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

Richemont ($CFRUY) announced on Monday that it will sell its online luxury clothing and accessories subsidiary, Yoox Net-A-Porter (YNAP), to

Mytheresa (MYTE) to acquire 100% of the share capital of YNAP, from Richemont (CFRUY), with a cash position of €555M and no financial debt in exchange for shares to be issued by Mytheresa

MYT Netherlands (MYTE) has released an update. MYT Netherlands Parent B.V., commonly known as Mytheresa, has struck a deal to acquire online luxury fashion retailer YOOX NET-A-PORTER from Richemont in exchange for a 33% equity stake in Mytheresa.

Richemont has agreed to sell its Yoox Net-a-Porter (YNAP) business to MYT Netherlands Parent BV, parent of e-commerce platform MyTheresa.

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.

After what has been a long and, seemingly, tedious sales process, Swiss luxury giant Richemont may have finally found a buyer for its loss-making e-commerce

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.