Swiss luxury group Richemont has finally managed to offload its loss-making fashion division Yoox Net-A-Porter (YNAP). Its new owner is German online department store Mytheresa, in which the Swiss group simultaneously takes a 33 % stake.
More efficient model
The company that owns luxury brands like Cartier and Delvaux has finally found a new owner for its online fashion and accessories division YNAP, after an earlier deal with Farfetch was called off. Mytheresa is taking over all shares in a deal that also gives Richemont a 33 % stake in the German luxury fashion platform. The acquisition is expected to be completed in the first half of 2025.
Richemont has long wanted to get rid of its loss-making subsidiary, which needed major investment in technology and logistics, in a context of increasing competition. Mytheresa wants to keep the Net-A-Porter and Mr Porter online shops alongside its own brand, but on a shared infrastructure. The operations of Yoox and The Outnet – focused on discounted items – will be separated from the luxury platforms and given a more efficient operational model.
