Cartier Owner Richemont Is Selling Its E-Commerce Business -- Barrons.com

Dow Jones10-07

By Sabrina Escobar

Richemont, owner of luxury jewelers Cartier and Piaget, has finally found a buyer for its e-commerce business Yoox Net-A-Porter.

Richemont has been looking to offload YNAP for the better part of the past couple of years as the operation has struggled to turn a profit. In 2022, the company struck a deal to sell part of the business to British luxury e-commerce company Farfetch, but the transaction fell through in late 2023.

Under the new deal, the Swiss luxury group is selling YNAP, which has a cash position of EUR555 million ($609 million) and no debt, to Mytheresa in exchange for a 33% stake in the online platform. A writedown of the value of its YNAP assets will cost Richemont about EUR1.3 billion, the company said.

"We are pleased to have found such a good home for YNAP," said Johann Rupert, Richemont's chairman.

Richemont will have the right to nominate a member and an observer to Mytheresa's supervisory board after the deal closes, which is expected in the first half of 2025.

Shares of Mytheresa jumped 14% to $4.92 in early morning trading Monday. Richemont stock, which trades on the Swiss stock exchange, was up 2%.

Write to Sabrina Escobar at sabrina.escobar@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

October 07, 2024 11:08 ET (15:08 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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