Mytheresa posts Q1 GMV growth of 21% as curated platform model reaps rewards
Mytheresa achieved GMV (Gross Merchandise Value) up 21% to €197.9 million (£172m) in the quarter ending 30 September 2022, while adjusted EBITDA margin reached 6.6%.
The online luxury fashion group also improved its gross margin year on year from 49% to 49.9%, which it said was driven by an increase in sales from its CPM (Curated Platform Model), which generates 100% gross margin with no cost of sales, as well as its full price selling model.
Mytheresa's CPM – in which it holds inventory for clients without buying it in exchange for a fee – now has seven brands live with more set to transition. The model is also said to have driven an 11.4% year-on-year increase in net sales to €175.9 million (£154m) due to platform fees being recorded as net sales.
CEO Michael Kliger said: “Our acceleration in GMV growth during the quarter over the previous quarters in 2022 sets us apart from other digital platforms and the sole focus on the high-end luxury sector, both in terms of customers as well as brands, makes us foremost a luxury business and not just a digital business.
"We believe that our results demonstrate the fundamental strength, resilience and consistency of our business, which has always delivered profitable growth. With our unique customer focus, a highly adaptive business model and operational excellence we are very confident to deliver against our communicated targets for full fiscal year 2023, despite ongoing challenges in the macro environment.”
Kliger said the business's model was "well diversified and agile" and that it had achieved growth across all categories – including its newly launched 'Life' category – and all geographies.
The US proved particularly strong with above average GMV growth of 28.5% year on year. Kliger said this strong performance was down to Mytheresa's "unique edit" and the offering of "money can't buy experiences" to top customers. "We also achieved very good growth in Mainland China, where we grow our local teams and invest into activations under our new local leadership," Kliger said.
Over the last 12 months the company said it had achieved growth of active customers of 13.4% reaching 800,000 customers, with a "solid" number of first time buyers (105,000) garnered in the first quarter.
Looking ahead the business has set guidance for the full financial year of 16%-22% GMV growth and a stable adjusted EBITDA margin of 9.0% to 9.5%.