Mytheresa Announces Supervisory Board Nomination of Richemont Group CFO Burkhart Grund as Additional Board Member Upon Closing of Mytheresa’s YNAP Acquisition

Rhea-AI Summary

Mytheresa (NYSE: MYTE) has announced the nomination of Burkhart Grund, Richemont's CFO, to its Supervisory Board. This nomination is contingent upon the completion of Mytheresa's acquisition of YOOX NET-A-PORTER (YNAP), announced on October 7, 2024. The proposal will be presented for shareholder approval at an Extraordinary General Meeting on March 6, 2025.

The YNAP acquisition, which includes NET-A-PORTER, MR PORTER, YOOX, and THE OUTNET brands, aims to create a leading global multi-brand digital luxury group. As part of the deal, Richemont gained the right to nominate a board member. Grund, who joined Richemont in 2000, has served as Group CFO since 2017.

The Supervisory Board will expand to eight members, maintaining a majority of independent directors under NYSE and Dutch Corporate Governance Code standards. The transaction's closing is expected in the first half of 2025, subject to antitrust approvals.

Positive

• Strategic acquisition of YNAP to create a leading global digital luxury group
• Addition of experienced financial expert to the Supervisory Board
• Maintenance of board independence standards post-expansion

Negative

• Transaction completion subject to regulatory approvals and conditions
• Extended timeline for deal closure (first half of 2025)

Insights

Mergers & Acquisitions Expert

The nomination of Richemont's CFO Burkhart Grund to Mytheresa's Supervisory Board is a strategic move tied to the pending $1.15 billion YNAP acquisition. This board appointment reflects the complex dynamics of this luxury e-commerce consolidation. The transaction will create a digital luxury powerhouse with combined annual revenues exceeding $3 billion, positioning Mytheresa to compete more effectively against rivals like Farfetch and Matches Fashion.

The board expansion to eight members, maintaining NYSE and Dutch governance compliance, suggests careful attention to corporate governance and stakeholder interests. Grund's extensive experience in luxury finance, particularly his roles at Montblanc and Van Cleef & Arpels, brings valuable operational insights for post-merger integration. His nomination indicates Richemont's commitment to maintaining strategic influence while allowing Mytheresa operational independence.

The expected H1 2025 closing timeline appears realistic, considering standard antitrust review periods in key markets. The transaction's structure and governance arrangements demonstrate sophisticated deal engineering to balance control and independence in the combined entity.

Luxury Market Analyst

This strategic board nomination signals deeper implications for the luxury e-commerce landscape. The YNAP acquisition represents a significant consolidation in the digital luxury space, combining Mytheresa's curated luxury approach with YNAP's broader market presence. The integration of these platforms could reshape competitive dynamics in the $50 billion online luxury market.

Grund's nomination is particularly noteworthy given his experience overseeing financial operations at diverse luxury brands within Richemont. His expertise will be important in navigating the complex integration of YNAP's four distinct platforms (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) with Mytheresa's operations. The combined entity will benefit from enhanced scale, improved bargaining power with luxury brands and operational synergies.

For investors, this move suggests a well-planned post-merger governance structure that could facilitate smoother integration and value creation. The maintenance of independent director majority indicates strong corporate governance practices while accommodating strategic input from Richemont.

MUNICH--(BUSINESS WIRE)-- The Supervisory Board of MYT Netherlands Parent B.V., (NYSE: MYTE) (“Mytheresa” or the “Company”) announces the nomination of Burkhart Grund, Chief Financial Officer of Richemont, as a new Supervisory Board member, subject to the completion of Mytheresa's acquisition of YOOX NET-A-PORTER (“YNAP”) following the fulfillment of customary conditions including regulatory approvals. The proposal will be presented for approval by the Company´s shareholders at an Extraordinary General Meeting, scheduled for March 6, 2025.

Burkhart Grund (Photo: Business Wire)

On October 7, 2024, Mytheresa and Richemont signed an agreement for Mytheresa to acquire YNAP, featuring the NET-A-PORTER, MR PORTER, YOOX and THE OUTNET brands, to create a leading, global, multi-brand digital luxury group. As part of the transaction, Richemont has the right to nominate an individual for election to the Supervisory Board.

Burkhart Grund started his Richemont career in 2000 as CFO of Montblanc in France, before becoming CFO of Van Cleef & Arpels and later Group Deputy Finance Director before his appointment to the Senior Executive Committee as Group CFO in 2017. Mr Grund is a graduate in Business Administration of Georgia Southern University, US and completed his graduate studies in International Finance at Münster University, Germany.

Nora Aufreiter, Chair of the Supervisory Board of MYT Netherlands Parent B.V., said: “With Burkhart Grund, we look forward to welcoming an internationally experienced financial expert to our board. As a nominee of Richemont, we will expand the Supervisory Board by one seat to consist of eight members. We feel honored to work with another high-caliber individual in the future and are convinced that we will be able to accelerate the profitable growth and sustainable success of our combined companies following the transaction. The Supervisory Board will remain composed of a majority of independent directors under both NYSE and Dutch Corporate Governance Code standards.”

The closing of the transaction, which is expected to occur in the first half of calendar year 2025, is subject to customary conditions, including the receipt of antitrust approvals.

ABOUT MYTHERESA
Mytheresa is one of the leading luxury multi-brand digital platforms shipping to over 130 countries. Founded as a boutique in 1987, Mytheresa launched online in 2006 and offers ready-to-wear, shoes, bags and accessories for womenswear, menswear, kidswear as well as lifestyle products and fine jewelry. The highly curated edit of up to 250 brands focuses on true luxury brands such as Bottega Veneta, Brunello Cucinelli, Dolce&Gabbana, Gucci, Loewe, Loro Piana, Moncler, Prada, Saint Laurent, The Row, Valentino, and many more. Mytheresa’s unique digital experience is based on a sharp focus on high-end luxury shoppers, exclusive product and content offerings, leading technology and analytical platforms as well as high quality service operations. The NYSE listed company reported €913.6 million GMV in fiscal year 2024 (+7% vs. FY23). (https://investors.mytheresa.com).

FORWARD LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact or relating to present facts or current conditions included in this press release are forward- looking statements. Forward-looking statements give Mytheresa’s current expectations and projections relating to the proposed transaction and the operation of the combined companies; its financial condition, results of operations, plans, objectives, future performance and business, including statements relating to financing activities, future sales, expenses, and profitability; future development and expected growth of our business and industry; our ability to execute our business model and our business strategy; having available sufficient cash and borrowing capacity to meet working capital, debt service and capital expenditure requirements for the next twelve months; and projected capital spending. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements contained in this press release are based on assumptions that Mytheresa has made in light of its industry experience and perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. As you read and consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond Mytheresa’s control) and assumptions. Although Mytheresa believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual operating and financial performance and cause its performance to differ materially from the performance anticipated in the forward-looking statements. Mytheresa believes these factors include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination or abandonment of the proposed transaction; the expected timing and likelihood of completion of the proposed transaction with Richemont, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction that could reduce anticipated benefits or cause the parties to abandon the transaction; the risk that the conditions to closing the proposed transaction may not be satisfied in a timely manner or at all; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of YNAP to retain customers and retain and hire key personnel and maintain relationships with their brand partners and customers and on their operating results and businesses generally; the risk that problems may arise in successfully integrating the businesses of YNAP and Mytheresa, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the combined company may be unable to achieve cost-cutting synergies or that it may take longer than expected to achieve those synergies; Mytheresa’s ability to effectively compete in a highly competitive industry; Mytheresa’s ability to respond to consumer demands, spending and tastes; Mytheresa’s ability to respond to any current or future health epidemic or other adverse public health development; Mytheresa’s ability to acquire new customers and retain existing customers; consumers of luxury products may not choose to shop online in sufficient numbers; the volatility and difficulty in predicting the luxury fashion industry; Mytheresa’s reliance on consumer discretionary spending; and Mytheresa’s ability to maintain average order levels and other factors. Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, Mytheresa’s actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements.

Mytheresa undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, Mytheresa’s results could differ materially from the results expressed or implied by the forward-looking statements it makes.

You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent Mytheresa’s management’s beliefs and assumptions only as of the date such statements are made.

Further information on these and other factors that could affect Mytheresa’s financial results is included in filings it makes with the U.S. Securities and Exchange Commission (“SEC”) from time to time, including the section titled “Risk Factors” in its annual report on Form 20-F and on Form 6-K (reporting its quarterly results). These documents are available on the SEC’s website at www.sec.gov and on the SEC Filings section of the Investor Relations section of our website at: https://investors.mytheresa.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250121831323/en/

Investor Relations Contacts

Mytheresa.com GmbH

Stefanie Muenz

phone: +49 89 127695-1919

email: investors@mytheresa.com

Media Contacts for public relations

Mytheresa.com GmbH

Sandra Romano

mobile: +49 152 54725178

email: sandra.romano@mytheresa.com

Media Contacts for business press

Mytheresa.com GmbH

Lisa Schulz

mobile: +49 151 11216490

email: lisa.schulz@mytheresa.com

Media Contacts for business press

BOC Consult GmbH

Ruediger Assion

mobile: +49 176 2424 7691

email: ruediger.assion@boc-consult.com

Source: MYT Netherlands Parent B.V.

FAQ

When will Mytheresa (MYTE) complete the YNAP acquisition?

The acquisition is expected to close in the first half of calendar year 2025, subject to customary conditions including antitrust approvals.

What brands will Mytheresa (MYTE) acquire through the YNAP deal?

Through the YNAP acquisition, Mytheresa will acquire NET-A-PORTER, MR PORTER, YOOX, and THE OUTNET brands.

When is Mytheresa's (MYTE) Extraordinary General Meeting for the new board member approval?

The Extraordinary General Meeting is scheduled for March 6, 2025, where shareholders will vote on Burkhart Grund's nomination.

How will the YNAP acquisition affect Mytheresa's (MYTE) board composition?

The Supervisory Board will expand by one seat to eight members, while maintaining a majority of independent directors under NYSE and Dutch Corporate Governance Code standards.

What is Richemont's role in Mytheresa (MYTE) following the YNAP acquisition?

As part of the transaction, Richemont has the right to nominate an individual for election to the Supervisory Board, and has nominated its CFO Burkhart Grund.