Expanding Supervisory Board with Financial Expert Burkhart Grund
- Mytheresa nominates Richemont CFO Burkhart Grund to its board
- Richemont to acquire 33% stake in Mytheresa after YNAP acquisition deal
- YNAP includes Net-A-Porter, Mr Porter, Yoox and The Outnet brands
Mytheresa has nominated Burkhart Grund, the Chief Financial Officer of Richemont, as its new supervisory board member following the completion of the Yoox Net-A-Porter (YNAP) takeover. The deal includes brands such as Net-A-Porter, Mr Porter, Yoox, and The Outnet for €555 million ($610 million). Richemont will own 33% of Mytheresa’s shares, while Mytheresa acquires 100% of YNAP. As part of the transaction, Richemont has the right to nominate a candidate for election to the supervisory board. Burkhart Grund began his career at Richemont in 2000 as CFO of Montblanc France and later became CFO of Van Cleef & Arpels before joining the senior executive committee as group CFO in 2017. Nora Aufreiter, chair of the supervisory board of MYT Netherlands Parent B.V., said: ‘We look forward to welcoming an internationally experienced financial expert to our board and are confident that we will accelerate the profitable growth and sustainable success of our combined companies following the transaction.’ The supervisory board will maintain a majority of independent directors under both NYSE and Dutch Corporate Governance Code standards.
Factuality Level: 10
Factuality Justification: The article provides accurate information about Burkhart Grund’s nomination as the new supervisory board member for Mytheresa, details about his career at Richemont, and the acquisition of YNAP by Mytheresa. It also includes quotes from Nora Aufreiter, chair of the supervisory board, and mentions the expansion of the board to eight members.
Noise Level: 2
Noise Justification: The article provides relevant information about the nomination of Burkhart Grund as a new supervisory board member for Mytheresa following the acquisition of YNAP by Richemont and includes quotes from Nora Aufreiter. It is focused on the topic and contains no irrelevant or misleading information.
Financial Relevance: Yes
Financial Markets Impacted: Yes
Financial Rating Justification: The article discusses the acquisition of Yoox Net-A-Porter (YNAP) by Mytheresa and Richemont, which is a significant financial transaction involving multiple luxury brands. It also mentions the appointment of Burkhart Grund as a supervisory board member for Mytheresa, impacting the company’s governance structure. The acquisition and the appointment are expected to influence the growth and success of the combined companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text
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