Mytheresa Welcomes Richemont CFO Burkhart Grund to Supervisory Board Amid Digital Luxury Expansion

German luxury e-commerce leader Mytheresa is making significant strides in its quest to become a global force in digital luxury. Among its most recent and strategic moves, the company has announced the appointment of Burkhart Grund, Chief Financial Officer of Richemont, to its supervisory board. This high-profile addition is more than a symbolic partnership—it’s a calculated move to bolster Mytheresa’s position in the evolving luxury e-commerce space.

CREDITS: Mytheresa

A Strategic Addition Aligned with Growth

Grund’s nomination comes against the backdrop of Mytheresa’s transformative acquisition of  Yoox Net-A-Porter (YNAP) from Richemont. Announced in October 2024, the acquisition is expected to be finalized by the first half of 2025, subject to regulatory approvals. As part of the deal, Richemont has the right to nominate one representative to Mytheresa’s board, and Grund, with his two decades of experience in luxury finance, was the natural choice.

This pivotal acquisition is set to merge Mytheresa’s established expertise with YNAP’s robust portfolio, which includes some of the most recognized luxury e-commerce players: Net-A-Porter, Mr Porter, Yoox, and The Outnet. These platforms will now operate under Mytheresa’s stewardship, solidifying its role as a central player in global luxury retail.

A Veteran Financial Leader Joins Mytheresa

Burkhart Grund’s distinguished career brings gravitas to Mytheresa at a crucial juncture. Since joining Richemont in 2000, Grund has held top CFO roles at Montblanc and Van Cleef & Arpels, before earning his current position as Richemont’s CFO in 2017. Known for his financial expertise and strategic leadership, Grund possesses a comprehensive understanding of luxury and the unique financial challenges of the sector.

Nora Aufreiter, Chair of Mytheresa’s Supervisory Board, described Grund’s addition as a “perfect fit,” emphasizing that his expertise will drive the integration of YNAP and guide the business toward “profitable, sustainable growth.” Mytheresa’s vision, she added, focuses on building a multi-brand, global digital platform that connects premium fashion enthusiasts with the world’s top luxury houses.

Transforming the Digital Luxury Landscape

The potential of the YNAP acquisition underscores a deep industry transformation, where physical retail and digital platforms are increasingly interconnected. By integrating YNAP’s platforms into its ecosystem, Mytheresa aims to develop a one-stop luxury marketplace, drawing from a combined legacy of operational excellence and innovation.

For Richemont, this divestment signals its pivot to optimizing its portfolio by offloading underperforming assets. Mytheresa was seen as the ideal partner to leverage YNAP’s potential, ensuring these platforms thrive under new management.

Preparing for the Future

As Mytheresa moves closer to completing the acquisition, the company is preparing for a shareholder vote on March 6, 2025, to formally approve Grund’s appointment. If passed, the supervisory board will expand from seven to eight members, adhering to the governance standards of the New York Stock Exchange and the Dutch Corporate Governance Code. Transparency and inclusivity remain cornerstones of Mytheresa’s operational philosophy, and Grund’s appointment aligns seamlessly with these values.

Looking ahead, Mytheresa’s leadership team, strengthened by Grund’s financial acumen, is well-positioned to tackle the complexities of integrating YNAP’s platforms. This partnership represents not just an evolution of Mytheresa’s business model, but a significant reshaping of the luxury e-commerce sector at large.

Final Thoughts

By acquiring YNAP and welcoming Burkhart Grund to its board, Mytheresa sends a strong signal about its ambitions to lead the future of luxury in the digital age. With its expanded portfolio and the stewardship of seasoned executives, the company is poised to redefine the online luxury shopping experience.

As Aufreiter aptly put it, “Our vision has never been clearer: to lead the way in digital luxury with innovation and a deep understanding of the high-end customer.” With this bold strategic shift, Mytheresa is making all the right moves to position itself at the forefront of the digital luxury market’s next chapter.