LuxExperience sets sights on €4bn sales after Mytheresa growth
In a retail climate grappling with macroeconomic headwinds, LuxExperience (the newly formed parent company of Mytheresa) has defied the odds with a solid third quarter for fiscal year 2025. The digital luxury powerhouse reported a 4% increase in net sales.
Mytheresa reported €242.5 million (£208.55 million) in net sales, a strong 45% gross profit margin and an adjusted EBITDA margin of 4%. Particularly notable is the surge in average order value, up by 8.8% to €753 (£647.58).
Michael Kliger, CEO of LuxExperience, said: "The results of the third quarter demonstrate once again the strength of the Mytheresa business model. Solid GMV growth, higher top customer spend, continued product margin expansion and strong profitability show the health and resilience of the Mytheresa business despite macro headwinds."
From exclusive capsule launches with Loewe, Saint Laurent and Balenciaga, to curated high-touch experiences such as a private dinner with Christopher Esber in Paris and an après-ski event in Aspen, LuxExperience is going beyond commerce to build a cultural footprint. These "money-can’t-buy" events are resonating with its global audience.
The most transformative move came late in the quarter - the long-anticipated acquisition of YOOX NET-A-PORTER from Richemont closed on 23 April. This deal saw for formation of LuxExperience, which unites Net-A-Porter, Mr Porter, YOOX, The Outnet and Mytheresa under one roof, while preserving and strengthening their distinct brand identities.
The combined entity positions LuxExperience as a formidable global force. The company said it expects the medium-term outlook for the combined business to achieve around €4 billion (£3.44 billion) net sales per year and an adjusted EBITDA margin of 7-9%. However, it admits integration will come with challenges. For example, YOOX NET-A-PORTER is expected to bring an EBITDA loss of €20-30 million (£17.2-25.8 million) for FY25.
