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LONDON — Mytheresa has finalized its deal to acquire Yoox Net-a-porter, creating an online mega-group with the aim of becoming 4 billion euros business.
On Thursday, Mytheresa confirmed that it purchased 100 percent of YNAP from Richemont through the subsidiary Richemont Italia Holding SpA following approvals from all the relevant regulatory authorities.
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As YNAP’s sole shareholder, Mytheresa plans to consolidate the company under the MYT Netherlands Parent B.V. umbrella.
As reported, the new parent company will be renamed LuxExperience B.V. and will continue to be listed on the New York Stock Exchange with the trade name “LuxExperience,” and a new ticker symbol of “LUXE” effective May 1.
The deal saw Richemont receive 49,741,342 shares in Mytheresa, representing 33 percent of the company’s fully diluted share capital, post-issuance, of the consideration shares.
In exchange, Mytheresa acquired all shares of YNAP and a net cash position of 555 million euros, with no financial debt.
Nora Aufreiter, chair of the supervisory board of MYT Netherlands Parent B.V., called the acquisition a “milestone” in the history of the Munich-based company.
“Our company will become a group that includes some of the best retail banners in digital luxury. We will use our proven strength to execute on our strategic plans and create even more value for our shareholders, brand partners, customers and employees.
“We are confident that in the course of the integration and restructuring we will become one of the strongest and most resilient global players in the digital luxury sector,” she said.
As reported, the retail brands Mytheresa, Net-a-porter and Mr Porter will operate alongside one another with “differentiated and complementary profiles.” The off-season businesses Yoox and The Outnet will be run separately.
Mytheresa said the three flagship brands will be strengthened by “significant synergies that will be achieved primarily through a shared infrastructure and technology platform as well as operational efficiency improvements.”
The off-price division will be separated from the luxury division “to enable a much simpler and more efficient operating model under the new roof.”
Mytheresa added that YNAP’s white label service business will be discontinued as soon as the Richemont maisons’ online stores, which are currently powered by YNAP, have been migrated to their own chosen platforms.