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.

Michael Kliger, CEO of Mytheresa, said the deal will transform the e-commerce platform into a "pre-eminent, multibrand, digital luxury group" with a potential gross merchandise value of 4 billion euros.

This morning's announcement that luxury fashion retailer Mytheresa is acquiring Yoox Net-a-Porter brings parent company Richemont's turbulent chapter spent trying to offload it to a close. Retail Week takes a look at the German luxury brand that has been thriving while other players flounder,

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

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

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

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.

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,