Mytheresa has received unconditional merger control clearance from the European Commission for its acquisition of Yoox Net-A-Porter (YNAP) from Richemont, with the transaction set to close on 23 April 2025.

The deal, which was announced on 7 October 2024, will create a combined group that will be renamed "LuxExperience B.V." following completion. The group will bring together the Mytheresa, NET-A-PORTER, MR PORTER, YOOX and THE OUTNET brands under one umbrella.

Michael Kliger, chief executive officer of Mytheresa, expressed enthusiasm about the acquisition: "We are truly excited to have received all required regulatory clearances to finalize the acquisition of Yoox Net-A-Porter. We will become one of the leading global, digital luxury platforms for true luxury enthusiasts through having multiple, highly distinguished storefronts, all under the umbrella of LuxExperience."

The combined entity aims to generate significant synergies by using a joint back-of-house platform while maintaining distinct storefronts. Mytheresa's ambition is to build a leading online luxury group with around €3 billion in Gross Merchandise Value (GMV) per annum, with medium-term goals to grow to €4 billion GMV with more than 8 per cent Adjusted EBITDA margin.

Alongside the regulatory approval announcement, Mytheresa also revealed its new senior leadership team structure for the combined group. Kliger will continue as group chief executive officer, while several Mytheresa executives will take on expanded group roles, including Martin Beer as chief financial officer and Sebastian Dietzmann as chief operating officer.

Francesca Tranquilli, currently YNAP's President Online Flagship Store, will become the group's chief transformation officer, tasked with driving the transformation of the YNAP brands and combining the businesses into the new LuxExperience Group.

The store brands will maintain their individual identities, with Heather Kaminetsky appointed as chief executive officer of NET-A-PORTER, and Toby Bateman, a founding member of MR PORTER, returning to become its chief executive officer.

Johann Rupert, chairman of Richemont, commented: "We look forward to LuxExperience's future success, as the receipt of this clearance paves the way for both the Mytheresa and YNAP teams, their brand partners and customers alike to fully benefit from the enhanced value propositions and expanded global reach offered by the combined businesses."

At transaction closing, Richemont will receive new shares representing 33 per cent of Mytheresa's fully diluted share capital, while YNAP will be transferred with a €555 million cash position and no financial debt.

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