Cartier owner Richemont has agreed to sell Yoox Net-a-Porter to a German online retailer.
The Swiss luxury company is swapping the troubled e-commerce retailer for a 33 percent stake in Mytheresa.
Richemont has owned the company since 2010, when it bought London’s Net-a-Porter and then merged it with Italy’s Yoox in 2015 to form Yoox Neta-Porter (YNAP).
Deletion: Richemont agreed to sell Yoox Net-a-Porter to German online retailer
Richemont said it expected a writedown of £1.07 billion after the deal, which will be completed in the first half of 2025.
Chairman Johann Rupert said: “We are pleased to have found such a good home for YNAP.”
Last year, YNAP posted a £1.23 billion loss due to a 14 per cent decline in sales.
But luxury groups are hoping for better days after China pledged last month to revive its ailing economy.
The deal makes Mytheresa, which sells Bottega Veneta shoes and Givenchy bags, worth around £2.3bn, while YNAP is worth £465m.
Mytheresa boss Michael Kliger said the acquisition is part of its strategy “to create a preeminent, multi-brand, digital luxury group globally.”