Online retailers Mytheresa and Richemont have signed an agreement for Mytheresa to acquire Yoox Net-A-Porter to create a leading, global, multi-brand digital luxury group in exchange for a 33 percent equity stake in Mytheresa.
The binding agreements call for the acquisition of 100 percent of the share capital of YNAP by Mytheresa. The transaction aims to create a leading, global, multi-brand digital luxury group offering a highly curated and strongly differentiated edit of the most prestigious luxury brands and products to luxury enthusiasts worldwide.
“With this transaction, Mytheresa aims to create a pre-eminent, multi-brand, digital, luxury group worldwide,” said Michael Kliger, CEO of Mytheresa, in a statement.
“Mytheresa, Net-A-Porter and Mr Porter will offer differentiated but complementary multi-brand luxury edits based on curation, inspiration and outmost customer service,” he said.
Last woman standing
Mytheresa, to its credit, is the only online retailer in the luxury space that has generated positive earnings in the past few years. YNAP brands reported successive losses over the years under independent ownership as well as under Kering and Richemont’s stewardship.
With this new structure, the hope is that the pattern will change with YNAP.
Together, Mytheresa and YNAP storefronts cover the market with differentiated positionings including brand portfolio, customer and geographical focus, while sharing the focus towards high-end customers.
“The three brands will share a large part of their infrastructure creating synergies and efficiencies while maintaining their different brand identities.
“The off-price business will benefit from the separation from luxury and a much simpler operating model driving growth and profitability.
“We believe that this transaction will create significant value for our shareholders, brand partners and, most importantly, for our high-end customers.”
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