Online luxury fashion retailer Mytheresa is claimed to be considered one of the potential bidders for Yoox Net-a-Porter. BestSecret, one other online fashion platform can be understood to have an interest. Thus far, all parties have declined to comment on the rumors of a possible acquisition.
Yoox Net-a-Porter (YNAP) is currently owned by Richemont, which has invested heavily into the platform. Nonetheless, it has had an operating loss for a while now. In the primary half of the present financial yr, YNAP recorded a lack of 128 million euros. And in early 2023, the corporate was fined 5.25 million euros by the Italian antitrust agency over misleading pricing and return policies.
Failed acquisition deal
In 2022, Farfetch announced that it was buying a 47.5 percent stake in YNAP from Richemont (YNAP’s owner). Nonetheless, in 2023 Farfetch itself got here into financial trouble because it tried to stave off administration. It was then bought by South Korean multi-industry retail giant Coupang. This meant that the take care of YNAP got here to a halt.
Potential buyers
Since then, Richemont has been trying to seek out one other buyer for the style platform. Anonymous sources have told the Financial Times that German-based luxury fashion platform Mytheresa is competing with private equity firms Bain Capital and Permira (the owner of BestSecret) in buying YNAP.
YNAP’s losses are expected to proceed into 2025.
Nonetheless, not one of the mentioned parties have commented on these rumors thus far. In accordance with the Financial Times, there’s hesitancy among the many potential buyers because YNAP is difficult to value consequently of its ongoing losses, that are expected to proceed into 2025.
