LuxExperience, the new parent company of Munich-based Mytheresa and Yoox-Net-a-Porter, on Wednesday announced layoffs as it consolidates roles amid an integration of the two companies.
The restructuring could impact around 700 employees at YNAP across Italy, the UK and the US. YNAP’s off-price division Yoox will remain headquartered in Italy, while headquarters for Net-a-Porter and its menswear offshoot, Mr Porter, will remain in the UK.
The layoffs are part of a €250 million ($291 million) multi-year transformation plan that LuxExperience announced in May to create a €4 billion, profitable luxury group by 2030. That strategy includes Net-a-Porter and Mr Porter sharing an e-commerce platform with Mytheresa, along with using one another’s warehouses in select regions.
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