Richemont offloads online retailer Yoox Net-A-Porter to Mytheresa
Sale ends Richemont's search for buyer
Mytheresa CEO confident company can improve the business
Richemont shares gain after deal announced
Adds details, share price, analyst, executive comment from paragraph 3
By John Revill
ZURICH, Oct 7 (Reuters) -Cartier owner Richemont CFR.S has agreed to sell its loss-making Yoox Net-A-Porter online fashion and accessories business to Mytheresa 0FVy.MU, ending the search for a new owner after the collapse of a previous deal last year.
Richemont will take a 33% stake in German luxury fashion platform Mytheresa in exchange for 100% of the share capital of YNAP, the Swiss group said on Monday.
Mytheresa will get YNAP's 555 million euro ($608.50 million) cash pile without any financial debt, as well as a revolving credit facility of 100 million euros from Richemont.
Richemont will write down approximately 1.3 billion euros, including the cash left in YNAP, which sells clothes, bags, accessories and jewellery, in its first-half results due to be published on Nov. 8.
Richemont shares opened 1.4% higher after the announcement.
"Overall, the disposal draws the line under Richemont’s misadventure into being an online retailer for goods made by other luxury players," said Kepler Cheuvreux analyst Jon Cox.
YNAP, which posted a 1.46 billion euro loss last year after a big write-down and a 14% drop in sales, had long been a sore spot for Richemont in the face of growing competition and the need for investment in technology and logistics.
Rival online luxury retailer Farfetch Holdings - an earlier suitor for YNAP - was rescued last year as the wider sector struggles with an economic slowdown, especially in China.
The deal is expected to close in the first half of 2025, with Richemont taking a seat on Mytheresa's supervisory board.
Mytheresa plans to separate the profitable Net-A-Porter and Mr Porter businesses from the loss-making Yoox operation, which concentrates on discounted fashion and needs a lower cost and less complicated operating model, CEO Michael Kliger told reporters.
"This is a lot of work. The businesses have been money losing collectively," Kliger said, although he was confident Mytheresa could improve YNAP's performance.
"We bring expertise.... we are one of the very few, if not one of the only, digital platform that has been able to grow profitably," said Kliger, pointing to the company's own technology infrastructure and online marketing.
($1 = 0.9121 euros)
Reporting by John Revill, additional reporting by Alexander Huebner in Munich
Editing by Friederike Heine and David Goodman, Kirsten Donovan
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
