10:43 AM EDT, 04/11/2025 (MT Newswires) -- MYT Netherlands (MYTE) said Friday it has secured final regulatory clearance from the European Commission for unit Mytheresa's acquisition of Richemont's YOOX Net-A-Porter, paving the way for deal completion by April 23.

The brands Mytheresa, Net-A-Porter, MR Porter will keep separate identities and share central infrastructure resources, while YOOX, and The Outnet will form an off-price division for a more efficient operating model, MYT Netherlands said.

The company will issue new shares to Richemont, giving Richemont a 33% stake in MYT Netherlands' fully diluted share capital, while Richemont will sell YNAP with a cash position of 555 million euros ($631.53 million) and no debt to MYT Netherlands and provide a six-year 100 million euro revolving credit facility, it added.

Richemont's Chief Financial Officer, Burkhart Grund, will join MYT Netherlands' supervisory board upon closing of the transaction, according to the company.

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