Mytheresa: Holding to operate as LuxExperience following YNAP acquisition

Business

Credits: Mytheresa

The holding company of munich-based fashion retailer Mytheresa will operate under a new name following the takeover of Yoox Net-a-Porter (YNAP). MYT Netherlands Parent BV is currently preparing to rename the company as LuxExperience BV, the firm announced on Monday. Subject to shareholder approval in March, the company will be called LuxExperience and its ticker symbol on the New York Stock Exchange will be changed to LUXE.

The name change is intended to reflect the company's growing and diversified business model and its ambitious goals to "build a leading, global, multi-brand digital luxury group that creates communities for true luxury enthusiasts and fosters desirability through unique digital and physical experiences," explained Michael Kliger, CEO of Mytheresa.

The background to this change is the takeover of the online fashion retailer YNAP by Mytheresa, which was agreed in October. As part of the takeover agreement, the previous owner Richemont will receive a third of the shares in Mytheresa. The new name marks a first milestone in this process. The completion of the transaction, which is expected in the first half of 2025, is subject to the usual conditions, including approval by the antitrust authorities.

Only last week it was announced that Burkhart Grund had been nominated for the supervisory board of Mytheresa. The chief financial officer of the Swiss luxury goods group Compagnie Financière Richemont SA is to stand for election at a general meeting scheduled for March 6. If elected, he will join the board after the successful completion of the transaction, which will increase the number of board members from seven to eight.

This article originally appeared on FashionUnited.DE. It was translated to English using AI and edited by Rachel Douglass.

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