Cartier owner Richemont has agreed to sell Yoox Net-a-Porter to a German online retailer. The Swiss luxury company will swap the troubled e-commerce retailer for a 33 per cent stake in Mytheresa. Richemont has owned the business since 2010 when it bought London's Net-a-Porter, later merging it with Italy's Yoox in 2015 to form Yoox Neta-Porter (YNAP). Disposal: Richemont has agreed to sell Yoox Net-a-Porter to a German online retailerRichemont said it expected a £1.07billion write-down after the deal, which is set to complete in the first half of 2025. Mytheresa boss Michael Kliger said the acquisition is part of his strategy 'to create a pre-eminent, multi-brand, digital, luxury group worldwide'.

Source: Daily Mail October 08, 2024 09:43 UTC