Luxury etailer Mytheresa is among a group of potential suitors looking to snap up lossmaking Yoox Net-a-Porter from Richemont.
Private equity firms Bain Capital and Permira are also understood to be considering offers, The Financial Times reported.
The sale, which is being run by Goldman Sachs, comes after Richemont’s deal with Farfetch fell through when the retailer faced its own financial issues last year.
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People close to the matter said the potential bidders have expressed reservations about purchasing Yoox Net-a-Porter because of its ongoing losses.
One of the potential suitors told the publication: “We are willing to look but it’s uncertain whether this makes sense [to buy].”
“It’s very much a turnaround type case,” said another.
Mytheresa declined to comment on whether it was considering an offer but said it is “constantly evaluating opportunities to grow our business, which may include M&A activities from time to time”.
Richemont has faced increasing pressure from investors to offload Yoox. The luxury conglomerate has so far swallowed £1.54bn (€1.8bn) in non-cash writedowns on the business and the division made a loss of £109m (€128m) in the first half of the firm’s current financial year.
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