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Mytheresa continues to outperform its peers with 8.3% Q2 sales growth

Lauretta Roberts
15 February 2024

Mytheresa is continuing to outperform the challenged global luxury fashion market, reporting an 8.3% uplift in net sales to €197 million (£164m) in Q2.

The online luxury platform said a strong performance in the US, where sales were up 17.4%, had boosted its performance, as well as its focus on big-spending consumers.

Its number of top customers globally grew by 15.6% during the quarter, while big-spending US consumers grew by 47.6%. It also achieved a record average order value of €672, which was up 5.4%. Profitability was improved with an adjusted EBITDA margin of 4% with gross margin reaching 49.9%.

Mytheresa's solid performance comes as many of its rivals have been struggling. Matches was sold to Frasers Group before Christmas while Farfetch was also rescued from collapse in December by South Korean retail giant Coupang, and the effects of a global slowdown in luxury are being felt at global groups, such as Kering.

Mytheresa CEO Michael Kliger attributed the success to a "resilient" business model. He said: “We are pleased with our results in a challenging macro environment. With positive revenue growth and positive adjusted EBITDA in the second quarter, we not only surpassed market expectations but also outperformed almost all competitors. Our resilient business model and our clear focus on the high-spending, wardrobe-building top customers allow us to win market share in the current market environment and we are thus well positioned to benefit and accelerate when market conditions will improve.”

Kliger continued: “We are very confident about the medium-term outlook for the company given the very positive projections for the digital luxury sector and our competitive strength. We believe that Mytheresa offers the best digital luxury shopping experience for big-spending consumers and true luxury brands.”

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