Mytheresa appoints Richemont CFO to supervisory board

German luxury e-commerce platform Mytheresa announced on Tuesday the appointment of Burkhart Grund, chief financial officer of Richemont, to its supervisory board.

Grund’s appointment is subject to the completion of Mytheresa’s acquisition of Yoox Net-A-Porter from Richemont, which was first announced in October last year. As part of the transaction, the Swiss luxury giant has the right to nominate an individual for election to the supervisory board.

The proposal will be presented for approval by the Munich-based company’s shareholders at an extraordinary general meeting, scheduled for March 6, according to a press release.

A luxury finance veteran, Grund joined Richemont in 2000 as CFO of Montblanc in France, before becoming CFO of Van Cleef & Arpels and later group deputy finance director. He then went on to join the senior executive committee as Richemont group CFO in 2017, a position he maintains today.

“With Burkhart Grund, we look forward to welcoming an internationally experienced financial expert to our board. As a nominee of Richemont, we will expand the supervisory board by one seat to consist of eight members,” ​said Nora Aufreiter, chair of the supervisory board of MYT Netherlands Parent B.V., Mytheresa’s parent firm.

“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. The supervisory board will remain composed of a majority of independent directors under both NYSE and Dutch Corporate Governance Code standards.”

On October 7, Mytheresa and Richemont signed an agreement for the German retailer to acquire the struggling YNAP, made up of the Net-A-Porter, Mr Porter, Yoox and The Outnet brands, “to create a global and multi-brand digital luxury group,” according to the announcement.

The closing of the transaction is expected to occur in the first half of 2025, and is subject to customary conditions, including the receipt of antitrust approvals.