According to Forbes, LuxExperience has appointed Francis Belin, former President of Christie’s Asia Pacific, as the new CEO of its flagship Mytheresa brand, effective January 1. This move frees current CEO Michael Kliger to focus entirely on the integration and turnaround of the larger YOOX Net-A-Porter (YNAP) brands—Net-A-Porter, Mr Porter, and YOOX—which were acquired from Richemont in April. The strategic transformation includes selling the underperforming The Outnet for $30 million and comes amid challenging financials: the group posted a net loss of $114 million in its recent first quarter, with the NAP/MRP and off-price segments dragging down Mytheresa’s strong 12% sales growth. The company’s long-term goal is to hit $4.6 billion in net sales and a 7-9% EBITDA margin by 2030.
The Big Pivot
Here’s the thing: this CEO shuffle is the clearest signal yet of LuxExperience’s priorities. Mytheresa is the golden child, posting $261 million in net sales last quarter with a growing profit margin. But it’s also the smaller piece of the puzzle now. The real story—and the huge risk—is the YNAP integration. Kliger isn’t just managing brands; he’s attempting a classic “small fish eats big fish” maneuver. Mytheresa’s revenue was about $1 billion before the deal, while the acquired YNAP brands brought in over $2 billion. That’s a massive operational and cultural lift.
A Portfolio Of Problems
So why the urgency? The numbers don’t lie. The NAP/MRP segment saw sales drop 11% last quarter with a nasty negative EBITDA margin of -6.9%. The off-price unit, even after ditching The Outnet, fell 17% with a shocking -18% margin. Basically, Richemont sold these brands for a reason—they were languishing. Kliger’s first moves make sense: install dedicated CEOs who know the brands (like bringing back Mr Porter’s founding member Toby Bateman) and ruthlessly differentiate them. The early data is promising, showing little customer overlap, which means there’s a real chance to build a conglomerate that doesn’t cannibalize itself. But migrating tech stacks and cutting 700 jobs is just the start. The road from here to profitability is long.
The Mytheresa Lifeline
And this is where Belin’s role becomes crucial. Mytheresa has to be the steady engine that funds this whole transformation. It’s the profitable core that can’t afford to stumble while management’s attention is divided. Belin’s background in high-end art auctions is fascinating, but it’s a different game. Luxury retail is about velocity, inventory turnover, and catering to a broad set of tastes—not cultivating a niche network for one-of-a-kind sales. His “consumer-centric focus” will be tested immediately. The company needs Mytheresa’s cash flow and its premium reputation more than ever.
The Long Road Ahead
Look, analysts like TD Cowen’s Oliver Chen are buying the turnaround story, and you can see the logic. The brand separation is smart, the cost-cutting has begun, and they’ve already taken the tough step of selling The Outnet. Kliger even predicts Net-A-Porter will return to growth in 2026 after years of decline. But let’s be skeptical for a second. Guiding to an EBITDA margin between -4% and +1% for the current year isn’t exactly inspiring confidence. The luxury market is tough, and integrating a larger, broken competitor is one of the hardest tasks in business. They’ve got a plan, but the execution risk is enormous. All eyes are now on Kliger and whether he can perform a miracle heave-ho with these legacy brands.
