Richemont sells Yoox Net-A-Porter to Mytheresa

The news: Richemont agreed to sell Yoox Net-A-Porter (YNAP) to luxury etailer Mytheresa roughly a year after its attempt to sell the business to luxury marketplace Farfetch fell apart.

Why is this happening: Richemont struggled to turn YNAP into a profitable venture.

• The company booked write-downs on YNAP’s assets of €1.5 billion ($1.65 billion) and €3.4 billion ($3.73 billion) over the last two fiscal years.