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 (NYSE:MYTE) and Richemont (SWX:CFR) announce that they have entered into binding agreements for the acquisition of 100% of the share capital

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.

ZURICH (Reuters) -Cartier owner Richemont has agreed to sell its Yoox Net-A-Porter (YNAP) online fashion and accessories business to Mytheresa, ending the search for a new owner of loss-making YNAP after the collapse of a previous deal last year.

Cartier owner Richemont agreed to sell its e-commerce business Yoox Net-A-Porter to luxury online platform Mytheresa.

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.

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.