Mytheresa Acquires YNAP From Richemont.

Mytheresa has acquired Yoox Net-a-porter group from Richemont, aiming to create a 4 billion euro online luxury fashion powerhouse. The deal involves Mytheresa acquiring YNAP with a cash position of 555 million euros and no financial debt in exchange for shares. Mytheresa's CEO, Michael Kliger, sees the acquisition as an opportunity to create value for shareholders, brand partners, and high-end customers, with plans to maintain separate businesses for Mytheresa, Net-a-porter, and Mr Porter. The deal is expected to be finalized in the first half of 2025, with Richemont becoming a significant minority shareholder in Mytheresa. [Extracted from the article]