Cartier owner Richemont has agreed to sell its Yoox Net-A-Porter (YNAP) online fashion and accessories business to Mytheresa, ending the search for a new owner of loss-making YNAP after the collapse of a previous deal last year.
The deal will give Richemont a 33% stake in German luxury fashion platform Mytheresa in exchange 100% of the share capital of YNAP, the Swiss group said today.
YNAP is being sold to Mytheresa with a cash position of €555m and no financial debt, the statement added, with the deal also provide a revolving credit facility of €100m to YNAP.
The deal is expected to close in the first half of 2025, Richemont added.
YNAP had long been a sore spot for Richemont in the face of growing competition and the need for investment in technology and logistics.
Richemont will have the right to nominate a member to the supervisory board of Mytheresa after the deal closes and will have to hold its shares in the German company for at least a year.
