Mytheresa Q2 sales up 32.9% year-on-year

Mytheresa

Mytheresa, the newly listed online luxury group, has posted Q2 sales up 32.9% year-on-year as it capitalised on the shift to digital brought about by the global pandemic.

The German-based and New York listed group achieved net sales of €158.6m in the quarter ending 31 December 2020, with an adjusted net income of €14.8m, as compared to €6.4m in the prior year period.

It also recorded a growth in active customers by 28.2% year-over-year to 569,000 and a record high of first-time buyers (over 100,000 new customers) during the period.

In the six months to the end of December it achieved a net sales increase of 30.4% year-on-year to €285m with an adjusted net income of €20.1m, compared to €10m in the prior year period.

Mytheresa CEO Michael Kliger said: “Even considering clear tailwinds by the COVID pandemic, the strong results of the second quarter of fiscal year 2021 confirm once more our strategy and unique business model: Mytheresa is about inspiration not aggregation. It is about an unrivaled, highly curated offering, a focus on high-end luxury customers, sophisticated technologies and a first-class in-house managed service experience.”

Kliger continued: “Our full commitment to acquire and retain the best customer base in the market creates a reinforcing cycle of outstanding brand relationships that feed a superior customer value proposition to generate strong customer economics, which allows us to stay true to our strategic focus. Therefore, we will continue to deliver growth as well as profitability.”

The business, which carried out its $2.2bn float on NYSE in January, is forecasting met sales in the range of €565m to €580m, representing 26% to 29% growth, in the full year to the end of June 2021. Adjusted EBITDA should be in the range of €45m to €48m, representing 27% to 36% growth.