Mytheresa reports 15% GMV growth as it focuses on big spending clients

Mytheresa has reported a 15% growth in GMV (Gross Merchandise Value) in the year to 30 June 2023 as the luxury fashion platform continues to focus on its top-spending customers amid challenging market conditions.

During the year GMV hit €855.8m, up from €747.3m in the prior year (top customer GMV growth was up by more than 30%. Net sales were up 11.4% at €689.8m. Gross margin was down from 51.5% to 49.8% while EBITDA reached €41.1m giving an EBITDA margin of 5.3%.

In the fourth quarter GMV was up 13% to €222.2m while net sales were up 16.5% to €203.8m. Adjusted EBITA for the quarter hit €41.1m.

CEO Michael Kliger said the results set the business apart from the rest of the market. "Double-digit growth across all geographies. as well as continued profitability sets us apart especially in this current very difficult market environment.

"The driver for our excellent results is our continued focus on the big spending wardrobe building top customers and not the aspirational, occasional luxury shoppers. Our business with top customers grew by +30% in terms of GMV in the fiscal year 2023. The share of top customers in our business in terms of GMV has increased to now 39%."

To drive engagement and spend with top customers, Mytheresa offers 'money can't buy' experiences such as a three-day trip to Portofino with Dolce & Gabbana to celebrate the launch of an exclusive capsule collection, with cocktails as the designers' home. It also staged its first pop-up in The Hamptons and launched a certified pre-owned watch service. Average order value for top customers is now €654.

Looking ahead the company is forecasting GMV growth of between 8% and 13% in FY24 with EBITDA margin in the range of 3% to 5%.