The Munich fashion retailer Mytheresa announced that he received the approval of the European Commission to take on Yoox Net-A-Porter (YNAP). The company has now received all the necessary permits from the supervisory authorities to advance the sale and plans to complete the transaction by April 23, 2025.
Mythheresa first announced his intention to take over 100 percent of the YNAP share capital of its current owner Richemont in October 2024. The merger merges mythheresa, net-a-porter, MR Porter, Yoox and The Outnet under the roof of the newly founded group ‘Luxexperience BV’, which contributes to the more comprehensive mission of the e-tailer, to build a “leading global multi-brand Digital Luxury Group”.
Richemont CFO becomes a member of the Supervisory Board of Mytheresa
After completing the transaction, Mythheresa will issue new shares on Richemont, which represent 33 percent of the company’s fully diluted share capital. Richemont has agreed to sell Ynap with a liquidity of 555 million euros and without financial debt to Mytheresa. Richemont has also agreed to grant YNAP a revolving credit facility of 100 million euros with a term of six years and to send his current Chief Financial Officer, Burkhart Grund, to the Supervisory Board of Mytheresa.
The combined business, Luxexperience, is rated by Martin Beer, Chief Financial Officer from Mytheresa, with three billion euros in GMV per year. However, the company aims to expand the business to a GMV volume of four billion euros with an adjusted EBITDA margin of over eight percent. Beer noted that the consolidation of YNAP “will initially water our EBITDA margin at Group level, but we are uniquely prepared to achieve a fundamental transformation and to lead the YNAP business back into the profit zone”.
Mythheresa is planning to initiate restructuring, which is expected to take 24 to 36 months. Mythersa, Net-A-Porter and MR Porter are continued as three individual store brands, which retain their own identity and at the same time use central infrastructure resources. The off-price area consisting of Yoox and The Outnet, on the other hand, is operated separately to ensure a “much easier and more efficient operating model”.
Restructuring of the management team
At the same time, with the conclusion of the transaction, Mythheresa is preparing a comprehensive restructuring of his management team. While functions at Group level are consolidated in a common group infrastructure, dedicated managers should be responsible for every shop brand. In addition, a transformation function is set up at the group level to “control group -wide transformation”.
In addition to Beer, Michael Kliger will take over the position of Chief Executive Officer and Managing Director of Luxexperience. Kliger was most recently CEO of Mytheresa, a role that he is “maintained for the time being”. Many members of its current Mythersa team will also keep their current titles and at the same time switch to Luxexperience business. This applies to everyone except Gareth Locke, who changes from Mytheresas Chief Growth Officer to Chief Data and Analytics Officer; Richard Johnson, who becomes Chief Business Officer; And Francesca Tranquilli, which is currently President Online Flagship Store at YNAP and will now take on the role of Chief Transformation Officer for Luxexperience.
For the individual brands, Heather KaminestSky was appointed CEO by Net-A-Porter, Toby Bateman as CEO of MR Porter, Mirko Nobili as CEO of YooX and Sabah Naqushbandi as the managing director of The Outnet.
This article was used with digital tools translated.
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