Richemont Lends A Helping Hand For Mytheresa To Acquire Yoox Net-A-Porter [Forbes]
COMPAGNIE FNCE RCH UN/ADR (CFRUY)
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Source: Forbes
of Saxony, and Michael Kliger, CEO of Mytheresa, stand in front of a photo wall at the opening of the company's new logistics center, an online platform for luxury fashion. Photo: Jan Woitas/dpa (Photo by Jan Woitas/picture alliance via Getty Images) dpa/picture alliance via Getty Images Mytheresa just struck a deal to acquire Yoox Net-A-Porter (YNAP) from luxury powerhouse Richemont, owner of Cartier, Piaget, Chloé, Montblanc and more. Mytheresa has favorable winds at its back, having overcome the recent downturn in the luxury market by growing annual revenues 10% in fiscal year 2024, including a 14% uptick in the second half of the year. Richemont is a highly motivated seller since Mytheresa will pay no cash in the deal. Instead, Mytheresa will issue Richemont 33% of Mytheresa's fully diluted share capital and a board seat while taking on YNAP's existing $604 million (€555 million) cash balances and no financial debt. Plus Mytheresa will inherit a six-year $110 million (€100
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