Mytheresa, Richemont deal for YNAP gets regulatory approval [Yahoo! Finance]
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Source: Yahoo! Finance
E-commerce luxury business Mytheresa was granted regulatory approval from the European Commission to buy Yoox Net-A-Porter from Richemont, according to a news release Friday. With all the necessary approvals granted for the transaction, the companies plan to close the deal on April 23, per the release. The deal, which was announced in October , grants Mytheresa holding company MYT Netherlands Parent B.V. full control of YNAP for 555 million euros, or about $629 million. Following the transaction, the Mytheresa holding company will be renamed LuxExperience B.V. and operate the brands Mytheresa, Net-A-Porter, Mr Porter, Yoox and The Outnet. Mytheresa, Net-A-Porter and Mr Porter will maintain their brand identities while sharing central infrastructure, per the release. The off-price division, which includes Yoox and the Outnet, will separate from the luxury division. Mytheresa said this grants the division “a much simpler and more efficient operating model.” Mytheresa is posit
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