The Munich fashion retailer Mytheresa is strengthening its supervisory board.
On Tuesday, the listed holding company MYT Netherlands Parent BV announced that Burkhart Grund had been nominated for the committee. The Chief Financial Officer (CFO) of the Swiss luxury goods group Compagnie Financière Richemont SA (Richemont) will stand for election at an extraordinary general meeting scheduled for March 6, it said in a statement.
The background to the personnel changes is the takeover of the online fashion retailer Yoox Net-a-Porter (YNAP) by Mytheresa, which was agreed in October. As part of the purchase agreement, the previous owner Richemont is to receive a third of the shares in Mytheresa.
The Swiss company has now proposed Grund as a candidate for Mytheresa’s supervisory board, the company announced. If elected, he will join the committee once the transaction is successfully completed, the number of members of which will increase from seven to eight.
The takeover is still subject to the usual approvals under competition law and, according to current knowledge, is expected to be completed in the course of the first half of the year.