YOOX Net-A-Porter (Richemont Write-Down)
Milan-founded luxury e-commerce pioneer YOOX-Net-A-Porter was written down by Richemont by €2.7B in 2023 then sold to Mytheresa at a near-zero price — the largest Italian e-commerce value destruction.
2000 → 2023
$5B
E-commerce/Luxury Fashion
Italy
Full Analysis
Milan-founded YOOX (merged with Net-A-Porter in 2015) was acquired by Swiss luxury group Richemont, which took it fully private in 2018. After years of operational struggles, Richemont took a €2.7B impairment charge in 2023 and announced a sale to German rival Mytheresa for nominal consideration plus a $1.3B cash injection — effectively wiping out the entire investment. A defining Italian-luxury-e-commerce failure.
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