Mytheresa Receives EU Approval for YNAP Acquisition
Deal News | Apr 14, 2025 | EIN
Mytheresa has secured unconditional European Commission approval for its acquisition of YOOX NET-A-PORTER (YNAP) from Richemont's subsidiary, Richemont Italia Holding S.P.A. The acquisition agreement was signed on October 7, 2024, and the transaction is set to close on April 23, 2025. Upon completion, Mytheresa plans to form LuxExperience B.V., an entity encompassing several luxury brands including NET-A-PORTER, MR PORTER, YOOX, and THE OUTNET. The combined efforts are expected to increase their global digital luxury presence and achieve significant synergies through shared infrastructure. The acquisition is projected to turn LuxExperience into a business with around €4 billion GMV per year and an EBITDA margin of over 8%. Richemont retains a 33% stake in Mytheresa and provides a six-year €100 million revolving credit facility to YNAP.
Sectors
- Luxury Retail
- E-Commerce
- Mergers & Acquisitions
Geography
- Europe – European Commission's unconditional merger control clearance was a critical step for the deal.
- Germany – Mytheresa is a German-based luxury fashion e-commerce company.
- Switzerland – Richemont is a Swiss luxury goods holding company and is selling YNAP to Mytheresa.
Industry
- Luxury Retail – The acquisition involves luxury fashion platforms Mytheresa and YNAP, aiming to create a leading digital luxury group.
- E-Commerce – The transaction centers around online luxury retail platforms such as Mytheresa and YNAP which are key players in the e-commerce space.
- Mergers & Acquisitions – The article discusses the acquisition of YNAP by Mytheresa, a key M&A transaction in the luxury sector.
Financials
- 555 million Euros – Net cash position that Richemont will provide to YNAP at closing.
- 100 million Euros – Revolving credit facility provided by Richemont to YNAP.
- Approx. 4 billion Euros GMV – The growth target for LuxExperience post-acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Mytheresa | Bidding Company | Company | A luxury fashion e-commerce platform acquiring YNAP. |
| Richemont | Selling Company | Company | A Swiss luxury goods holding company selling YNAP to Mytheresa. |
| YOOX NET-A-PORTER (YNAP) | Target company | Company | The online luxury and fashion business being acquired by Mytheresa. |
| LuxExperience B.V. | New Entity | Company | The combined entity to be formed post-acquisition. |
| Michael Kliger | Chief Executive Officer | Person | Chief Executive Officer of Mytheresa, leading the acquisition effort. |
| Martin Beer | Chief Financial Officer | Person | Chief Financial Officer of Mytheresa, providing financial insights about the transaction. |
| Johann Rupert | Chairman | Person | Chairman of Richemont, involved in the strategic decision for Richemont. |
| Burkhart Grund | Chief Financial Officer | Person | CFO of Richemont, will join Mytheresa Supervisory Board as a new Board member post transaction. |