Richemont has come to an agreement for Mytheresa to acquire its online YNAP business, including Net-A-Porter, Mr Porter, Yoox and Outnet brands.

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.

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.