The Move Is Part of the Strategic Acquisition of the Online Retailer by Yoox-Net-a-Porter
Burkhart Grund, the Chief Financial Officer of Richemont, has been named as a nominee for Mytheresa’s supervisory board. He will officially join the board pending the finalization of Mytheresa’s acquisition of the Yoox Net-a-porter, which was first announced last year.
The nomination will be put forward for approval by Mytheresa shareholders at an extraordinary general meeting slated for March 6. The transaction, which was initially disclosed in October, is slated to close in the first half of 2025, following the fulfillment of key conditions like receipt of antitrust approvals.
Chair of Mytheresa’s supervisory board, Nora Aufreiter, remarked on Grund’s nomination, “we look forward to welcoming an internationally experienced financial expert to our board.”
Mytheresa plans to increase its supervisory board with an additional seat for Grund. This will result in an eight-member board, with the majority being independent directors as per the New York Stock Exchange and Dutch Corporate Governance Code standards.
“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,” Aufreiter said.
Grund began his professional journey with Richemont in 2000 as the CFO of Montblanc in France. He moved on to perform the same role at Van Cleef & Arpels, eventually becoming the group deputy finance director and later the group CFO in 2017.
As part of the deal, Richemont will sell YNAP to Mytheresa. The agreement includes a cash position of 555 million euros and no financial debt. Richemont will also establish a six-year revolving credit facility of 100 million euros to fund YNAP’s general business expenses and working capital.
In return, Mytheresa will confer a stake that represents 33% of its fully diluted share capital to Richemont, who also holds the right to nominate a member, and an observer, to the Mytheresa board, with Grund being the preferred choice.