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.

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.

Mytheresa, Net-a-Porter and Mr Porter will form YNAP’s luxury division, while Yoox and The Outnet will be run separately, and YNAP’s white label division discontinued