Mytheresa to Be Renamed LuxExperience Ahead of Yoox Net-a-Porter Acquisition
Mytheresa is changing its name to reflect its growing and more diversified business as it finalizes the acquisition of Yoox Net-a-porter.
Pending shareholder approval in March, Mytheresa’s holding company will be called LuxExperience, and its ticker on the New York Stock Exchange will be changed to “LUXE.” Mytheresa will still exist as a retail brand within the group.
Mytheresa said the new name reflects the company’s ambition to build “a leading, global, multibrand digital luxury group that creates communities for true luxury enthusiasts and desirability through unique digital and physical experiences.”
The company said Monday that each of the group’s retail brands will have “strong identities and unique characteristics, offering highly curated and strongly differentiated edits of the most prestigious luxury brands for luxury shoppers worldwide.”
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When the deal was first revealed last October, Mytheresa chief executive officer Michael Kliger said his aim is to create a 4 billion euro online juggernaut in the luxury fashion space by operating the Mytheresa shopfront alongside those of Net-a-porter and Mr Porter. He plans to deal with the discount Yoox business separately.
Mytheresa described the name change as “a first milestone” in its planned acquisition of YNAP, a group made up of the Net-a-porter, Mr Porter, Yoox and The Outnet storefronts.
“All brands stand for clearly differentiated, but complementary, multibrand offerings for luxury customers worldwide, and carry a strong heritage. They [also] share the same principles: a strong customer focus, curation and inspiration, and the creation of desirability through unique digital and physical experiences. LuxExperience serves as a unifying symbol and home reflecting those core values,” Mytheresa said.
Kliger said the new name emphasizes luxury as an “experience-driven” business.
“The introduction of the new group name, LuxExperience, reflects our ambition to strengthen our position as a leading global multibrand digital luxury group that builds a community for true luxury enthusiasts and creates desirability through digital and physical experiences.
“Within the group, we will further strengthen and develop the unique store brands and their identities, while creating synergies in the back-of-house. The newly formed group will present one of the most exciting opportunities for investors worldwide to participate in the huge market opportunity in digital, multibrand luxury shopping.”
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. The renaming will be presented for approval by the company ́s shareholders at an extraordinary general meeting, scheduled for March 6.
Mytheresa has been moving quickly toward integration with YNAP. As reported last week it named Burkhart Grund, chief financial officer of Richemont, a member of the supervisory board, subject to the completion of its purchase of Yoox Net-a-porter, which was revealed last year.
The nomination will be presented for approval by Mytheresa shareholders at the same extraordinary general meeting on March 6.
As reported, the deal will see Richemont sell YNAP to Mytheresa with a cash position of 555 million euros and no financial debt. Richemont will also make available a six-year revolving credit facility of 100 million euros to finance YNAP’s general corporate needs, including working capital.
In exchange, Mytheresa will hand Richemont a stake representing 33 percent of its fully diluted share capital. Richemont also has the right to nominate a member and an observer to the Mytheresa board, which will be Grund.
