Mytheresa, a prominent player in the online luxury retail space, has announced its acquisition of Yoox Net-a-Porter (YNAP) from Swiss conglomerate Richemont. The deal, scheduled to close in the first half of 2025, marks a significant development in the luxury e-commerce sector. Richemont plans to recapitalize YNAP with a cash position of €555 million ($609 million), no debt, and a rotating credit facility.
Richemont will secure a 33 percent stake in the combined entity with Mytheresa. This acquisition unites Mytheresa, which has built a profitable business catering to ultra-high-net-worth shoppers. Net-a-Porter is a pioneer in online luxury retail known for its mix of high-end merchandise and accessible offerings. The combined companies aim to reverse YNAP’s steady sales decline and carve distinct identities for both brands.
Michael Kliger, Mytheresa’s chief executive, elaborated on the strategic vision: “The vision is clear: clearly differentiated brand identities based on different assortments, different marketing, and different customer touchpoints.
Mytheresa faces the task of breaking the cycle of escalating customer acquisition costs and brand defections that have troubled luxury e-tailers. Despite Mytheresa’s success, it remains smaller than its chief rivals, with €914 million in gross merchandise volume (GMV) in the year ending in June. The deal with YNAP could transform that, potentially boosting the combined GMV to nearly €3 billion, with aspirations for €4 billion by 2029.
The acquisition ended a long period of uncertainty for Net-a-Porter, which, despite being a first stop for many luxury consumers, has long struggled to convert cultural cachet into consistent profits.
Mytheresa merges with Net-a-Porter
Richemont had previously agreed to sell a significant stake in YNAP to Farfetch, but the deal fell through.
Mytheresa plans to leverage YNAP’s established distribution centers in China and the US to bolster its sales growth. The company also seeks to enhance YNAP’s offering, focusing on profitable customer segments and exclusive collections, which have been Mytheresa’s strengths. The merger is part of a larger shakeout in luxury e-commerce, which has seen platforms lose their edge by carrying similar labels and competing on price.
This has reduced margins and increased efforts by brands to drive shoppers to their direct selling channels. Mytheresa’s plan to differentiate brand identities could signal a return to a more diverse and profitable landscape. Experts like Mario Ortelli, managing director of luxury advisory Ortelli & Co., emphasize the difficulty but necessity of transforming a historically unprofitable model into one focused on growth and profitability.
Luxury e-commerce platforms are already moving toward more significant differentiation. Platforms like Moda Operandi and Ssense have maintained distinct market niches by catering to sophisticated and fashion-obsessed consumers, respectively. Mytheresa’s proposed merger with YNAP signals a strategic shift in luxury e-commerce that could lead to a refined sector with fewer competitors but more distinct and profitable players.
