LuxExperience — owner of Mytheresa, Net-a-Porter, Mr Porter, and Yoox — reported 5.7% net sales growth at constant currency rates to €645.1 million in the second quarter of 2026, ended December 31, 2025. This included recoveries at former Yoox Net-a-Porter (YNAP) brands, which the group acquired in April 2025 and has been turning around since.
“We are extremely pleased with the results of the second quarter,” said LuxExperience CEO Michael Kliger in a statement. “Our proven ability to deliver profitable growth at Mytheresa is now being applied to the newly acquired businesses by an extremely dedicated and experienced new management [team]. As a group, we truly possess the secret sauce in digital luxury.”
In November 2025, Kliger stepped away from his position as CEO of Mytheresa to focus on the entire group, with Francis Belin appointed to succeed him. The company also made a series of executive hires at Net-a-Porter and Mr Porter.
LuxExperience narrowed the range of its full-year guidance off the back of the results. Gross merchandise value (GMV) narrowed to between €2.5 billion and €2.7 billion (from €2.4 billion to €2.7 billion), while its adjusted EBITDA margin shrunk to between -1% and +1% (from -2% to +1%). The group also confirmed its medium-term target (in the next four to six years) of €4 billion net sales, and an adjusted EBITDA margin of 7% to 9%.
In the second quarter, GMV grew 4.7% at constant exchange rates to €684.8 million, as the company returned to profitability. Adjusted EBITDA was €13.2 million with a margin of 2%. Adjusted SG&A cost ratio (selling, general and administrative expenses — which includes overheads such as day-to-day operating costs and marketing — as a percentage of revenue) declined from 20.9% in Q2 2025 to 19.1% this quarter, thanks to the first results of LuxExperience’s transformation plan. The strategy included a partial workforce reduction, consolidation of infrastructure such as reducing its warehouse footprint and studio production facilities, and renegotiating contracts with third-party providers such as payment services.
Alongside cost reductions, Kliger attributed much of the company’s financial success to its focus on customer service. Net Promoter Score (which measures customer loyalty, satisfaction, and likelihood to recommend a brand, between -100 and +100) increased across all brands: up 12% to 65.3 at Net-a-Porter and Mr Porter, up 20.3% to 50.2 at Yoox, and up 0.4% to 83.7 at Mytheresa.
This has primarily been driven by a change in company culture. “On the one hand, technically not a lot has changed — the website is still not the new one, for example. But we told [employees] customer satisfaction is a priority, so we really gave autonomy to the customer care center to solve problems and listen to customers,” Kliger tells Vogue Business ahead of the investor presentation. “We have started to change the attitude, and this is what customers feel.”
At Mytheresa, net sales increased 11.6% year-on-year to €242.7 million in Q2. GMV among top customers increased 12.5%, and average order value rose 12%. At the same time, the base of top customers has grown by 30%, with high spenders drawn to the product offering, curation, discovery and service Mytheresa offers, says Kliger.
Net-a-Porter and Mr Porter, which LuxExperience reports as one, saw net sales increase 6% to €277.1 million. On a reported basis, the improvement was significant: from a 10.8% decline last quarter to a 1% fall in Q2. Adjusted SG&A cost ratio improved significantly from 27.6% last quarter to 22.7% in Q2. Kliger says Net-a-Porter and Mr Porter have benefited from “beefing up the editorial side”, demonstrating relevance and authority to the customer.
Yoox’s net sales declined 4.6% to €125.3 million, while its adjusted SG&A cost ratio improved from 28.6% in Q1 to 26.9% in Q2. The company is shifting its focus back to the core European market. “For whatever reason, there was a real emphasis on growing the overseas business. But off-price already has lower margins, so it was difficult to make that profitable at these unit economics,” says Kliger. The CEO highlighted the impact of the de minimis exemption, which previously protected small orders from customs duties, but now impacts average basket sizes at Yoox.
Looking at LuxExperience as a whole, Europe remained broadly stable, despite fluctuations across different geographies, says Kliger. Consumer sentiment is suffering in Germany, impacting sales; while southern Europe (Spain, Italy, Greece) is continuing to do well, as well as the UK. Meanwhile, Kliger called out the Nordics and Poland as areas with “quite remarkable” growth.
The US continued to be a bright spot, especially for Mytheresa. “It’s fair to say we are benefiting from some of the turmoil that the US market has experienced. It’s an opportunity to win customers,” says Kliger. “There’s a moment of confusion and concern where customers look around and think: ‘Is there another place I could shop?’”
LuxExperience has started to see some signs of growth in China, while smaller markets in Southeast Asia like Thailand, Malaysia, and the Philippines are also proving fruitful. Above all, Kliger says the Arabian Peninsula has seen particularly strong sales. “In many of these markets, locals are spending more time in the region and less time in Europe or the US, so consumption is shifting back to the Arabian Peninsula and also online,” he says, highlighting synergies with the region’s growing hospitality, sports, and arts and culture sectors.
Kliger is confident about 2026, not just for LuxExperience, but for the entire luxury sector. “I actually believe 2026 will be a solid year for luxury,” he says. “There was a bit of a scare: ‘Luxury is dead’ — no, it’s not. I’m looking at a solid 2026 [for the industry], and hopefully an even better year for us by capturing market share.”
