Mytheresa posts GMV growth of 13.2% in Q3
German luxury retailer Mytheresa has posted 13.2% growth in gross merchandise value (GMV) in the third quarter of fiscal year 2022, driven by "strong growth" in the US market.
In the three months to 31 March, the company’s gross merchandise value (GMV) came in at £159.5 million (€186.6 million), representing a 67% increase from two years ago. The US market delivered its strongest GMV growth, up 41.6% on the prior year.
Gross profit increased 14.4% to £70.9 million (€82.8 million) for the third quarter, and adjusted EBITDA came in at £8.7 million (€10.2 million). Net sales increased by 2.9% year-over-year to £4 million (€4.7 million).
Mytheresa reported an adjusted net income of £4.7 million (€5.6 million), up from £3.8 million (€4.5 million) a year earlier.
During the period, Mytheresa opened a flagship store on Chinese ecommerce platform JD.com to "increase brand awareness and trust with Chinese consumers", as well as launching collaborations with Loewe, Moncler, Berluti and Gucci.
The company is also expanding its resale service with rental platform Vestiaire Collective to the UK later this month, which will feature a lifestyle category, including home décor and furniture.
Michael Kliger, Chief Executive Officer of Mytheresa, said: "Our business has shown excellent strength despite the impact of many external challenges in the third quarter. I am pleased, that Mytheresa delivered very solid results and continued adjusted EBITDA profitability.
"While it is impossible to predict the macro-economic environment for the coming months, the luxury sector has consistently proven to be very resilient. Furthermore, the shift to online in luxury shopping is continuing and driving growth. The first weeks of the fourth quarter of fiscal year 2022 fuel our confidence that Mytheresa remains the partner of choice for luxury designer brands to engage with our high-value multi-brand customers. We remain confident in the short and longer-term potential for profitable growth of our business."
