The luxury sector continues to rethink its digital approach, with a significant new disengagement by historical players from their stakes in technology companies. Richemont, the Swiss luxury giant, announces the sale of Yoox Net-a-Porter (YNAP) to MYT Netherlands, the parent company of Mytheresa. This strategic transaction marks the creation of a multi-brand digital luxury group capable of competing with the leading players in luxury e-commerce.
According to the terms of the agreement, Richemont is selling YNAP to Mytheresa with €555 million in cash and no financial debt, while providing a €100 million revolving credit facility to YNAP to support its future operations. In return, Richemont takes a 33% stake in Mytheresa and secures a seat on the supervisory board, along with an observer role, allowing it to maintain a strategic position within the group.
A gradual disengagement of luxury giants
This operation reflects a broader trend of disengagement by luxury giants from direct investments in technology companies. While Richemont was one of the pioneers of luxury e-commerce by taking control of Net-a-Porter in 2015, the current sale of YNAP to Mytheresa shows that even the sector’s traditional players now prefer to partner with specialized platforms rather than managing their digital divisions in-house.
This disengagement is not an isolated case. In 2020, Kering, owner of brands such as Gucci and Balenciaga, made a similar decision by bringing its e-commerce operations back in-house after a seven-year partnership with YNAP. These moves reflect the desire of luxury players to refocus on their core business while allowing technology companies to handle the often-complex digital and logistical aspects.
Mytheresa and YNAP: A complementary duo to conquer luxury e-commerce
The partnership between Mytheresa and YNAP stands out for its clear complementarity. Together, these two platforms cover a wide range of brand portfolios and geographical markets, creating a leader capable of meeting the diverse needs of a global luxury clientele. By stepping back from direct management of YNAP, Richemont retains its influence in this new group while freeing itself from the operational complexities of the digital space.
This disengagement strategy is particularly relevant in a context where the luxury sector is looking to optimize its resources and accelerate its digital transformation. Luxury brands, after a long period of skepticism towards e-commerce, have now realized the importance of solid digital infrastructure, but seem to prefer letting specialists handle these platforms.
Towards a new era of digital luxury
The transaction, expected to close in the first half of 2025, highlights the turning point taken by the luxury sector in its relationship with digital technology. As historical players like Richemont and Kering continue to partially disengage from their direct investments in tech companies, they remain influential actors in the e-commerce space.
