Mytheresa has received regulatory approval from the European Commission to acquire competitor Yoox Net-a-Porter. The deal is set to close on April 23, with the formation of a new company called LuxExperience. Several new appointments have been announced.
Michael Kliger, currently CEO of Mytheresa will become CEO and managing director of the LuxExperience group. Francesca Tranquilli, currently YNAP’s online flagship store president, will move to the role of chief transformation officer of LuxExperience to support the integration of YNAP into the new group. It is understood that Net-a-Porter and Mr. Porter will continue as standalone sites but are to migrate to the software platform used by Mytheresa. Yoox and The Outnet will, however, continue on their current platforms.
YNAP chief executive Alison Loehnis will leave the business in June, and Heather Kaminetsky will replace her. Toby Bateman will return to Mr. Porter as its CEO, and Mirko Nobili, chief operations officer of Yoox, will become its CEO.
The proposed merger was announced last October.
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