Mytheresa posts strong second-quarter results 2023-24

Sales of the German luxury e-commerce platform continued to grow at the end of 2023, even if its profitability eroded slightly. On the other side of the Atlantic, double-digit growth was achieved, boosted in particular by the company’s growing success with high-spending customers.

 

Mytheresa‘s second-quarter results for 2023-2024, which ended on December 31, were a resounding success.

While its competitor Farfetch is going through a rough patch, Mytheresa, the German luxury e-commerce platform, has just published solid results for its second quarter. And while the U.S. market is a source of concern for many in the luxury goods sector, Mytheresa is in particularly good shape there.

Michael Kliger, CEO of Mytheresa, commented: “We are pleased with our results in a difficult macroeconomic environment. With positive sales growth and positive adjusted EBITDA in the second quarter, we not only exceeded market expectations, but also virtually all our competitors. Our resilient business model and our focus on the highest-spending and most demanding customers are enabling us to gain market share in the current environment, and we are therefore well positioned to benefit and accelerate when market conditions improve.”

High customer satisfaction

Mytheresa continues to deliver good news.

Net sales rose by +8.3% at constant exchange rates, year-on-year, to 197 million euros.

Its profitability is well above that of a consolidating market, with a gross profit margin of 49.9% and a positive adjusted EBITDA margin of 4%. Although the gross margin declined, it is expected to improve in the next quarter.

In general, Mytheresa satisfies its customers. Its Net Promoter Score was 80.8%! Above all, it is increasingly attracting customers with very high purchasing power. In the second quarter, the number of its best customers worldwide rose by +15.6%.

This is reflected in spending: the platform set a new record for average order value. The average order value was $672, up +5.4% year-on-year.

Sparks fly across the Atlantic

Geographically speaking, Mytheresa has made sparks fly in the US market, with net sales growth of +17.4%. Here too, performance was driven by the company’s excellent standing with the most affluent customers. Net sales to top US customers rose by almost +47.6%! And spending in this market continued to drive the site’s dynamic performance in January.

The brand succeeded in boosting its desirability in Los Angeles by deploying the “Holiday House” activation during the holiday season. This immersive physical luxury shopping experience was carried out in collaboration with Flamingo Estate concept stores.

By contrast, the APAC (Asia-Pacific) region was less buoyant, with a slight drop in net sales.

New capsule collections

Mytheresa is stepping up its collaborations with luxury brands to keep customers coming back for more. In the second quarter, it offered exclusive capsule collections and pre-launches with, among others, Alaïa, Alexander McQueen, Chloé, Givenchy, Pucci, Victoria Beckham and Loro Piana. She also claims to have “offered unique experiences that money can’t buy in collaboration with Givenchy (Paris) and Miu Miu (Vienna)”.

At the end of February, it will launch an immersive shopping application for Apple Vision Pro.

While on the ecological front, it is also striving to be virtuous. A five-year strategic partnership has been signed with DHL, to reduce CO₂ emissions through the use of sustainable aviation fuel (SAF) as an auxiliary fuel.

Confidence in the future

For Michael Kliger, Mytheresa’s success is also sustainable…

We’re very confident about the company’s medium-term prospects, given the very positive projections for the digital luxury sector and our competitive strength. We believe that Mytheresa offers the best luxury digital shopping experience for high-spending consumers and true luxury brands,” he emphasized.

Mytheresa is therefore “confident in its ability to increase its full-price market share in the second half of the fiscal year”.

According to the platform, we can expect an increase in digital luxury spending, with a likely 30% penetration by 2030.

Picture of Sophie Michentef
Sophie Michentef
Sophie Michentef has worked for more than 30 years in the professional press. For fifteen years, she managed the French and international editorial staff of the Journal du Textile. She now puts her press, textile, fashion, and luxury expertise at the service of newspapers, professional organizations, and companies.

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