German luxury e-commerce platform Mytheresa has announced the acquisition of Yoox Net-A-Porter from Richemont for €555 million. The deal excludes debt, and Richemont will extend a €100 million credit facility over six years to support the business's general expenses.
Mytheresa plans to integrate Yoox Net-A-Porter's luxury segments into its own operations while continuing to run Mytheresa, Net-A-Porter, and Mr Porter. Meanwhile, discount platforms Yoox and The Outnet will be separated. Previously, Richemont had intended to sell Yoox Net-A-Porter to Farfetch, another luxury e-commerce platform, in 2022. However, the deal was called off due to Farfetch's deteriorating financial situation in 2023.
