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Richemont CFO nominated to Mytheresa board upon completion of YNAP deal

Lauretta Roberts
21 January 2025

Richemont CFO Burkhart Grund has been nominated to take a seat on the board of Mytheresa, following the completion of the latter's buyout of online luxury group Yoox Net-A-Porter (YNAP).

Grund is set to formally join the board on 6 March at at extraordinary general meeting when the appointment is due to be rubber-stamped. Meanwhile the acquisition is expected to occur in the first half of calendar year 2025 

German-based online luxury group Mytheresa reached an agreement with Swiss luxury conglomerate Richemont to acquire YNAP, which includes the brands NET-A-PORTER, MR PORTER, YOOX and THE OUTNET. It was agreed as part of that deal that Richemont had the right to nominate an individual for election to the Supervisory Board. 

Grund has had a long career in luxury and began his career in 2000 as CFO of Montblanc in France, before becoming CFO of Van Cleef & Arpels and later Group Deputy Finance Directo. He was appointed as a member of the Senior Executive Committee of Richemont as Group CFO in 2017. 

Richemont Mytheresa

Burkhart Grund

“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," said Mytheresa supervisory board chair Nora Aufreiter, 

Mytheresa CEO Michael Kliger set out his ambition to create a €4 billion global luxury fashion force after news of the deal broke. Kliger said he intends to keep Mytheresa and NET-A-PORTER as separate entities, while he intends to decouple the off-price businesses (YOOX and THE OUTNET) to enable the full-prices businesses to prosper.

Mytheresa paid €555 million for YNAP while Richemont will receive 33% of the fully diluted Mytheresa share capital upon completion of the deal. It will provide a six-year €100 million revolving credit facility.


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