MyTheresa Unveils Restructuring Plan with 700 Layoffs at Yoox Net-a-Porter

Mytheresa begins its strategy to exit the losses. LuxExperience, the conglomerate resulting from the merger between Mytheresa and Yoox Net-a-Porter (Ynap), has announced that the company’s restructuring could affect 700 Ynap employees in Italy, the United Kingdom and the United States.

The layoffs, as advanced by BoF, are part of a multi-year transformation plan that foresees an investment of 250 million euros, announced last May by LuxExperience, and with which the group expects to reach sales of 4 billion euros by 2030.

Mytheresa acquired 100% of the Yoox Net-a-Porter group’s capital from Richemont last April, after receiving authorization from the European Commission, becoming the company’s sole shareholder and consolidating under MYT Netherlands Parent B. V. Following the merger,Yoox Net-a-Porter is now the sole shareholder of YooxNet-a-Porter.V. Following the merger, Yoox will keep its headquarters in Italy, while those of Net-a-Porter and its menswear subsidiary, Mr Porter, will remain in the UK.

Mytheresa expects to grow by 7% in 2025, to 900 million euros.

The purchase of Ynap was carried out through a share swap: Mytheresa took 100% of the e-commerce group (which at the time had a cash position of €555 million and no financial debt) in exchange for 49.5 million of its own shares. Richemont thus became the owner of 33% of Mytheresa’s capital.

With this transaction, Mytheresa assumed operational control of the Net-a-Porter, Mr Porter, Yoox and The Outnet platforms. According to the company, the financial challenge is considerable: while Mytheresa expects to grow 7% by 2025 and reach a turnover of up to 900 million euros, the rest of the platforms are still in a downward trend.

Net-a-Porter and Mr Porter, now grouped together as a unit and sharing a platform with Mytheresa, saw their combined sales fall by 11% in 2024, to €1.2 billion, and are expected to fall by a further 11% in the current financial year, to €1 billion. In the case of the discount channel, the situation is even more delicate. Yoox and The Outnet closed 2024 with a 19% drop in sales, to 957 million euros, and a further decline of 14% is projected for 2025.