Richemont has come to an agreement for Mytheresa to acquire its online YNAP business, including Net-A-Porter, Mr Porter, Yoox and Outnet brands.

Richemont has agreed to sell its struggling digital business Yoox Net-a-Porter to online retailer Mytheresa, drawing a line under a failed venture that has cost the Swiss luxury group billions of euros.

Rather than offloading the lossmaking online fashion platform, the Swiss luxury goods group has taken on a 33% share in Mytheresa to take Yoox Net-a-Porter off its hands. But Richemont will retain a significant say in the business.

Mytheresa will hand part of its shares to Richemont, while the off-price divisions, Yoox and The Outnet, will be separated from the luxury business following the acquisition.

Mytheresa will be acquiring Yoox Net-a-Porter (YNAP) from Swiss conglomerate Richemont. The equity deal will see Mytheresa become the new owner of YNAP with a €555 million EUR ($609 million USD) cash position and no financial debt.

The rumors had been circulating for a while, but now it’s official: Mytheresa wants to acquire industry peer Yoox Net-a-Porter from Richemont. This will create a “leading, global, multi-brand digital luxury group”,

Luxury e-tailer Mytheresa has successfully acquired the entirety of competing platform Yoox Net-a-Porter (YNAP) from its former owner Richemont in a €555 million cash and no-financial-debt deal. In exchange for 100% of YNAP,