Mytheresa sales growth slows in Q2 as aspirational shoppers pull back on spend

Mytheresa.com, the luxury multibrand platform posted gross merchandise value (GMV) up 7.8% to €215.9 million (£190m) in the quarter ending 31 December 2022, a slowdown from the 20.8% growth achieved in the prior quarter.

However GMV growth for the half year to date was up 13.7%, which was a higher growth compared to the same period last year.

The Munich-based business attributed the slowing of growing during Q2 in the current financial year to aspirational shoppers pulling back on spend, but pointed out that its focus was on high-spending "wardrobe-building" customers, who were less affected by the economic downturn. 

Growth in the number of "top customers" was up 25.3% during the quarter and 26.2% in the first half overall, compared to last year. Meanwhile profitability was strong with adjusted EBITDA of €17.7 million (£15.6m) in Q2, representing an adjusted EBITDA margin of 9.3%.

CEO Michel Kliger said: “We are pleased with the solid growth in the second quarter which is driven by Mytheresa’s clear focus on the true high-end, wardrobe-building luxury customers and not the aspirational, occasional luxury shoppers who are more likely to be impacted negatively by an economic downturn. Our business has shown once more excellent financial strength and resilience against a backdrop of economic and geopolitical challenges, setting Mytheresa apart from other digital platforms in the same period.” 

Kliger continued, “We have built a very resilient and agile business model. We are global, active across many luxury categories, uniquely focused on full-price selling and we have a high share of cost variability. This enables Mytheresa to deliver strong profitability even at times of slower growth. All of this, along with the consistently high-quality levels of services and creative productions, clearly places us as one of the few winners in the consolidating luxury e-commerce space.”

Looking ahead Mytheresa said it was confirming its previous guidance for the full financial year with GMV expected to come in at the lower end of the cited range of €865 to €910 million (£761m to £801m), which would represent 16% to 22% growth. Net Sales guidance is in the range of €755 million to €800 million (£665m to £705 million), representing 10% to 16% growth. Adjusted EBITDA guidance is set at €68 million to €76 million (£60m to £67m) with an adjusted EBITDA margin of 9.0% to 9.5%.

Main image: Gucci Exquisite at Mytheresa.