Table of Contents
Key Points
- Richemont completes its YNAP divestment to Mytheresa, receiving 33% equity and €555 million ($609.7 million) in cash, ending its operational role in YNAP.
- Mytheresa will rebrand YNAP as LuxExperience B.V. and enhance luxury offerings while phasing out white-label services.
- The acquisition boosts Mytheresa’s infrastructure and global digital presence, reinforcing its standing among top-tier online luxury retailers.
Richemont, the Swiss luxury group chaired by South African billionaire Johann Rupert, has finalized the sale of YOOX NET-A-PORTER (YNAP) to MYT Netherlands Parent B.V., the parent company of Mytheresa, for $609.7 million. The deal, executed through Richemont Italia Holding S.P.A., marks a major move in the digital luxury world for both companies.
Ownership changes hands, new chapter begins
The transaction officially closed on April 24, 2025, after receiving all necessary regulatory approvals. Full ownership of YNAP has now been transferred to Mytheresa, which is listed on the New York Stock Exchange (NYSE).
As part of the agreement, Richemont received 49.7 million Mytheresa shares, equal to about 33 percent of its fully diluted share capital, along with a net cash payment of €555 million ($609.7 million). With the deal complete, YNAP will soon be rebranded as LuxExperience B.V. and begin trading under the new ticker symbol “LUXE” starting May 1, 2025.
Importantly, the sale was structured without any financial debt attached, and Richemont will no longer have any operational control over YNAP. This move lines up with Richemont’s ongoing focus on its core luxury houses, which include names like Cartier and Van Cleef & Arpels.
Meanwhile, Mytheresa strengthens its position in the global luxury market, with plans to build on YNAP’s existing digital strengths. Johann Rupert voiced strong support for the move, saying, “We are confident that Mytheresa will build upon YNAP’s strengths, elevating the service offerings for both customers and partners.”
Rupert’s hand in shaping Richemont’s strategy
Johann Rupert, who owns 10.18 percent of Richemont but controls 51 percent of the company’s voting rights, has long pushed for Richemont to sharpen its focus on heritage brands known for craftsmanship and timeless design.
Founded in 1987 as a boutique store, Mytheresa expanded online in 2006 and has grown into one of the world’s top luxury e-commerce platforms. Today, it serves customers in over 130 countries, offering carefully curated collections from top names like Gucci, Loewe, Moncler, Prada, and Saint Laurent.
In its latest fiscal year, Mytheresa reported a Gross Merchandise Value (GMV) of €913.6 million ($1.04 billion), marking a 7 percent jump from the previous year. With YNAP now part of its portfolio, Mytheresa is doubling down on its ambitions to lead the global digital luxury market.
Next steps for Mytheresa
Now that the acquisition is finalized, Mytheresa will start integrating YNAP’s operations into its business. As part of the plan, off-price businesses like YOOX and THE OUTNET will be separated from the main luxury business. In addition, YNAP’s white-label e-commerce services will gradually be wound down as Richemont’s brands move to their own independent platforms.
