The Munich fashion retailer Mytheresa will operate under a new name following the takeover of Yoox Net-a-Porter.
MYT Netherlands Parent BV is currently preparing to rename the company to LuxExperience BV, the company announced on Monday. Subject to shareholder approval in March, the company will be called LuxExperience and the 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 drives desirability through unique digital and physical experiences,” said Michael Kliger, CEO of Mytheresa.
The background to this change is the takeover of the online fashion retailer Yoox Net-a-Porter by Mytheresa, which was agreed in October. As part of the takeover agreement, the previous owner Richemont is to receive a third of the shares in Mytheresa. The new name marks a first milestone in this process. The transaction, which is expected to close in the first half of 2025, is subject to customary conditions, including antitrust approval.
Just last week it was announced that Burkhart Grund had been nominated to Mytheresa’s supervisory board. The chief financial officer of Swiss luxury goods group Compagnie Financière Richemont SA is set to stand for election at an extraordinary general meeting scheduled for March 6. If elected, he will join the committee following successful completion of the transaction, whose number of members will increase from seven to eight.