Mytheresa (NYSE:MYTE) acquired the unconditional merger management clearance from the European Fee for the acquisition of YNAP from Richemont (SWX:CFR), via its subsidiary Richemont Italia Holding S.P.A.. Mytheresa and Richemont have now acquired all different mandatory approvals from regulatory authorities and plan to shut the transaction on 23 April 2025.
On 7 October 2024, Mytheresa and Richemont signed binding agreements for the acquisition by Mytheresa of 100% of the share capital of YNAP from Richemont, aiming to construct a number one international multi-brand digital luxurious group. The receipt of all mandatory regulatory approvals is the ultimate step for the completion of the transaction. Below the umbrella of “LuxExperience B.V.”, which the mixed firm will likely be named following the acquisition, the manufacturers Mytheresa, NET-A-PORTER, MR PORTER, YOOX and THE OUTNET will supply extremely curated and strongly differentiated alternatives of essentially the most prestigious manufacturers for luxurious clients with unprecedented attain and relevance.
Mytheresa has acquired remaining regulatory approval from the European Fee to amass YNAP from Richemont, with the deal set to shut on April 23, 2025.
The merged group, LuxExperience B.V., will embody Mytheresa, Internet-A-Porter, Mr Porter, Yoox and The Outnet.
Mytheresa goals to construct a €4 billion (~$4.56 billion) GMV luxurious platform, with profitability anticipated after a 24–36 month restructuring.
Michael Kliger, Chief Government Officer of Mytheresa, stated, “We are truly excited to have received all required regulatory clearances to finalize 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. Today marks a significant milestone in our success story as we enter a new and exciting phase for both Mytheresa and all YNAP brands, which is expected to create significant value for our customers, brand partners and shareholders.”
Martin Beer, Chief Monetary Officer of Mytheresa, added: “The acquisition of YNAP fulfills Mytheresa´s ambition to build a leading online luxury group worth around 3 billion Euros GMV per annum. In the medium term, our goal for LuxExperience will be to grow to a 4 billion Euros GMV per annum business with >8% Adj. EBITDA margin. While the consolidation of YNAP will initially dilute our EBITDA margin at group level we are uniquely prepared to achieve a fundamental transformation and return the YNAP businesses to profitability. The restructuring is expected to take 24 to 36 months and is well funded with a net cash position of 555 million Euros at closing. We will fully leverage Mytheresa’s operational excellence, proprietary technology and proven ability to execute large-scale projects.”
Johann Rupert, Chairman of Richemont, 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.”
At transaction closing, Mytheresa will concern new shares to Richemont representing 33% of Mytheresa’s absolutely diluted share capital after issuance of the consideration shares. On the similar time, Richemont will promote YNAP with a money place of €555m (~$632.86 million) and no monetary debt to Mytheresa, which can grow to be YNAP’s sole shareholder. Richemont may also present a 6-year €100m (~$114.03 million) revolving credit score facility to YNAP. Upon transaction closing, Burkhart Grund, Chief Monetary Officer of Richemont, will be part of Mytheresa Supervisory Board as new Board member.
Mytheresa, NET-A-PORTER and MR PORTER will proceed to supply differentiated, however complementary, multi-brand providing for luxurious clients. The three particular person retailer manufacturers will preserve their very own model’s identities whereas sharing central infrastructure assets collectively. On the similar time, the off-price division, consisting of YOOX and THE OUTNET, will likely be separated from the posh division for a a lot less complicated and extra environment friendly working mannequin.
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