In case you missed Miss Tweed's Weekly Highlights MYTHERESA IS UPBEAT, RICHEMONT CFO JOINS BOARD Richemont Chief Financial Officer Burkhart Grund will join the board of Mytheresa once it has completed its acquisition of YOOX NET-A-PORTER-(YNAP) from the Swiss luxury group, the online fashion retailer announced together with an encouraging trading update. It’s interesting that Richemont chose a top executive and not a more subaltern manager with more time on his or her hands. As part of the deal, which is expected to close in the first half of this year, Richemont will own a 33 percent stake in Mytheresa. The fact that Richemont Chairman Johann Rupert chose Grund to join Mytheresa’s board means he will keep a close eye on Mythersa’s profit and loss account. Rupert was traumatized by the unrealistic profit targets of his previous soon-to-be online fashion retailer partner FARFETCH. As part of the deal with Mytheresa, Richemont will provide it with a €100 million credit facility and €555 million in net cash. “Richemont will become a significant investor but it will have no operational influence over our business and no special rights,” Mytherersa CEO Michael Kliger told Miss Tweed in an interview on Friday. Read more: https://lnkd.in/eeDrJN4S
