Slaughter and May are advising Richemont on its agreement to sell YOOX Net-a-Porter to Mytheresa

Slaughter and May is advising Richemont, the Swiss luxury goods group, on its agreement to sell YOOX Net-a-Porter S.p.A (“YNAP”) to Mytheresa to create a leading, global, multi-brand digital luxury group.  

Richemont will sell YNAP to Mytheresa with a cash position of €555m and no financial debt, subject to customary closing adjustments, in exchange for shares to be issued by Mytheresa representing 33% of the company’s adjusted fully diluted share capital at completion.  Richemont will make available a 6-year revolving credit facility of €100m to finance YNAP’s general corporate needs.  Richemont will have the right to nominate a member and an observer to the Supervisory Board of Mytheresa following completion.  
 
Completion of the transaction, which is expected to occur in the first half of calendar year 2025, is subject to customary conditions, including the receipt of antitrust approvals. 

YNAP is a world leading online luxury and fashion retailer, with a distinctive offering including multi-brand in-season online stores NET-A-PORTER and MR PORTER, and multi-brand off-season online stores YOOX and THE OUTNET. 

Slaughter and May is working as an integrated team with Gatti Pavesi Bianchi Ludovici, led by partners Franco Barucci and Amélie Gillet, De Brauw Blackstone Westbroek, led by partners Michael Schouten and Casper Nagtegaal and Cravath, Swaine & Moore LLP, led by partner George Stephanakis.