Mytheresa has finalized a binding agreement to acquire Yoox Net-a-Porter (YNAP) from Richemont, enhancing its position in the luxury e-commerce sector and boosting Mytheresa’s share price by 7.75%. The deal includes a cash position of 555 million euros ($590 million) and grants Richemont a 33% stake in Mytheresa, along with board representation. Mytheresa aims to create a 4 billion euro ($4.3 billion) digital luxury platform, integrating YNAP’s luxury division while separating its off-price division to streamline operations. Despite challenges in the luxury market, Mytheresa’s sales have risen significantly under CEO Michael Kliger, and he anticipates continued growth. The transaction is expected to close in the first half of 2025.