LuxExperience, the parent company of Mytheresa, Net-a-Porter, Mr Porter and Yoox, is selling off-price retailer The Outnet to The O Group for $30 million. The transaction is expected to close in the first quarter of 2026, subject to approvals.
The O Group is led by shareholders including Joseph Edery, founder and CEO of Icon Luxury Group, which helps brands offload inventory via off-price, and Ritesh Punjabi, CEO of retail and distribution company Timeless Group of Companies. Under the deal, it will acquire all of the assets that power The Outnet platform, including relevant brand rights, customer data, full inventory and the US distribution center. The UK employees and a “required workforce” in the US will transfer over to the new company. The transaction price is subject to adjustment based on inventory levels at closing, per a release. LuxExperience will initially provide certain operational and IT services.
“We are very pleased that we have found the optimal solution both for The Outnet and for our group. The transaction will allow The Outnet to achieve its full potential under a renewed, independent, standalone business model,” CEO Michael Kliger said in a statement on Friday.
Mytheresa acquired The Outnet’s parent company, Yoox Net-a-Porter (YNAP), earlier this year (after announcing the deal in 2024). At the time, Mytheresa said that it planned to separate operations for the off-price divisions (The Outnet and Yoox). Analysts thought this a smart decision, but noted that The Outnet, especially, would still require work. “For The Outnet to remain relevant and competitive, a comprehensive brand and experience overhaul is essential,” Jessica Ramírez, co-founder of advisory firm The Consumer Collective, told Vogue Business at the time. The Outnet ended fiscal 2025 with revenues of €260 million. LuxExperience didn’t break out revenues for individual retailers in its September earnings, but at the time of acquisition, The Outnet was loss-making.
The sale is in line with LuxExperience’s transformation plan the group outlined back in May. At the time, Kliger told Vogue Business that his first order of business would be to disentangle the off-price businesses from the luxury ones. “We are addressing what we believe is one of the root causes of the business’s struggles, which is that they tried to create a backend infrastructure that would serve luxury and off-price at the same time, and with the same solutions,” he said. “[We believed] one of those two would suffer: either luxury would not get the quality, or off-price would not get the frugal solutions it needs, operating at lower margins and a lower basket size. And that’s exactly what happened.”
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