Richemont, the parent company of Cartier, announced the agreement to sell its online fashion and accessories business, Yoox Net-A-Porter (YNAP), to German luxury fashion platform Mytheresa. This decision comes after last year's failed transaction and concludes the search for a new owner for the loss-making YNAP.
As part of the deal, Richemont will acquire a 33% stake in Mytheresa in exchange for the full equity of YNAP. The statement also highlighted that YNAP is being sold with a cash position of 555 million euros (approximately $608.5 million) and without any financial debt. The transaction is expected to be finalized in the first half of 2025.
Following the completion of the transaction, Richemont will have the authority to nominate a member to Mytheresa's supervisory board and will be required to retain the German company's shares for at least one year.
