Johann Rupert’s Richemont gains approval to sell YNAP to Mytheresa

Key Points

• Richemont to close sale of YNAP to Mytheresa on April 23, forming new digital luxury group LuxExperience.
• Richemont to get 33% stake in LuxExperience; YNAP handed over debt-free with $630 million cash and $113.4 million credit facility.
• Mytheresa targets $4.53 billion GMV long-term; Richemont refocuses on core brands amid strong $16.7 billion nine-month revenue.

Richemont, the Swiss luxury group led by South African billionaire Johann Rupert, has received final regulatory approval to sell its entire stake in loss-making YOOX NET-A-PORTER (YNAP) to MYT Netherlands Parent B.V. (Mytheresa). The deal, executed through Richemont’s subsidiary Richemont Italia Holding S.P.A., is set to close on Apr. 23, 2025.

This wraps up a process that began in late 2024. On Oct. 7, 2024, Richemont and Mytheresa signed binding agreements for the full acquisition of YNAP, with the goal of creating one of the world’s leading digital luxury platforms. Now that all regulatory hurdles have been cleared, both companies are moving forward with the deal.

YNAP, Mytheresa form LuxExperience Group

Once the transaction is complete, the newly combined group will operate under the name LuxExperience B.V. It will bring together Mytheresa, NET-A-PORTER, MR PORTER, YOOX, and THE OUTNET — each offering curated selections from some of the most prestigious names in luxury fashion. As part of the deal, Mytheresa will issue new shares to Richemont, giving the Swiss company a 33 percent stake in the enlarged group.

YNAP will be handed over with a cash balance of €555 million ($630 million) and no financial debt. Richemont will also extend a six-year, €100 million ($113.4 million) revolving credit facility to YNAP. Burkhart Grund, Richemont’s Chief Financial Officer, will join Mytheresa’s Supervisory Board as part of the agreement.

With this sale, Richemont is shifting its focus back to its core strengths — luxury maisons such as Cartier, Van Cleef & Arpels, and Chloé. Meanwhile, YNAP’s platforms will now be under Mytheresa’s wing, broadening its global footprint in the digital luxury market.

Richemont backs consolidation strategy

Commenting on the deal, Richemont Chairman Johann Rupert said, “We look forward to LuxExperience’s future success. With this approval behind us, the Mytheresa and YNAP teams — along with their brand partners and customers — can now start realizing the full value of the combined group’s global reach and curated offerings.”

Mytheresa CEO Michael Kliger echoed that sentiment, saying, “We’re thrilled to move ahead. With all the regulatory clearances secured, we’re one step closer to becoming one of the world’s leading digital luxury platforms. By bringing together multiple premium storefronts under LuxExperience, we’re setting up a business with exceptional relevance to luxury shoppers and brand partners worldwide. This is a major step forward in our journey.”

Martin Beer, Mytheresa’s Chief Financial Officer, added, “This acquisition fulfills our long-standing ambition to build a top-tier online luxury group. We’re aiming for annual gross merchandise value (GMV) of €3 billion ($3.4 billion) in the near term, and €4 billion ($4.53 billion) over the medium term, with healthy profit margins. Yes, the consolidation will temporarily weigh on our EBITDA margin, but we’re confident in our ability to turn YNAP around. With €555 million ($630 million) in cash at closing and a clear restructuring plan, we’re well positioned to bring YNAP back to profitability within two to three years.”

Richemont thrives despite global pressure

As the deal moves ahead, Richemont continues to deliver strong financials. The group reported record sales of $16.7 billion in the first nine months of its 2025 fiscal year, up 3 percent from the same period in 2024. Quarterly revenue hit $6.33 billion, despite pressure from currency shifts and global uncertainty.

Regional results were mixed. Asia Pacific saw a 15 percent drop, driven by weaker consumer confidence in China, Hong Kong, and Macau. In contrast, Japan surged 25 percent, thanks to a tourism rebound and solid local demand. The Americas and the Middle East & Africa each grew by 15 percent, while Europe posted a steady 9 percent gain, helped by strong domestic spending.