YNAP deal presents ‘meaningful’ opportunity for Mytheresa, says Jefferies

After Richemont announced a binding agreement for the acquisition of 100% of the share capital of YNAP by Mytheresa, Jefferies said the firm believes the deal presents a “meaningful” opportunity for Mytheresa to improve YNAP’s operations and build a larger and more compelling global online luxury player at “a favorable valuation.” With that said, the deal is sizeable and brings execution risk, while near-term pressure remains from industry discounting, added the analyst, who has a Hold rating and $4 price target on Mytheresa shares.