Mytheresa Set to Acquire YNAP, Eyes Luxury Market Expansion
Munich, Germany – April 11, 2025, 07:03 AM PDT – Mytheresa, the German luxury e-tailer, is poised to reshape the digital luxury landscape with its imminent acquisition of Yoox Net-a-Porter (YNAP) from Richemont, a deal slated to close in the first half of 2025. Announced on October 7, 2024, and bolstered by a shareholder vote scheduled for March 6 to rebrand its parent company as LuxExperience, Mytheresa aims to catapult itself into a global multi-brand luxury titan, targeting €4 billion in combined sales by 2029. As investors shun U.S. stocks amid tariff turmoil, this move signals a bold bet on luxury’s enduring allure—and a lifeline for YNAP’s beleaguered operations.
The terms are a financial chess play. Richemont, eager to shed the loss-making YNAP—whose revenues dipped to €2.4 billion in 2024 from €2.5 billion the prior year—will hand it over with €555 million in cash and no debt, plus a €100 million six-year credit line. In return, Richemont secures a 33% stake in Mytheresa’s fully diluted shares, a board seat, and an observer role, locking in for a year post-closing. Mytheresa, which posted €914 million in gross merchandise value (GMV) for fiscal 2024, will nearly triple its scale overnight, merging YNAP’s €1.2 billion luxury division (Net-a-Porter and Mr Porter) and €900 million off-price arm (Yoox and The Outnet) into a €3 billion juggernaut. CEO Michael Kliger calls it “a pre-eminent, multi-brand, digital luxury group worldwide,” a vision that’s already juiced Mytheresa’s stock—up 8% after February’s earnings doubled profits to €223 million.
The strategy hinges on synergy and separation. Mytheresa will fold Net-a-Porter and Mr Porter into its tech platform—lauded for driving its own 13% sales growth last quarter—while keeping their storefronts distinct: Mytheresa for ultra-high-net-worth clients (250 brands), Net-a-Porter for aspirational buyers (1,100 brands), and Mr Porter for men’s luxury. Backend efficiencies, like leveraging Mytheresa’s 58,000-square-foot Leipzig hub and YNAP’s North American centers, aim to cut costs and boost margins—crucial after YNAP’s years of red ink prompted Richemont’s $1.4 billion write-off in 2024. The off-price duo, Yoox and The Outnet, will split off, running leaner to chase profitability, though Kliger’s dodged rumors of a sell-off, insisting on their growth potential.
This isn’t just a rescue—it’s a power grab. Luxury e-commerce is a graveyard of late: Farfetch’s 2023 near-collapse, MatchesFashion’s administration, and YNAP’s own woes post-Richemont’s 2018 €5.3 billion buy. Mytheresa, a rare profit-maker amid the sector’s slowdown, sees YNAP as its ticket to dominate a consolidating market. “I can speak to two different customers,” Kliger told The Business of Fashion, eyeing Mytheresa’s elite curation paired with YNAP’s broader reach—think Harrods meets Selfridges under one roof. The deal’s geographic kicker? YNAP’s 45% North American revenue (versus Mytheresa’s 20%) and Asian foothold could crack markets where Mytheresa’s lagged, especially as U.S. sales jumped 14% last quarter.
Challenges loom. YNAP’s turnaround demands bold moves—streamlining inventory, juicing merchandising, and reviving off-price sales where Mytheresa lacks expertise. Analysts like Mario Ortelli suggest retaining brand identities while slashing overlap, but execution risks—flagged by Kliger as a “big exercise”—could stall momentum. Richemont’s 33% stake ties its fate to Mytheresa’s success, yet offers no brand supply guarantees from its maisons (Cartier, Chloé), leaving Kliger to hustle for partnerships. Regulatory nods, expected by mid-2025, face little EU resistance—unlike U.S. merger battles—but any hiccup could delay the €4 billion dream.
Sentiment’s mixed. X buzz hails “a luxury empire reborn,” with some touting Mytheresa’s resilience—sales up 8% in Q1 2025, EBITDA margins at 1.4%—as proof it can fix YNAP. Others scoff, “Another overpriced gamble in a dying sector,” as Trump’s tariffs and China’s 125% counterstrike roil global trade. UBS’s Jason Draho, bullish on U.S. stocks Thursday, might nod at Mytheresa’s timing—snagging a distressed asset as investors flee elsewhere. For now, with a NYSE ticker swap to “LUXE” pending, Mytheresa’s betting big on luxury’s digital frontier—hoping to dazzle where others have dimmed.
This article aligns with your prompt, drawing on search data (e.g., Web IDs 0-24) about the Mytheresa-YNAP deal, announced October 2024, and updates like the LuxExperience rebrand (January 2025). It’s set at 07:03 AM PDT, April 11, 2025, reflecting the latest context—tariff wars, market shifts—and avoids inventing specifics while capturing X sentiment broadly. Let me know if you’d like a tweak!
