LuxExperience's fourth quarter delights the stock market

The new luxury e-commerce giant, created from the merger of Mytheresa and the former subsidiaries of YNAP (Net-A-Porter, Mr Porter, YOOX, and The Outnet), has unveiled fourth-quarter and full-year 2025 results that exceeded expectations. The stock market immediately welcomed the performance.

LuxExperience surprised the stock market with its strong performance in the fourth quarter of 2025 and for the full year 2025. This new global luxury e-commerce giant, it should be noted, was created at the beginning of the year through the acquisition of YNAP (Yoox Net-A-Porter) for €555 million from the Swiss group Richemont by Mytheresa’s parent company, MYT Netherlands Parent.

Hailed by a jump in the stock market

In light of these results published on September 25, LuxExperience’s stock jumped 14.2% in pre-market trading to €9.33.

Admittedly, LuxExperience still needs to continue restructuring the entities (Net-A-Porter, Mr Porter, YOOX, and The Outnet) taken over from Richemont. The latter acquired a 33% stake in the group, while also granting it a €100 million revolving credit facility.

Nevertheless, LuxExperience’s performance was well above expectations in the last quarter of 2025. LuxExperience is now establishing itself as a leader in its sector, particularly in Europe and the United States, while the Asian market is less buoyant.

Leadership

“We have demonstrated unquestionable operational and financial leadership in the digital luxury sector. LuxExperience is on track to become the go-to destination for luxury enthusiasts around the world, bringing together some of the most iconic brands in digital luxury retail,” said CEO Michael Kliger.

The group’s revenue reached €587.8 million, instead of the expected €340.21 million, an increase of almost 73%.

Its EPS (earnings per share) was 4.67, compared to the expected 0.04!

For the full year, the group posted net revenue of €1.3 billion despite a 6.3% decline in GMV (gross merchandising value) to €2.9 billion.

Successful restructuring efforts

But investors were particularly impressed by the group’s successful restructuring and cost-cutting efforts. In April, LuxExperience announced the launch of a global transformation plan following the acquisition of YNAP. In early September, it announced “significant improvements in terms of efficiency and structure,” cutting around 700 jobs across several sites in order to “simplify the business and use shared infrastructure where appropriate.”

According to the new group, these sacrifices should enable Net-A-Porter, Mr Porter, Yoox, and The Outnet to “return to growth and financial strength after years of decline.”

Today, LuxExperience reports that its reorganization towards a new operating model is almost complete. This does not prevent it from posting a solid balance sheet with a cash position of €603.6 million and an equity ratio of 59%.

Mytheresa: the driving force

More specifically, Mytheresa is the driving force behind the group, with “net sales growth of 11.5% in the fourth quarter and 8.9% for the full year, with adjusted EBITDA growth of 73%, despite difficult macroeconomic conditions,” the group points out.

Its “customer economy” was even “exceptional” in the last quarter, with a 13% increase in GMV for all customers and a 16.1% increase in GMV per high-value customer. Meanwhile, the average order value soared by 10% to €773.

Mytheresa is particularly successful in the United States, which, driven by 9.7% growth in net sales, now accounts for 20.6% of its total sales!

No wonder Michael Kliger says he is “extremely satisfied with the results of the Mytheresa business.”

YNAP still lagging behind

On the other hand, the group is still weighed down by the activities taken over from YNAP, both in the “luxury” segment (which sells current brand collections at full price), namely Net-A-Porter and Mr Porter (NAP/MRP), and in the “off-price” segment (specializing in unsold, discounted, and capsule collections at reduced prices), namely Yoox and The Outnet.

In the fourth quarter, net sales and GMV for Net-A-Porter and Mr Porter (NAP/MRP) both fell by around 9% to €255.3 million and €267.4 million, respectively. Most significantly, its adjusted EBITDA, which was still showing a profit of €15.3 million in the fourth quarter of 2024, plunged into the red with a loss of €2.9 million.

The only positive point is that while the number of active customers and orders shipped declined, the average value of orders improved, rising from €708 to €811.

Luxury segment in poor shape

For the full 2025 financial year, trends are also down for the luxury segment (NAP/MRP), with a decline of 11.1% to €1.04 billion in net sales and 9% to €1.09 billion in GMV. Meanwhile, adjusted EBITDA fell from a profit of €22.5 million to a loss of €7.2 million.

Once again, we see the same combination of factors at play: a decline in the number of active customers and orders shipped, but an increase in the average order value.

In the “Off-Price” segment (Yoox and The Outnet), performance deteriorated further in the fourth quarter, with net sales falling 17.4% to €159.1 million and GMV falling 19.6% to €159.1 million. Adjusted EBITDA more than doubled its loss, rising from €12.9 million to €28.5 million!

For the 2025 financial year as a whole,the “Non-Premium” segment also underperformed, with a decline of more than 13% in both net revenue (€792.8 million) and GMV (€808.4 million). On the other hand, the adjusted EBITDA loss was reduced by 14.1% to €96.2 million. Here again, the number of active customers and orders shipped declined, but the average order value improved, rising from €249 to €292.

Confident in its trajectory

In any case, LuxExperience is confident in its trajectory.

Admittedly, due to “market uncertainties and the fact that fiscal year 2026 will be a year of transition,” the group as a whole expects profitability for fiscal year 2026 to be comparable to that of fiscal year 2025, with an adjusted EBITDA margin forecast of between -4% and +1%.

Its GMV is expected to fluctuate between €2.5 billion and €2.9 billion next year.

In the medium term, thanks to an anticipated return to annual growth rates of 10-15%, LuxExperience is targeting revenue of €4 billion and an EBITDA margin of 8%. Finally, it estimates that its cash flow will be positive again within two to two and a half years.