Online platform Mytheresa is going to change its name to LuxExperience as it prepares to acquire luxury marketplace Yoox Net-a-porter. However, both the rebranding and the acquisition itself are still pending final approval.
“Luxury is an experience-driven business”
Munich-based Mytheresa is hoping to soon finish the acquisition of the several online platforms that are part of Yoox Net-a-porter from luxury giant Richemont. This deal brings brands such as Net-a-Porter, Mr Porter, Yoox and The Outnet under Mytheresa’s umbrella.
Mytheresa will rebrand to LuxExperience to better reflect the strategic ambition to become a leading player in the digital luxury sector, CEO Michael Kliger explains. “Luxury is an experience-driven business. The introduction of the new group name LuxExperience reflects our ambition to strengthen our position as a leading global multi-brand digital luxury group that builds a community for true luxury enthusiasts and creates desirability through digital and physical experiences. Within the group, we will further strengthen and develop the unique store brands and their identities, while creating synergies in the back-of-house”, he stated.
Distinct identities
Founded as a boutique in 1987, Mytheresa has been operating online since 2006. The platform offers a curated selection of top brands like Prada, Gucci and Saint Laurent, targeting affluent consumers. In the past fiscal year, the company reported a gross merchandise volume of 913.6 million euros, a 7 % increase from the previous year.
The name change to LuxExperience will be presented to shareholders during an extraordinary general meeting on 6 March. The completion of the acquisition, which is subject to regulatory approval, is expected in the coming months. Richemont will then hold a 33 % stake in the new group.
