Baker McKenzie client MYT Netherlands Parent B.V (Mytheresa) and Richemont have announced that they have entered into binding agreements to acquire 100% of the share capital of YOOX NET-A-PORTER (YNAP). The transaction aims to create a leading, global, multi-brand digital luxury group offering a highly curated and strongly differentiated edit of the most prestigious luxury brands and products to luxury enthusiasts worldwide.
At closing, Richemont will sell YNAP to Mytheresa with a cash position of EUR 555 million and no financial debt at closing, subject to customary closing adjustments. In exchange Richemont will receive shares to be issued by Mytheresa representing 33% of Mytheresa’s fully diluted share capital at closing. Richemont will make available a 6-year revolving credit facility of EUR 100 million to finance YNAP’s general corporate needs.
The transaction is expected to close in the first half of 2025, subject to customary conditions, including the receipt of antitrust approvals.
Baker McKenzie serves as co-counsel to Mytheresa and its Supervisory Board, advising on strategy and structuring matters, Dutch governance and corporate law, US securities and capital markets, Dutch banking and finance law and Italian tax matters.
Led by partners Bernhard Trappehl (Munich), Roger Bivans (Dallas), Rebecca Kuijpers-Zimmerman (Amsterdam) and Francesco Pisciotta (Milan), the Baker McKenzie team advising Mytheresa includes partner Tim Alferink (Amsterdam) and associates Willem Jan Treuren (Amsterdam, Renske Boesten (Amsterdam), Casper Henschen (Amsterdam),) and Laila Kouchi (Amsterdam); and counsel Davide Chiesa (Milan).
With more than 2,700 deal practitioners in 45 jurisdictions, Baker McKenzie is a transactional powerhouse. Baker McKenzie excels in complex, cross-border transactions; over 65% of our deals are multi-jurisdictional. The Firm has been consistently recognized as a top-three firm for cross-border M&A by volume over the past decade. The teams are a hybrid of ‘local’ and ‘global’, combining money-market sophistication with local excellence.
