Richemont

Richemont will sell its digital luxury business Yoox Net-a-Porter (YNAP) to German-headquartered Mytheresa (Owned by MYT Netherlands Parent) for a 33% stake in Mytheresa & a board seat. YNAP has a cash position of €555m & no debt. CFR will also provide a €100m revolving credit facility. The deal will result in a €1.3bn write-down of YNAP for CFR.
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