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 will be acquiring Yoox Net-a-Porter (YNAP) from Swiss conglomerate Richemont. The equity deal will see Mytheresa become the new owner of YNAP with a €555 million EUR ($609 million USD) cash position and no financial debt.

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

Richemont has entered a binding agreement with Mytheresa for the acquisition of 100% of the share capital of Yoo-Net-A-Porter (YNAP)

ZURICH (Reuters) -Cartier owner Richemont has agreed to sell its Yoox Net-A-Porter (YNAP) online fashion and accessories business to Mytheresa, ending the search for a new owner of loss-making YNAP after the collapse of a previous deal last year.

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.