Richemont to Sell E-Commerce Business YNAP to Mytheresa
Provided by
Dow Jones
By Andrea Figueras
Cartier owner Richemont said it has agreed to sell its e-commerce business Yoox Net-A-Porter to luxury online platform Mytheresa in exchange for a 33% stake in the combined business.
The news comes after the Swiss luxury group in December said that it wouldn't complete a planned transaction with Farfetch involving YNAP.
"Mytheresa is ideally placed to build on YNAP's assets to further delight customers and brand partners alike across the world by harnessing both companies' respective strengths," Richemont Chairman Johann Rupert said.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
October 07, 2024 02:07 ET (06:07 GMT)
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