Cartier owner Richemont agreed to sell its e-commerce business Yoox Net-A-Porter to luxury online platform Mytheresa.

Mytheresa (MYTE) to acquire 100% of the share capital of YNAP, from Richemont (CFRUY), with a cash position of €555M and no financial debt in exchange for shares to be issued by Mytheresa

Mytheresa will be integrated with YNAP’s Luxury division, creating a unified entity with three distinct online storefronts.

Mytheresa will hand part of its shares to Richemont, while the off-price divisions, Yoox and The Outnet, will be separated from the luxury business following the acquisition.

Richemont has agreed to sell its struggling digital business Yoox Net-a-Porter to online retailer Mytheresa, drawing a line under a failed venture that has cost the Swiss luxury group billions of euros.

Mytheresa and Richemont announced that the companies have entered into binding agreements to acquire 100 percent of the share capital of YNAP by Mytheresa. The transaction aims to be a global, multi-brand, digital luxury group offering a curated collection of luxury brands and products to a global consumer.

Richemont has finally struck a deal to offload its troubled online business, Yoox Net-A-Porter, to Mytheresa in exchange for shares in the German e-commerce company.

Mytheresa, Net-a-Porter and Mr Porter will form YNAP’s luxury division, while Yoox and The Outnet will be run separately, and YNAP’s white label division discontinued

Richemont has agreed to sell its Yoox Net-a-Porter (YNAP) business to MYT Netherlands Parent BV, parent of e-commerce platform MyTheresa.

Cartier owner Richemont agreed to sell its e-commerce business Yoox Net-A-Porter to luxury online platform Mytheresa.