Agenda-setting intelligence, analysis and advice for the global fashion community.
Mytheresa on Friday announced it received regulatory approval from the European Commission to acquire Yoox Net-a-Porter. The deal, which was first announced last October, is set to close on April 23 where the luxury e-tailers will officially form a new company called LuxExperience.
Mytheresa also announced several executive changes for the new company. Mytheresa’s chief executive, Michael Kliger, will become CEO and managing director of the entire LuxExperience group, along with similar shifts for Mytheresa’s operating, finance, technology, business, data and analytics and people chiefs. Francesca Tranquilli, who currently serves as YNAPs online flagship store president, will be elevated to chief transformation officer of LuxExperience to help integrate YNAP into the combined entity.
Net-a-Porter and Mr. Porter will also usher in new executives following news that YNAP’s chief executive, Alison Loehnis, will exit the company in June. Heather Kaminetsky, currently Mytheresa’s North American president, will become Net-a-Porter’s chief executive. She previously served as Net-a-Porter’s vice president of global marketing from 2013 to 2016. Toby Bateman, who was a founding member of Mr. Porter and left the company in 2019, will take the helm of Net-a-Porter’s menswear arm, Mr. Porter. Mirko Nobili will be promoted to chief executive of Yoox, from chief operations officer. All leaders will report to Kliger.
Under LuxExperience, Net-a-Porter and Mr. Porter will remain standalone sites but will migrate onto the same software platform as Mytheresa, while Yoox and The Outnet will remain on their existing platforms.
ADVERTISEMENT
The merger is Mytheresa’s bid to become the biggest luxury e-tailer in the industry. When Mytheresa first announced its intention to acquire YNAP in October 2024, the company said it anticipates the combined company’s gross merchandise volume — or sales done through its platforms — could reach €4 billion by 2029.
Learn more:
How Mytheresa Can Make Its YNAP Deal Work
The German e-tailer’s deal to acquire the London-based luxury site, and become a global luxury e-commerce giant, is only as viable as its ability to make the whole enterprise profitable. BoF unpacks what it could take to get there.
