Richemont to Sell e-Commerce Business YNAP to Mytheresa -- Update

Dow Jones

2024-10-07

By Andrea Figueras

Cartier owner Richemont agreed to sell its e-commerce business Yoox Net-A-Porter to luxury online platform Mytheresa in an all-share deal, nearly a year after it scrapped a previous sale of the business to Farfetch.

Richemont said Monday that it expects to book a 1.3 billion-euro ($1.43 billion) hit as a result of the deal, under which it will transfer YNAP with 555 million in cash and no debt to Mytheresa--the German multibrand online luxury shop owned by MYT Netherlands Parent--in exchange for a 33% stake in Mytheresa. Richemont will have the right to nominate a member and an observer to Mytheresa's supervisory board, it said.

MYT had a market capitalization of $367 million as of Friday's close, according to Factset.

The news comes after the Swiss luxury group said in December that a previous attempt to sell YNAP fell apart after Farfetch, which was set to buy the business, faced financial difficulties.

Under the deal, YNAP's Luxury division will be integrated into Mytheresa, the business's off-price division--comprising Yoox and The Outnet--will be separated and its white-label division will be discontinued, the companies said.

Richemont will make available a six-year revolving credit facility of 100 million euros to finance general corporate needs of YNAP, including working capital.

The transaction is expected to close in the first half of 2025, subject to customary conditions, and doesn't require the approval of the companies' shareholders.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

October 07, 2024 02:33 ET (06:33 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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