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

MUNICH and GENEVA, Switzerland, Today, Mytheresa (NYSE:MYTE) and Richemont (SWX:CFR) announce that they have entered into binding agreements for the acquisition of 100% of the share capital of YNAP by Mytheresa. The transaction aims to create a leading, global, multi-brand digital luxury group offering a highly curated and strongly differentiated edit of the most prestigious luxury brands and products to luxury enthusiasts worldwide. Transaction Rationale Mytheresa and YNAP have each earned a strong reputation in the luxury industry for their pioneering roles in innovation, authoritative editorial voice and curation, as well as high-quality customer service. Together, the different storefronts cover a broad spectrum of the luxury market with distinct propositions in terms of brand portfolio, customer and geographical focus while sharing the strategic positioning towards high end customers. Source: BERNAMA News Agency