MYT Netherlands Parent B.V. (“Mytheresa”) and Richemont sign agreement for Mytheresa to acquire YOOX NET-A-PORTER (“YNAP”) to create leading, global, multi-brand digital luxury group in exchange for a 33% equity stake in Mytheresa

Core Viewpoint - Mytheresa has entered into a binding agreement with Richemont to acquire YOOX NET-A-PORTER (YNAP) for a 33% equity stake in Mytheresa, aiming to create a leading global multi-brand digital luxury group [1][2]. Group 1: Transaction Details - The acquisition involves Richemont selling YNAP to Mytheresa for a cash position of €555 million and no financial debt, with customary closing adjustments [1][6]. - Mytheresa will issue shares to Richemont representing 33% of its fully diluted share capital [1][6]. - Richemont will provide a €100 million revolving credit facility to YNAP for general corporate needs [6][9]. - The transaction is expected to close in the first half of 2025, pending regulatory approvals [1][7]. Group 2: Strategic Rationale - The merger aims to leverage the strengths of both companies, enhancing their reputation in the luxury market through innovation, curation, and high-quality customer service [2][5]. - The combined group will consist of three distinct storefronts: MYTHERESA, NET-A-PORTER, and MR PORTER, offering a broader luxury offering and improved customer touchpoints [3][5]. - The integration is expected to create operational efficiencies while maintaining distinct brand identities [3][5]. Group 3: Financial Implications - Richemont anticipates a write-down of YNAP net assets amounting to approximately €1.3 billion, which includes the cash retained in YNAP upon completion [9]. - The transaction is not subject to approval by either Richemont or Mytheresa shareholders, but Richemont will have the right to nominate a member to Mytheresa's Supervisory Board post-transaction [7][8].