What: European Commission grants unconditional clearance for Mytheresa's acquisition of YNAP, paving way for April 2025 completion of deal that will create leading global digital luxury platform.

Why it is important: The unconditional approval signals confidence in the merger's market impact and validates the strategic approach to maintaining competitive dynamics in luxury e-commerce.

The European Commission has granted unconditional clearance for Mytheresa's acquisition of YOOX Net-A-Porter from Richemont Italia, with the deal set to complete on April 23, 2025. The transaction, agreed in October 2024, will create LuxExperience, encompassing Mytheresa, Net-A-Porter, Mr Porter, YOOX, and The Outnet. YNAP brings four million high-spending customers and over 900 million site visitors across 170 countries to the merger. The financial structure includes Richemont receiving a 33% stake in Mytheresa, transferring YNAP with a €555 million cash reserve and no debt, while providing a €100 million revolving credit facility until 2030. The integration strategy emphasises maintaining distinct brand identities while leveraging shared infrastructure, with YOOX and The Outnet operating separately from the luxury segment. Richemont CFO Burkhart Grund will join Mytheresa's supervisory board post-completion.

IADS Notes: The European Commission's unconditional clearance of Mytheresa's YNAP acquisition marks a pivotal moment in luxury e-commerce consolidation. According to Business of Fashion in October 2024 , the deal's structure, including a €555 million cash position and no debt transfer, demonstrates a carefully planned approach to market consolidation. WWD's January 2025 coverage  of the LuxExperience rebranding revealed how the combined entity plans to leverage multiple distinguished storefronts while maintaining operational efficiency through shared infrastructure. This strategic approach was further validated by WWD's December 2024 analysis , which highlighted Mytheresa's successful focus on operational excellence and premium positioning. The integration strategy, separating YOOX and The Outnet from the luxury segment while maintaining distinct identities for Mytheresa, Net-A-Porter, and Mr Porter, shows sophisticated brand portfolio management. The addition of Richemont CFO Burkhart Grund to Mytheresa's supervisory board, combined with Richemont's 33% stake and €100 million credit facility commitment through 2030, indicates strong stakeholder alignment in this transformative merger.

Mytheresa secures EC nod for YNAP acquisition