Parent B.V. (Mytheresa) in a deal valued at $609.7 million. This strategic move follows Richemont’s efforts to enhance YNAP's profitability in the fiercely competitive online luxury retail market.
Under the agreement, Richemont will transfer YNAP with a €555-million ($609.7 million) cash position, debt-free, and will offer a €100-million ($109.9 million) revolving credit facility to ensure liquidity for future operations. The transaction is expected to close in the first half of 2025, pending regulatory approvals. Following the closure, YNAP’s operations will be integrated with Mytheresa's global luxury retail platform.
As part of the agreement, Richemont will receive a 33-percent equity stake in Mytheresa and appoint a representative and an observer to its Supervisory Board. However, Richemont anticipates a write-down of approximately €1.3 billion ($1.43 billion) of YNAP’s net assets, primarily due to exchange rate fluctuations and changes in Mytheresa’s share price.
Confidence in Mytheresa’s vision
Johann Rupert, Richemont’s Chairman, expressed confidence in Mytheresa’s ability to enhance YNAP's assets and elevate customer experiences worldwide. “YNAP is known for its world-class customer service and strong brand relationships. We are confident that Mytheresa will further build on these strengths, offering enhanced services to both customers and partners,” Rupert stated.
With the divestment, Richemont is reorienting its focus toward its core luxury brands. The three digital platforms of YNAP — NET-A-PORTER, MR PORTER, and YOOX — will now operate under Mytheresa, further expanding its portfolio and solidifying its presence in the global luxury e-commerce market.
Johann Rupert's strategic leadership
Johann Rupert, Africa’s richest man with a net worth of $14.2 billion, holds a 10.18 percent stake in Richemont and controls 51 percent of its voting rights, valued at $9.59 billion, according to Bloomberg. Under his leadership, Richemont focuses on acquiring brands known for exceptional creativity and craftsmanship, maintaining its position in the luxury sector.
Mytheresa's latest move will allow it to leverage YNAP’s logistics and customer service capabilities, enhancing its market position. Richemont’s strategic exit underscores its goal to concentrate on high-margin luxury brands, while Mytheresa is poised to benefit from the expanded digital infrastructure.
