LuxExperience to sell The Outnet
LuxExperience, the parent company of MyTheresa, has agreed to sell The Outnet to The O Group for a cash consideration of $30 million.
Shareholders of The O Group include Joseph Edery and Timeless Group of Companies chief executive Ritesh Punjabi.
LuxExperience recently acquired The Outnet as part of the former Yoox-Net-Porter business, which together with Yoox forms its off-price segment. The group said the divestment is in line with the transformation plan it announced in May as it looks to focus its off-price resources on regaining growth and financial strength for Yoox.
Michael Kliger, chief executive of LuxExperience, said: “We are very pleased that we have found the optimal solution both for The Outnet and for our group.
Subscribe to TRB“The transaction will allow The Outnet to achieve its full potential under a renewed independent, standalone business model.
“LuxExperience will fully focus its resources in off-price on creating the lean operating model required for Yoox in order to regain growth and financial strength.
“In addition, it will also allow us to accelerate the overall transformation plan in regards to an efficient infrastructure platform for Net-A-Porter and Mr Porter.”
As part of the transfer of The Outnet assets, LuxExperience will transfer the brand rights, customer data, full inventory and the US distribution centre, as well as the required work force in the US and the UK employees.
The transaction is expected to complete in the first quarter of 2026.
