MYT Netherlands Parent B.V. (“Mytheresa”) receives final regulatory clearance to acquire YOOX NET-A-PORTER (“YNAP”) from Richemont, with closing planned for 23 April 2025

Core Viewpoint - Mytheresa has received final regulatory clearance to acquire YOOX NET-A-PORTER from Richemont, with the transaction expected to close on April 23, 2025 [1][5]. Group 1: Acquisition Details - Mytheresa signed binding agreements on October 7, 2024, to acquire 100% of YNAP's share capital from Richemont, aiming to create a leading global multi-brand digital luxury group [2]. - The combined entity will operate under the name "LuxExperience B.V." and will include brands such as Mytheresa, NET-A-PORTER, MR PORTER, YOOX, and THE OUTNET [2][4]. - At closing, Mytheresa will issue new shares to Richemont representing 33% of Mytheresa's fully diluted share capital, and Richemont will sell YNAP with a cash position of €555 million and no financial debt [3]. Group 2: Financial Projections and Goals - The acquisition aligns with Mytheresa's ambition to build a leading online luxury group with an estimated Gross Merchandise Value (GMV) of around €3 billion per annum [3]. - The medium-term goal for LuxExperience is to grow to a €4 billion GMV per annum business with an adjusted EBITDA margin exceeding 8% [3]. - The restructuring of YNAP is expected to take 24 to 36 months, with Mytheresa well-funded for this transformation due to a net cash position of €555 million at closing [3]. Group 3: Operational Strategy - Mytheresa, NET-A-PORTER, and MR PORTER will maintain their distinct brand identities while sharing central infrastructure resources [4]. - The off-price division, consisting of YOOX and THE OUTNET, will be separated from the luxury division to create a more efficient operating model [4].