Mytheresa: a first quarter caught up by the slowdown in the global luxury market

Despite a rise in sales in the first quarter of 2024, Mytheresa is facing a slowdown in almost all its markets. Only the US market stands out, with double-digit growth in a highly uncertain economic environment.

 

The German luxury goods e-tailer saw its net sales grow by 6.8% to 187,8 million euros in the first quarter of 2024, ended September 30.

 

Gross merchandise value (GMV) climbed 3.1% to 204.1 million euros in the quarter, compared to 197.9 million euros in the previous period.

Mytheresa said the average order basket was “strong” in the quarter, at 660 euros, while the number of its “best customers” rose by 19%.

 

Michael Kliger, CEO of Mytheresa, expressed his satisfaction with the results “in a very difficult macroeconomic environment. With positive sales growth and a slight financial loss, we have demonstrated the fundamental strength of our business model compared with our peers. As expected, we saw a continued slowdown in demand from discerning customers in all geographical areas, as well as strong promotional intensity in the market.”

Confident, the Group expects a stronger second quarter in 2024.

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Featured Photo: Capsule collection Chloé x Mytheresa © Mytheresa

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Victor Gosselin
Victor Gosselin is a journalist specializing in luxury, HR, tech, retail, and editorial consulting. A graduate of EIML Paris, he has been working in the luxury industry for 9 years. Fond of fashion, Asia, history, and long format, this ex-Welcome To The Jungle and Time To Disrupt likes to analyze the news from a sociological and cultural angle.

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