LuxExperience to sell The Outnet assets to The O Group

When Net-A-Porter was acquired by Richemont and became a key part of the luxury giant’s Yoox Net-A-Porter (YNAP) operation, its Outnet off-price business always seemed  to stick out as not quite fitting. It was dwarfed by the huge Yoox off-price business.

And it seems that YNAP’s new owner LuxExperience agrees, as on Friday it announced that it has reached an agreement to “sell the set of assets powering The Outnet platform presenting a tailored solution for The Outnet that also accelerates the transformation of LuxExperience”. The buyer is The O Group LLC.

The new owner of The Outnet, which saw sales of €260 million in fiscal year 2025, is a company whose shareholders include Joseph Edery and Timeless Group of Companies CEO Ritesh Punjabi, who are “both are renowned experts in luxury fashion”.

The assets to be transferred will include the “relevant brand rights, customer data, full inventory and the US distribution centre as well as required workforce in the US and the UK employees”.

LuxExperience is receiving $30 million in cash, which is “subject to adjustment based on inventory levels at closing, and for a certain period after closing LuxExperience will provide certain operational and IT services, all priced at cost level”.

The deal is “expected to enable The Outnet to achieve its full potential under a renewed independent, standalone business model” yet the soon-to-be former owner will “continue its commercial relationship” with it, which makes sense given that The Outnet remains a key off-price luxury e-tailer.

But it means LuxExperience can focus more off-price resources on its remaining giant Yoox business and “accelerate the overall transformation plan in regards to an efficient infrastructure platform for Net-A-Porter and Mr Porter”.

The deal should close in Q1 next year.