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Mytheresa reports “very high growth” during Q3

Chloe Burney
16 May 2024

Luxury e-tailer Mytheresa has revealed "excellent financials" for the third quarter, with net sales up by 18% as other fashion firms struggle amid a slowdown in luxury spending.

Mytheresa’s third-quarter performance exhibited accelerated top-line growth, boosted revenues and significantly improved profitability.

 

Financial highlights for the third quarter ending 31 March were as follows:

  • Net sales up 17.6% year-on-year to £200.5 million (€233.9 million).
  • GMV up 14.7% to £216.2 million (€252.2 million).
  • Gross Profit growth of 12% to £87.1 million (€101.6 million).
  • Significantly improved adjusted EBITDA margin of 3.9%.
  • Lower inventory growth of 11.9%.

Michael Kliger, Chief Executive Officer of Mytheresa, said: "We are very pleased with the strong performance in the third quarter. Double-digit revenue growth, double-digit Top Customer growth and a very high growth US business underscore that Mytheresa is not just a luxury e-commerce platform. We build a community for luxury enthusiasts and create desirability through digital and physical experiences.

"We see ourselves as one of the few winners in an otherwise still tough market environment. We clearly gain market share with our above-average growth rates. We are benefiting from the consolidating landscape of luxury e-commerce players in a market that has huge growth prospects based on changing customer preferences favouring digital channels."

The rise in profits and sales comes amid a slowdown in the wider luxury market. Following troubles at Matchesfashion and Farfetch, along with a recent drop in sales at LVMH, Mytheresa's latest trading update injects some hope into the sector.

It comes after reports that the retailer is among the potential bidders for Yoox Net-a-Porter from luxury giant Richemont.

The retailer previously said it is "constantly evaluating opportunities to grow our business, which may include M&A activities from time to time". However, there was no obvious hint of a deal in today's announcement.

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