Johann Rupert’s Richemont supports YNAP with $114 million loan

Key Points

• Richemont granted YNAP a $114 million credit facility to support digital growth ahead of its integration into Mytheresa’s luxury e-commerce platform.
• The deal follows European Union approval of Mytheresa’s acquisition of YNAP and aims to create a multi-brand digital luxury group under the new LuxExperience umbrella.
• Richemont’s CFO will join Mytheresa’s board, strengthening ties, while YOOX and THE OUTNET will form a separate division to sharpen the group’s luxury focus.

Richemont, the Swiss luxury conglomerate led by South African billionaire Johann Rupert, has extended a $114 million revolving credit facility to YOOX NET-A-PORTER (YNAP) to fuel digital luxury expansion. The financing, structured over a six-year term, underscores Richemont’s commitment to strengthening YNAP’s operational stability as it prepares for integration into Mytheresa’s expanding luxury e-commerce portfolio.

This strategic move on the six-year revolving credit facility follows the receipt of unconditional merger control clearance from the European Commission for Mytheresa’s acquisition of 100 percent of YNAP’s share capital from Richemont, a transaction aimed at creating a powerhouse multi-brand digital luxury group under the newly named “LuxExperience B.V.”

A new era for digital luxury retail

As part of the deal, Richemont CFO Burkhart Grund will join Mytheresa’s Supervisory Board, reinforcing the alliance between the two luxury leaders. The arrangement will see Mytheresa, NET-A-PORTER, and MR PORTER maintain distinct brand identities while leveraging shared back-end infrastructure, positioning LuxExperience to deliver curated offerings on a global scale.

Simultaneously, YOOX and THE OUTNET — YNAP’s off-price platforms — will be spun into a separate division designed to streamline operations and sharpen the group’s luxury focus.

Johann Rupert, Chairman of Richemont, echoed confidence in the future of LuxExperience, stating the six-year revolving credit facility will unlock new value for luxury consumers, brand partners, and shareholders through broader reach and operational synergies.

Richemont’s expanding portfolio

Johann Rupert, South Africa’s wealthiest individual, holds a 10.18 percent stake in Richemont, alongside a controlling 51 percent of the group’s voting rights — a position valued at $10.7 billion, according to Bloomberg.

Despite advancing its strategic divestment of YNAP, Richemont continues to deliver resilient financial performance. For the first nine months of its 2025 fiscal year, the luxury giant posted record sales of $16.7 billion, marking a 3 percent year-on-year increase, with quarterly revenue reaching $6.33 billion.

However, total equity slipped 3.2 percent to €19.98 billion ($21.42 billion), while retained earnings fell 8.5 percent to €13.53 billion ($14.5 billion). The group’s total assets edged down to €42.35 billion ($45.4 billion), compared to €42.68 billion ($45.76 billion) in March 2024.

Rupert reaffirmed Richemont’s focus on long-term growth, highlighting continued investments in brand strength and innovation to enhance shareholder value amid evolving market dynamics.