Geneva (awp) – Richemont has announced an agreement with MYT Netherlands for its subsidiary Mytheresa to buy the Geneva-based giant’s Yoox Net-à-Porter (YNAP) e-commerce unit. Completion of the transaction is expected in the first half of 2025 following approval of the usual conditions.
“Richemont will sell YNAP to Mytheresa with a cash position of 555 million euros and no financial debt, subject to customary closing adjustments,” a statement said on Monday adding that the Swiss giant will provide a revolving credit facility of 100 million euros. euros to YNAP.
In exchange, Richemont will take a 33% stake in the Munich-based luxury goods sales platform Mytheresa and will be able to appoint a member and an observer to the supervisory board after the transaction closes.
The Swiss group expects the value of YNAP’s assets to be depreciated to around 1.3 billion euros. This value may, however, change between now and the conclusion of the transaction, because it depends on variables such as the exchange rate between American and European currencies, it is indicated.
Richemont already wanted to separate from YNAP at the end of 2023, but had to withdraw from a contract relating to the sale of a part to the online luxury retailer Farfetch, itself bought by the South Korean Coupang. At the same time as the publication of its annual results last January, the group said it was “always looking for options and co-owners”.
Mytheresa and YNAP cover a broad spectrum of the luxury market in terms of brand portfolio, customer base and geographic concentration. The Mytheresa digital platform includes brands such as Bottega Veneta, Gucci and Montcler. In the future, it should consist of the three brands Mytheresa, Net-A-Porter and Mr Porter.
Around 9:10 a.m. on the Swiss Stock Exchange, Richemont shares rose 1.5% to 123.85 Swiss francs.
a/ck
Related News :