German brand Mytheresa finalises takeover of YNAP from Richemont

Mytheresa has officially completed its acquisition of YNAP from Richemont via Richemont’s subsidiary, Richemont Italia Holding S.P.A. The transaction closed after all conditions were met, including the receipt of all necessary regulatory approvals without any conditions.

With this acquisition, Mytheresa becomes the sole owner of YNAP, which will now be fully integrated under the umbrella of MYT. The acquired company will be renamed “LuxExperience B.V.” and will continue to be listed on the New York Stock Exchange (NYSE), trading under the new name “LuxExperience” and ticker symbol “LUXE”, starting from May 1, 2025.

As consideration for the entire shareholding in YNAP, which includes a net cash position of €555 million (~$631.91 million) and no outstanding financial debt, Richemont has received 49,741,342 shares in Mytheresa. This represents a 33% stake in Mytheresa’s fully diluted share capital following the issuance of these shares.

The group will focus on its retail banners Mytheresa, NET-A-PORTER, MR PORTER, YOOX, and THE OUTNET maintaining their unique and complementary market positions. Considerable synergies are expected from a shared infrastructure and unified technology platform, as well as enhanced operational efficiencies.

To streamline operations, the off-price segment comprising YOOX and THE OUTNET—will be separated from the luxury division. Allowing for a simplified and more effective operating structure under the new corporate setup.The migration of their online stores from YNAP’s platform to platforms of their choosing.