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.

Rather than offloading the lossmaking online fashion platform, the Swiss luxury goods group has taken on a 33% share in Mytheresa to take Yoox Net-a-Porter off its hands. But Richemont will retain a significant say in the business.

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.