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Mytheresa revenues were up 3.8 per cent to €242.5 million in the third quarter of fiscal 2025, the company reported on Wednesday, beating analyst expectations. Shares were up 3 per cent in pre-market trading.
“Overall, we seem to be again the exception with plus 4 [per cent sales growth] — and we are definitely the exception with 4 per cent adjusted EBTA profitability,” CEO Michael Kliger told Vogue Business on Tuesday, ahead of Wednesday’s earnings call.
Mytheresa’s acquisition of Yoox Net-a-Porter (YNAP) closed on 23 April, which means Kliger was speaking not just as CEO of Mytheresa, but of newly formed parent company LuxExperience, which also includes Yoox, Net-a-Porter, Mr Porter and The Outnet. “We see in all of these businesses, high shares of customers that spend a lot — maybe not completely well attended over the last years, maybe a bit under-invested — but the brands are strong, the following is strong and these companies have a bit of a similar story [to Mytheresa]: set up by entrepreneurs, being very fast, agile and always customer focused.”
Kliger is confident that the consumer profiles of each brand differs enough to make the new ecosystem work — with luxury as the common thread. The Outnet customer? People who love luxury, but don’t have the budget for new season ready-to-wear. Net-a-Porter? Luxury, but more fashion and trend-forward.
Mytheresa’s acquisition of Yoox Net-a-Porter will close on 23 April. We lay out the key priorities for the newly-formed parent company.
This quarter’s earnings results only pertain to the Mytheresa brand, as the quarter ended 31 March — before the acquisition closed at the end of last month. In the third quarter, average order value (AOV) increased 8.8 per cent to €753. Top customers increased their average spend by 17.9 per cent. Returns were down.
By region, Europe and the Middle East were bright spots. Europe revenues were up 8.1 per cent, driven by sales in Southern Europe, namely Spain, Portugal, Italy and Greece. “It’s a story of the south,” Kliger says. The Middle East was up double digits, driven primarily by Saudi Arabia. Asia was “still lacklustre”, Kliger says, but noted that China is recovering. Regional standouts include Thailand, Malaysia and Vietnam; all three have a strong middle class that’s willing to consume, the CEO says.
Whereas last quarter the US outperformed (with a 17.6 per cent revenue uptick), this quarter, sales were softer, Kliger says. “We have a bit of political changes, regulatory changes that already took place in the first three months of this calendar year,” he says.
Though US sales hadn’t yet slowed last quarter, Kliger flagged at the time that uncertainty is never good for the consumer. Three months later, uncertainty is at a high. “It is so volatile,” the CEO says of the US operating environment. “It’s very hard even for us as experts to follow what’s going on, let alone for consumers. There is, of course, a bit of concern, a bit of confusion about duties we have seen, which drives consumer behaviour.”
It’s tough on the organisational side as well. The constant changes puts stress on the Mytheresa teams, Kliger says, regarding how to best prepare and deal with an unsteady retail and regulatory environment. “Even though obviously the change that was announced yesterday regarding China tariffs is positive, it was announced as a pause,” he says. “What does it mean? What does it mean if it comes back?”
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Given this, Kliger expects that the US will continue to fluctuate in the coming year, but is confident that Mytheresa’s global playing field will enable the company to weather this consumer ambivalence. Plus, the fact that what he calls “the fundamentals” are strong (low unemployment; stable interest rates) gives him confidence.
Mytheresa’s new stablemates are also better equipped to handle US instability, the CEO adds. They have local warehouses with local stock, providing a level of stability that Mytheresa, which ships internationally, lacks.
Ultimately, LuxExperience — including Mytheresa — is well equipped to push forth in the US, Kliger contends. “We have profited a lot over the last [few] years by significant growth in the US,” he says, adding that, despite current upheaval, the team believes there’s still a significant run rate. “The competitive landscape is such that I think there’s even more opportunity going forward, with all the upheaval that seems to be happening,” he adds. (Current upheaval includes Saks Global’s ongoing debt troubles and the struggling multi-brand landscape.) “We believe we have a better offer than some of the local players.”
Looking forward, Mytheresa affirmed its guidance for fiscal 2025. The company expects an adjusted EBITDA of 3 to 5 per cent; and a revenue increase of 7 to 13 per cent — the latter at the lower end, Kliger adds.
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