Mytheresa mulls bid for Yoox Net-a-Porter
The news comes as Richemont has been looking for a new buyer for the business since a deal to sell a 47.5% stake to rival Farfetch fell apart at the end of 2023
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Mytheresa is reportedly among possible bidders who are looking to acquire underperforming ecommerce business Yoox Net-a-Porter from Swiss luxury group Richemont, the Financial Times has reported.
News of the bid comes as Richemont has been looking for a new buyer for the business since a deal to sell a 47.5% stake to rival Farfetch fell apart at the end of 2023.
The sale process is being run by Goldman Sachs, and according to those with knowledge of the situation, private equity firms Bain Capital and Permira are also readying their bids for the business.
However, it is understood that potential bidders are hesitant about striking a deal due to YNAP’s ongoing losses, which are expected to continue in the coming years and make the business difficult to value.
While Mytheresa declined to comment on whether it was considering a bid for YNAP, a spokesperson said: “Mytheresa is constantly evaluating opportunities to grow our business, which may include M&A activities from time to time.”
Richemont, which also owns Cartier and Chloé, acquired Net-a-Porter in 2010 before merging it with Yoox five years later in a deal that led to the departure of Net-a-Porter founder Natalie Massenet.
