Net-A-Porter snapped up by German e-commerce firm

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).

Richemont said it expected a £1.07billion write-down after the deal, which is set to complete in the first half of 2025. 

Chairman Johann Rupert said: ‘We are pleased to have found such a good home for YNAP.’

YNAP last year posted a £1.23billion loss on the back of 14 per cent lower sales. 

But luxury groups are hoping for brighter days after China last month pledged to kickstart its flagging economy. 

The deal brings Mytheresa – which sells Bottega Veneta shoes and Givenchy handbags – to a value of around £2.3billion, with YNAP worth £465million.

Mytheresa boss Michael Kliger said the acquisition is part of his strategy ‘to create a pre-eminent, multi-brand, digital, luxury group worldwide’.