LuxExperience announces layoffs at Yoox-Net-a-Porter amid ongoing transformation
LuxExperience, the newly formed parent company of Mytheresa and Yoox-Net-a-Porter, has announced job cuts as it consolidates roles during the integration of the two luxury platforms.
The restructuring could affect approximately 700 YNAP employees across Italy, the UK, and the US.
As part of the changes, Yoox - YNAP’s off-price division - will continue to be headquartered in Italy, while Net-a-Porter and its menswear counterpart, Mr Porter, will remain in the UK.
The layoffs are part of a broader €250 million ($216 million) multi-year transformation plan unveiled by LuxExperience in May, aimed at building a €4 billion (£3.4 billion), profitable group by 2030.
The strategy includes integrating Net-a-Porter and Mr Porter onto a shared e-commerce platform with Mytheresa, as well as streamlining logistics by utilising each other’s warehouses in select regions.
In a statement, LuxExperience said: "We deeply appreciate the contributions of all potentially affected employees and recognise their role in building the legacy of these iconic brands.
"All relevant stakeholders and employee representatives are being notified in accordance with applicable regulations, with the goal of managing this transition with fairness, care, respect, and a strong sense of responsibility."
The restructuring follows Mytheresa’s acquisition of YNAP from luxury conglomerate Richemont, a deal completed in April.
The transaction led to the creation of a new joint entity, LuxExperience, bringing the luxury retailers under one corporate umbrella.
