LuxExperience B.V. (LUXE) M&A Announcement summary

Deal rationale and strategic fit

• Acquisition creates a leading global digital luxury platform with multiple distinguished brands, targeting EUR 3 billion GMV today and aiming for EUR 4 billion GMV in the medium term.

• Combined group will operate three distinct storefronts—MYTHERESA, NET-A-PORTER, and MR PORTER—broadening luxury assortments and global customer access while maintaining brand identities.

• Off-price businesses YOOX and THE OUTNET will be separated to streamline operations and drive higher growth and profitability.

• Enhanced value proposition for luxury brands through broader and deeper customer reach across multiple market segments.

Financial terms and conditions

• Mytheresa to acquire 100% of YOOX NET-A-PORTER for EUR 555 million in cash and no financial debt, subject to closing adjustments.

• Richemont will receive shares representing 33% of Mytheresa's fully diluted share capital at closing.

• Richemont to provide a EUR 100 million, 6-year revolving credit facility to YOOX NET-A-PORTER.

• Richemont's shareholding will be subject to a one-year lock-up, followed by limited sale rights in the subsequent year.

• Richemont expects a write-down of YNAP net assets of approximately EUR 1.3 billion, subject to change until completion.

Synergies and expected cost savings

• Significant synergies expected from combining back-office operations and leveraging Mytheresa's proprietary technology platform.

• Joint administrative services, integrated customer management, and data pooling for AI innovation anticipated to drive efficiencies.

• IT simplification and reduced complexity expected to enhance profitability and growth.

• Separation of off-price and discontinuation of YNAP's white label division will simplify the operating model and support profitability.