The fashion empire founded by has been sold to a German rival, bringing an end to years of uncertainty over the future of Yoox Net-a-Porter. The online luxury seller, which was formed from a , is to be taken over by Germany’s Mytheresa. Swiss luxury giant Richemont, which is the current owner of Yoox Net-a-Porter, said it will not receive any cash from the deal but instead secure a 33pc stake in Mytheresa.
Johann Rupert, the Richemont chairman, said he was “pleased to have found such a good home for YNAP”. The deal follows years of doubt over the business, which had once been seen as a pioneer for luxury online retail but in recent years has struggled with a drop-off in demand. Before the tie-up with Yoox, Dame Natalie’s Net-a-Porter reportedly attracted interest from bidders including Amazon, as online tech giants sought to move into the premium fashion market.
High levels of optimism led to Federico Marchetti, who was chairman of YNAP until 2021, claiming that the business was poised to become a “Ferrari” in the market. However, hopes for the online luxury sector have since dampened as shoppers continue to buy luxury products in-store rather than online. , another major online retailer, was put into administration by Frasers earlier this year less than three months after Mike Ashley’s group bought the company.
Frasers said it was not willing to fund a turnaround as Matchesfashion had “consistently missed its business plan targets”. Richemont, meanwhile, ha.
