Mytheresa Q2 sales up 18.3% as it emerges as "one of the few winners in the luxury e-commerce space"

Mytheresa has posted a net sales increase of 18.3% to €187.6 million (£157.2 million) in Q2 of FY22 leading its CEO Michael Kliger to announce that the German-based multi-brand platform was emerging as "one of the few winners in the luxury e-commerce space".

Strong growth in the US helped propel its sales during the quarter in which GMV (Gross Merchandise Value) also grew by 26.2% to €200.2 million (£167.7 million). Adjusted EBITDA reached €28.3 million (£23.7 million) compared to €22.1 million (£18.5 million) in Q2 FY21, representing 27.8% growth. Gross profit margin hit 53.4%, up from 49.5%.

The strongest net sales growth was seen in the United States with sales up 74.2% against Q2 FY21 as market penetration accelerates. Overall the business increased its active customer base by more than 30% to 740,000 as it attracted a record 120,000 new customers in the quarter.

Kliger said of the performance: “The excellent results and performance of the second quarter of fiscal year 2022 show that Mytheresa is emerging as one of the few winners in the luxury e-commerce space. The record number of first time customers and the increased spend from existing customers prove our unique customer centric approach. We are confident that Mytheresa remains the best partner of choice for luxury brands to engage with our high value multi-brand customers who cannot be easily reached with mono-brand offerings. We believe there are still massive growth opportunities for Mytheresa driven by the shift of luxury consumers to online and untapped geographic as well as category potential.” 

Kliger continued: “Furthermore, we are gaining traction as a top of mind shopping destination for luxury consumers in the United States, where we see strong growth quarter after quarter. There is a void in the US retail landscape for a true luxury retail player and consumers are leaning into Mytheresa to help fill that void. We are excited to reach an increasing number of customers across the US with particular strength in Florida, Texas and California which are emerging as major markets for luxury demand. We see a long runway for Mytheresa growth in the US.” 

As a result of the strong quarter the business has raised its outlook for the full financial year to June 2022 with net sales to reach €700 million (£586 million) to €720 million (£600 million) with an adjusted EBITDA margin in the range of 9% to 10% (up from 8% to 9%).

Image: Alamy