Mytheresa posts strong sales in Q1 as it benefits from luxury's online shift
Mytheresa posted a 29.7% uplift in Gross Merchandise Value (GMV) in Q1 to €163.9 million as the multi-brand digital platform continued to benefit from the luxury consumer's shift to online.
During the three-month period ending September 2021, the Munich-based business a strong gross profit margin of 49% (versus 46.4% during the same period last year) while EBITDA hit €14m, up from €10.4m. This led to an EBITDA margin of 8.9%, up from 8.3%.
The company said it had achieved strong GMV growth in all territories, with the strongest net sales growth in the US, which was up 48.7%. Active customers grew 35% in the period to 705,000.
As well as rolling out exclusive capsule collections and pre-launches with the likes of Saint Laurent, Gucci, The Row, Christian Louboutin, Tom Ford and Chloé, Mytheresa also launched its resale service in partnership with Vestiaire Collective, which encourages high spending clients to trade in unwanted product from previous seasons to earn store credit on new purchases.
CEO Michael Kliger said he was "extremely satisfied" with the performance, adding: "We see the strong results again as affirmation of our unique and superior value proposition to customers and brand partners at a global level, as well as excellent operational execution. Q1 FY22 saw Mytheresa cement its position as one of the world's leading digital platforms for luxury fashion.”
Kliger continued: "The shift of consumer demand to online in luxury has clearly accelerated in recent months. We strongly believe this trend will continue in the post-pandemic world, probably reverting to the strong market growth rates we had seen before the pandemic. We will continue to deliver a superior customer experience and deepen our partnerships with the most coveted global brands. Given our strong financial momentum, excellent customer developments, and superior execution, we feel extremely confident to continue achieving strong results for full fiscal year 2022.”