Mytheresa’s net sales grew 13.4 per cent in the second quarter of 2025, ending 31 December 2024.
The online luxury retailer is in the process of completing its deal to acquire Yoox Net-a-Porter (YNAP), which is subject to regulatory approval but should be finalised in the first half of the 2025 calendar year. Mytheresa’s share price has tripled since the announcement in October. “The biggest priority is ensuring that Mytheresa runs like clockwork because once we are in the position to manage YNAP, this will take a lot of attention and hard and swift work, so we want to know that Mytheresa is in good shape while we do this,” CEO Michael Kliger tells Vogue Business ahead of the earnings call.
In January, the company announced that after it completes the acquisition of YNAP, it will create a new group name, Luxexperience, to account for its brands: Mytheresa, Net-a-Porter, Yoox, Mr Porter and The Outnet. “The name change is important to show YNAP’s people that this is a group of brands. We will have Mytheresa as a strong brand next to Net-a-Porter or Mr Porter, but it’s a strong signal that they’re not operated under Mytheresa, they’re operated beside it,” says Kliger.
In comparison to last year, Mytheresa took a more stringent approach to the holiday discounting period. “There was less discounting this year than last year for multiple reasons. Firstly, some players are not around anymore compared to last,” Kliger says, referencing Matches and Farfetch, which were discounting heavily this time last year. “The other main reason is we had good full-price shares due to a good start to Spring/Summer 2025, because our top customers are already looking for the new season; whereas for most businesses, customers are still looking at the winter sale.” Mytheresa’s gross profit margin increased 110 basis points to 50.9 per cent and its adjusted EBITDA margin was 7.3 per cent, while inventory declined 1.3 per cent year-on-year.
Mytheresa confirmed its guidance for the full year: it expects gross merchandise value (GMV) and net sales to grow between 7 and 13 per cent, with an adjusted EBITDA margin of 3 to 5 per cent.
The US continued to outperform, with sales growing 17.6 per cent in the region. “There was an acceleration after the election had been decided,” Kliger says. “Of course, with our type of customers in terms of income brackets, expectations for tax breaks are always helpful for spending power.” GMV among top US customers grew 34.7 per cent year-on-year in Q2.
Kliger says he still doesn’t know what to expect with Trump’s tariffs. “No one knows at the moment, it’s a lot of speculation which in itself is not helpful — uncertainty is never good for the consumer,” he says. “If brands now price their products for the US, how do they price them based on high tariffs, no tariffs, low tariffs — and how do we [at Mytheresa] price products? You could argue that in the short term it helps because people will think European brands are going to get more expensive so they may shop now before the tariffs kick in. Or products could get really held up because brands could try to shift their supply chains to avoid some of the tariffs. We don’t know.”
European sales grew 12.8 per cent year-on-year, while Asia struggled with ongoing macro uncertainty. “We are very happy with our European business, and we also have very strong business in the Arabic peninsula, while Asia — particularly Greater China — still lags behind,” Kliger told investors in the earnings call. Nevertheless, he added that average order value tends to be higher in Greater China and the Arabic peninsula, with a higher appetite for expensive items like fine jewellery. “We see that the business is improving slowly [in Greater China] after quite a significant contraction. We do believe it has a lot to do with the macroeconomic environment and therefore it is interesting and important to see what additional economic stimulus and economic progress the government will launch in China,” Kliger said.
The average total order value increased 9.5 per cent in Q2 to €736, while GMV among top customers grew 13.6 per cent. Mytheresa has been bulking out its fine jewellery offering to cater to the highest-net-worth customers, and launched Bvlgari on its site. The platform also continued to offer “money-can’t-buy” experiences for this clientele, including a mountain experience with Zegna and a two-day Nordic winter experience with Moncler Grenoble in Oslo. In February, Mytheresa is launching a two-week après-ski experience in Aspen to attract its target audience in the US. “With top customers, it’s about meeting their occasion needs. There is a polarisation in the market, so there’s a real appetite for über-special pieces,” Kliger tells Vogue Business.
Kliger feels positive about luxury’s new era of creative directors. “We are quite positive about the new collections coming out: there’s ongoing success with Chemena Kamali at Chloé, we see good signs at Valentino with Alessandro Michele, we are looking forward to Sarah Burton and are excited about Phoebe Philo. There’s a lot of designers in new positions and that excites our customers — and we need this, we need newness,” he says. “We have gone through a slowdown [as an industry], which has put pressure on brands and retailers, and now the whole sector has pivoted. It’s not a different playground, but different players — or at least the same players wearing different jerseys.”
Comments, questions or feedback? Email us at feedback@voguebusiness.com.
More from this author:
