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24 April 2025 – Mytheresa (NYSE:MYTE) successfully closed its acquisition of YNAP from Richemont (SWX:CFR), through its subsidiary Richemont Italia Holding S.P.A., following the fulfillment of all conditions including receipt of all unconditional approvals from the relevant regulatory authorities.
Mytheresa is now YNAP’s sole shareholder which it will fully consolidate under the MYT Netherlands Parent B.V. umbrella. The company will be renamed “LuxExperience B.V.” and will continue to be listed on the New York Stock Exchange (NYSE) with the trade name “LuxExperience” and a new ticker symbol of “LUXE”, effective 1 May 2025. In exchange for all shares of YNAP and a net cash position of €555m and no financial debt, Richemont has received 49,741,342 shares in Mytheresa, representing 33% of Mytheresa’s fully diluted share capital post issuance of the consideration shares. Nora Aufreiter, Chair of the Supervisory Board of MYT Netherlands Parent B.V., said: “The successful acquisition marks a milestone in the great success story of Mytheresa. Our company will become a group that includes some of the best retail banners in digital luxury. We will use our proven strength to execute on our strategic plans and create even more value for our shareholders, brand partners, customers and employees. We are confident that in the course of the integration and restructuring we will become one of the strongest and most resilient global players in the digital luxury sector.” The store brands Mytheresa, NET-A-PORTER, MR PORTER, YOOX and THE OUTNET will be strengthened in their differentiated and complementary profiles. Significant synergies will be achieved primarily through a shared infrastructure and technology platform as well as operational efficiency improvements. The off-price division - consisting of YOOX and THE OUTNET – will be separated from the luxury division to enable a much simpler and more efficient operating model under the new roof. YNAP's white label service business will be discontinued as soon as the Richemont Maisons' online stores powered by YNAP have been migrated to their own chosen platforms. Forward-looking statements This press release contains “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact or relating to present facts or current conditions included in this press release are forward- looking statements. Forward-looking statements give Mytheresa’s current expectations and projections relating to the completed transaction and the operation of the combined companies; its financial condition, results of operations, plans, objectives, future performance and business, including statements relating to financing activities, future sales, expenses, and profitability; future development and expected growth of our business and industry; our ability to execute our business model and our business strategy; having available sufficient cash and borrowing capacity to meet working capital, debt service and capital expenditure requirements for the next twelve months; and projected capital spending. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements contained in this press release are based on assumptions that Mytheresa has made in light of its industry experience and perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. As you read and consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond Mytheresa’s control) and assumptions. Although Mytheresa believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual operating and financial performance and cause its performance to differ materially from the performance anticipated in the forward-looking statements. Mytheresa believes these factors include, but are not limited to: the risk that the completed transaction and its announcement could have an adverse effect on the ability of YNAP to retain customers and retain and hire key personnel and maintain relationships with their brand partners and customers and on their operating results and businesses generally; the risk that problems may arise in successfully integrating the businesses of YNAP and Mytheresa, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the combined company may be unable to achieve cost-cutting synergies or that it may take longer than expected to achieve those synergies; Mytheresa’s ability to effectively compete in a highly competitive industry; Mytheresa’s ability to respond to consumer demands, spending and tastes; general economic conditions, including economic conditions resulting from deteriorating geopolitical and macroeconomic conditions, such as the recent global trade war that escalated after the U.S. imposed tariffs on countries across the globe, and the adoption of retaliatory tariffs by those countries, that may adversely impact consumer demand; Mytheresa’s ability to acquire new customers and retain existing customers; consumers of luxury products may not choose to shop online in sufficient numbers; the volatility and difficulty in predicting the luxury fashion industry; Mytheresa’s reliance on consumer discretionary spending; and Mytheresa’s ability to maintain average order levels and other factors. Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, Mytheresa’s actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements. Mytheresa undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, Mytheresa’s results could differ materially from the results expressed or implied by the forward-looking statements it makes. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent Mytheresa’s management’s beliefs and assumptions only as of the date such statements are made. Further information on these and other factors that could affect Mytheresa’s financial results is included in filings it makes with the U.S. Securities and Exchange Commission (“SEC”) from time to time, including the section titled “Risk Factors” in its annual report on Form 20-F and on Form 6-K (reporting its quarterly results). These documents are available on the SEC’s website at www.sec.gov and on the SEC Filings section of the Investor Relations section of our website at: https://investors.mytheresa.com. About Mytheresa Mytheresa is one of the leading luxury multi-brand digital platforms shipping to over 130 countries. Founded as a boutique in 1987, Mytheresa launched online in 2006 and offers ready-to-wear, shoes, bags and accessories for womenswear, menswear, kidswear as well as lifestyle products and fine jewelry. The highly curated edit of up to 250 brands focuses on true luxury brands such as Bottega Veneta, Brunello Cucinelli, Dolce&Gabbana, Gucci, Loewe, Loro Piana, Moncler, Prada, Saint Laurent, The Row, Valentino, and many more. Mytheresa’s unique digital experience is based on a sharp focus on high-end luxury shoppers, exclusive product and content offerings, leading technology and analytical platforms as well as high quality service operations. The NYSE listed company reported € 913.6 million GMV in fiscal year 2024 (+7% vs. FY23). For more information, please visit https://investors.mytheresa.com/. “LuxExperience” will be the trade name for LuxExperience B.V., a Dutch company with limited liability, upon completion of the renaming of MYT Netherlands Parent B.V. About Richemont At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term. Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier, Van Cleef & Arpels and Vhernier; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, Chloé, Delvaux, dunhill, G/FORE, Gianvito Rossi, Montblanc, Peter Millar, Purdey, Serapian as well as Watchfinder & Co. Find out more at https://www.richemont.com/. Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. The ‘A’ shares are also traded on the Johannesburg Stock Exchange (JSE), Richemont’s secondary listing.
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 "Gold has recently surged to all-time highs, fueled by geopolitical uncertainties stemming from the US-China trade war and the increased weaponization of the dollar in international financial sanctions. As an investor, I currently allocate approximately 30% of my portfolio to gold, reflecting my strong conviction in gold's resilience and attractiveness across various economic scenarios. I prefer holding gold via ETFs, primarily GLD, as a core holding, due to their direct backing by physical gold, ensuring security and ease of access without the logistical challenges associated with physical bullion. Additionally, I hold GDX as a smaller satellite position, providing exposure to a basket of gold miners, offering a leveraged play on gold prices. While gold itself provides a safe haven during inflation, recession, or lower interest rate environments, gold miners add potential for substantial gains during prolonged bullish periods for gold, though they come with higher volatility. This combination allows me to balance risk while positioning for robust returns across diverse economic scenarios." By @James Campion, Popular Investor at etoro  George Naddaf, Managing Director MENA at eToro.jpg
UAE’s Gold Prices Shatter Records as Investor Appetite in Commodities Surges ● Gold prices in the UAE hit a historic high on April 22, 2025, driven by rising geopolitical tensions and economic uncertainty. ● According to a survey by eToro, retail investor sentiment is shifting toward commodities, with 77% of UAE retail investors now allocating to gold. George Naddaf, Managing Director MENA, eToro: “A surge in interest is echoed by eToro market data: approximately 77% of UAE retail investors are currently allocating funds into commodities like gold. The data further shows that 63% of UAE retail investors in the region consider currency fluctuations, and 44% cite geopolitical events as key influences on their investment strategies, both of which have played central roles in gold’s current rally. If global economic uncertainty persists, and there are few signs of imminent stability, perhaps gold may continue its upward trajectory. The key will be in navigating the fine line between capitalizing on its momentum and maintaining diversified, risk-managed exposure.”George Naddaf, Managing Director MENA at eToro.jpg Invest Bank, a leading public shareholding company headquartered in Sharjah, UAE, today announced two strategic leadership appointments as part of its ongoing transformation plan.
Mridul Baberwal joined the bank as its new Chief Financial Officer (CFO), and Hammad Naqvi as the Head of Treasury (above). These leadership appointments mark a significant milestone in advancing the bank’s reorganization strategy, enhancing financial governance, and accelerating its digital modernization journey in alignment with the strategic priorities set by the bank’s Chief Executive Officer (CEO), Edris Al Rafi. As global cocoa prices soar to record highs, the UAE's chocolate market finds itself balancing a complex landscape of rising costs, changing consumer preferences, and the promise of growth. Valued at an estimated USD $736 million in 2024, the market is poised for steady growth over the next decade, despite facing external pressures and significant price volatility. Josh Gilbert, Market Analyst at eToro, commented, "While the UAE chocolate sector continues to thrive, manufacturers are under significant pressure to adapt pricing and product strategies in response to rising commodity costs and market fluctuations." The surge in global cocoa prices, which surpassed $12,500 per metric ton in December 2024—driven by poor harvests in West Africa, a key sourcing region—has already started to affect pricing strategies across the UAE chocolate sector. From March 2024 to January 2025, cocoa prices increased by as much as 93%, and since March 2023, prices have risen nearly 200%. These price hikes are placing pressure on manufacturers, who are exploring new ways to maintain profitability while navigating the rising costs of production. The Rise of ‘Dubai Chocolate’ A bright spot in the market’s evolution is the emergence of “Dubai chocolate,” a locally produced pistachio-filled, tahini-rich chocolate bar that combines regional flavours with international indulgence. The product went viral on social media earlier in 2025, leading to long lines at retailers and strict purchase limits at high-end grocery chains abroad. The popularity of Dubai chocolate signals a larger trend in the UAE: consumers are increasingly gravitating toward premium, experience-driven products that reflect local cultural identity while appealing to global tastes. This shift towards premium offerings has proven to be a buffer against price-sensitive demand, particularly among younger demographics who are drawn to unique, Instagrammable treats. The rise of ‘Dubai chocolate’ also exemplifies the growing interest in products that fuse traditional Middle Eastern ingredients with the indulgent appeal of chocolate, helping to further differentiate the UAE market on the global stage. Outlook for the UAE Chocolate Market Though cocoa prices have come down in 2025 due to increased production forecasts and a potential surplus, the outlook remains uncertain as international trade duties and new sustainability regulations loom on the horizon. Proposed tariffs on cocoa imports from major African producers may indirectly affect UAE-based producers who rely on global supply chains. Additionally, compliance with stricter sustainability regulations from key trading partners could drive up costs over time. To maintain profitability, many local and global chocolate brands in the UAE are focusing on premiumisation, flavour innovation, and smaller product formats. This shift has resulted in the phenomenon of ‘shrinkflation’—where products are getting smaller in size, but prices remain the same or increase. For consumers, this means paying more per gram of chocolate without the immediate shock of a direct price hike. A Sweet Future Despite Challenges Despite the challenges of rising cocoa prices and evolving external pressures, demand for chocolate in the UAE is expected to remain strong, particularly during key festive and gifting seasons such as Eid and Diwali. Josh Gilbert, Market Analyst at eToro, concluded, "The combination of local preferences, flexible sourcing, and innovative product design ensures that chocolate manufacturers in the UAE will likely continue to thrive in a market where tradition and trend go hand in hand. Manufacturers who adapt quickly to changing trends, embrace local tastes, and manage cost pressures will remain well-positioned for long-term success." The UAE's chocolate market may be facing a bittersweet moment in 2025, but with resilience and innovation, it is set to sustain its growth in an ever-evolving global landscape. Thought Leadership Talk on the future of Swiss watchmaking followed by an elegant cocktail reception, organized in collaboration with Bvlgari and the Fondation de la Haute Horlogerie (FHH).
Event: The Art of Time - From Luxury Watchmaking Industry Insights to Bvlgari's Afterwork Aperitivo Register Here The FHH for a keynote presentation by INSEAD researchers Émilie Cousteau and Katia Kachan, followed by a panel discussion between Catherine Eberle-Devaux, Bvlgari Global Watch Communication Director, Karine Szegedi from Deloitte and Pascal Ravessoud, Vice-President of FHH. Next, we will walk a few steps to the Bvlgari boutique, where the experts will present and discuss iconic Bvlgari collections: Tubogas (for women) and Octo Finissimo (for men). The evening will include captivating storytelling and technical insights into these collections, complemented by an Italian-style aperitivo with champagne, canapes and live music. See Full Agenda & Register16:00-17:00 Keynote Presentations: Insights from INSEAD Luxury Industry Trends: Luxury, Immersion, and the Lifestyle Revolution Emilie Cousteau, INSEAD MBA'07, Researcher Emilie Cousteau will present and exclusive preview of her INSEAD research paper, a cutting-edge exploration of luxury's evolving nature. This comprehensive study offers both theoretical insights and many practical applications for industry professionals. It addresses diverse perceptions of luxury across the globe, emphasizing cultural differences such as the Middle East's focus on exclusivity and Europe's emphasis on craftsmanship. Focus on Luxury Watch Making: Driving Sustainability and Long-Term Value Creation Katia Kachan, INSEAD MBA'16, Research Associate & Executive Education Lecturer By positioning sustainability as the pinnacle of luxury and innovation, Swiss watchmakers are creating a unique value proposition that neither tech companies nor cheaper alternatives can easily replicate. The talk explores how Swiss watchmakers can secure their future by combining timeless design with sustainable innovation, ensuring their leadership in luxury while aligning with evolving consumer values. 17:00-18:00 Panel Discussion: Watchmaking Industry Leaders The Culture of resilience of the Swiss watchmaking industry Swiss watchmaking is a stronghold of the industry for quite some time. It has managed to stay atop of trends and crises along its rich history, showing astonishing resilience. Does the Swiss watchmaking industry have what it takes to overcome the systemic change that Luxury is facing today? According to a survey by eToro, (87%) of UAE retail investors now rely on fintech
platforms—signaling a major shift in how financial services are accessed and trusted. But with one in three investors finding crypto and ETFs complex, fintech’s rise underscores the importance of accessible, investor-friendly education. George Naddaf, Managing Director MENA, eToro said: “Dubai’s position among the world’s top 5 fintech cities reflects a broader transformation in how investors across the UAE are engaging with financial services. eToro’s data shows a clear preference for fintech solutions, with half of retail investors now using crypto exchanges, and many turning to personal finance apps (32%) and robo-advisors (20%) to manage their money. “This growing reliance on fintech isn’t marginal—it’s mainstream. Over a quarter of investors (26%) use only fintech providers for their financial needs, while (36%) lean on them for most of their activity. Even those still working with traditional institutions are blending in fintech tools, creating a more hybrid financial experience. “But while adoption is widespread, understanding still lags. Cryptoassets top the list of the most difficult products to grasp (33%), followed by ETFs (29%) and commodities (30%). This underlines a critical challenge: as fintech platforms become the go-to for financial engagement, there’s a growing need to support investors with accessible, high-quality education. Fintech is clearly shaping the future of finance in the UAE—not just by offering new tools, but by redefining how and where investors make decisions. Ensuring those decisions are informed will be key to sustaining this momentum.” Lale Akoner, Global Market Analyst, eToro
Financial markets are grappling with heightened uncertainty as inflationary pressures and escalating global trade tensions weigh heavily on investor sentiment, according to Lale Akoner, Global Market Analyst at eToro. Last week witnessed a sharp rise in UK government bond yields—reaching levels not seen since the 1990s—while US yields also surged. The driving forces behind this volatility include persistent inflation and a marked shift toward protectionist trade policies. “Investors are increasingly pulling away from long-term bonds and are instead turning to safer havens,” said Lale Akoner, Global Market Analyst at eToro. “High-yield savings accounts, dividend-paying stocks, and companies with robust cash flow—particularly in resilient sectors like healthcare and defence—are now in sharper focus.” Contributing further to market uncertainty is former US President Donald Trump’s latest tariff proposal, which seeks to impose duties of up to 145% on Chinese imports. While major tech companies such as Apple and Nvidia appear to be spared, others—including automotive leader Jaguar Land Rover and gaming giant Nintendo—are facing increased pressure. Currency dynamics have also taken center stage. China has allowed the yuan to weaken in an effort to absorb some of the tariff shock, while in the UK, declining bond prices have paradoxically supported equities as markets begin to anticipate a potential interest rate cut.  Prada S.p.A. (1913:HK) today announces that it has entered into a definitive agreement to acquire 100% of Versace from Capri Holdings (NYSE:CPRI). The cash consideration, based on an Enterprise Value of €1.25 bn, is subject to adjustments at closing.
Founded in 1978 in Milan, Versace is one of the leading international fashion design houses and epitome of Italian luxury worldwide. Building on a remarkable brand awareness, Versace stands as a distinctive asset in the luxury landscape. Deeply rooted in the history of fashion, the brand displays strong potential to read contemporaneity and marked sensibility in capturing and anticipating the spirit of today’s and future society. With its highly recognisable aesthetic, the brand constitutes a strongly complementary addition to the Prada Group’s portfolio and displays significant untapped growth potential leveraging multiple value creation levers. Within the Prada Group, Versace will maintain its creative DNA and cultural authenticity, while benefitting from the full strength of the Group’s consolidated platform, including industrial capabilities, retail execution and operational expertise. Patrizio Bertelli, Prada Group Chairman and Executive Director, commented: “We are delighted to welcome Versace to the Prada Group and to build a new chapter for a brand with which we share a strong commitment to creativity, craftmanship and heritage. We aim to continue Versace’s legacy celebrating and re-interpreting its bold and timeless aesthetic; at the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships. Our organisation is ready and well positioned to write a new page in Versace’s history, drawing on the Group’s values while continuing to execute with confidence and rigorous focus.” Andrea Guerra, Group Chief Executive Officer, added: “The acquisition of Versace marks another step in the evolutionary journey of our Group, adding a new dimension, different and complementary. The Group’s infrastructure is strong, we have verticalised our brands’ organisations and reinforced our routines and processes. We feel ready to open this new chapter. Versace has huge potential. The journey will be long and will require disciplined execution and patience. The evolution of a brand always needs time and constant focus. I would like to thank Capri Holdings for having preserved and enhanced the heritage of this wonderful brand. Notwithstanding the sector uncertainties, we look at the future with confidence, focused on a long-term strategic vision.” |
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