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Does one man’s misfortune make another man happy?<\/p>\n
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In any case, Germany’s Mytheresa<\/strong> seems to be thriving in its market, that of online sales of luxury goods<\/strong>, while among its competitors, Matchesfashion threw in the towel<\/strong> last March, while Farfetch was rescued in early 2024 by Korea’s Coupang<\/strong>. \u201cWe see ourselves as one of the few winners in an otherwise difficult market environment<\/strong>. We are clearly gaining market share thanks to our above-average growth rates. We are benefiting from the consolidation of the landscape of luxury e-commerce players in a market that offers enormous growth prospects<\/strong> based on changing customer preferences in favor of digital channels<\/strong>,\u201d emphasizes Michael Kliger, CEO of Mytheresa.<\/p>\n <\/p>\n Launched in 2006 in Germany<\/strong> and acquired by the Neiman Marcus Group<\/strong> in 2014, Mytheresa is listed on the New York Stock Exchange<\/strong> and now distributes over 200 luxury brands (Bottega Veneta, Burberry, Dolce&Gabbana, Gucci, Loewe, Loro Piana, Moncler, Prada Saint Laurent, Valentino…) in 130 countries<\/strong>. In addition to ready-to-wear and accessories for the whole family, since 2022 Mytheresa has also offered a home decoration and lifestyle range.<\/p>\n <\/p>\n Its demanding strategy, based on maximum sales at full price and minimum promotions<\/strong>, seems to be working.<\/p>\n\n <\/p>\n Michael Kliger and his team have every reason to be \u201cvery satisfied with the excellent performance in the third quarter<\/strong> of the current financial year, which ended on March 31\u201d.<\/p>\n From January to March 2024, the Munich-based platform achieved \u201ca sharp acceleration in sales growth, a strong expansion in revenues from top customers and a significant improvement in profitability<\/strong>\u201d, while \u201cbusiness in the USA<\/strong> continues to be an important growth driver<\/strong>, with the strongest regional growth, an increased share of total business and a record number of Top Customers\u201d.<\/p>\n <\/p>\n Mytheresa’s total sales thus jumped by 17.6%<\/strong> to 233.9 million euros in the third quarter, when \u201conly\u201d 221.75 million euros had been expected.<\/p>\n GMV (gross merchandise volume)<\/strong>, i.e. total sales volume, rose by 14.7%<\/strong> to 233.9 million euros, while the average shopping basket<\/strong> increased by 8% to an all-time high of 692 euros.<\/strong><\/p>\n <\/p>\n The site’s profitability also improved considerably<\/strong>, \u201cclearly outperforming the market as a whole\u201d, with a 12% increase in gross margin<\/strong> to 101.6 million euros, or 43.4%, and an adjusted EBITDA margin of 3.9%.<\/p>\n <\/p>\n The strength of Mytheresa’s business model is reflected in \u201cthe strong growth (+17.0% in the third quarter) in the number of its Top Customers worldwide\u201d<\/strong>. In the U.S<\/strong>., where Mytheresa is performing extremely well (with record GMV growth of +41.6%<\/strong>), its Top Customers even jumped by +48.3%!<\/p>\n Another august indicator: inventory growth (+11.9%) was lower<\/strong> in the third quarter and \u201csignificantly lower\u201d than sales growth.<\/p>\n <\/p>\n All these performances demonstrate, according to Michael Kliger, that \u201cMytheresa is not just a luxury e-commerce platform\u201d. \u201cWe are creating a community of luxury enthusiasts<\/strong> and creating desirability through digital and physical experiences\u201d believes the executive.<\/p>\n <\/p>\n To further enhance its desirability, Mytheresa has just announced the extension of its partnership, from May 28, with Vestiaire Collective<\/strong>, one of the world leaders in online second-hand luxury fashion<\/strong>, to all its customers in Europe, the UK and the USA.<\/p>\n <\/p>\n The site is thus positioning itself more firmly on the second-hand market<\/strong>, a trend that is increasingly asserting itself in the luxury goods market.<\/p>\n <\/p>\n At the time of its inauguration in June 2021, this collaboration enabled only Mytheresa’s best European customers<\/strong> to resell their luxury designer and house items second-hand via Vestiaire Collective.<\/p>\n <\/p>\n Once authenticated and approved by Vestiaire Collective, the Mytheresa customer is rewarded with a Mytheresa store credit. More than 26,000 pieces<\/strong> of luxury ready-to-wear and accessories have already been sold<\/strong> under this scheme.<\/p>\n <\/p>\n For Maximilian Bittner, CEO of Vestiaire Collective<\/strong>, the extension of its partnership with Mytheresa \u201crepresents an important step\u201d in its \u201cmission to promote circularity\u201d<\/strong>. He believes that his company’s \u201cexpertise\u201d \u201cin authentication\u201d and its \u201ctrusted platform will guarantee a seamless sales experience for all Mytheresa customers.\u201d<\/p>\n Michael Kliger, Mytheresa’s CEO, himself said he was delighted to strengthen his partnership with Vestiaire Collective, \u201cwhich is going from strength to strength\u201d. \u201cOffering our loyal customers a quick and easy way to give new life to their used designer pieces is very important to us<\/strong>,\u201d he stressed.<\/p>\n <\/p>\n On the strength of its performance and initiatives, Mytheresa is optimistic for its full financial year<\/strong>, ending June 30. The site confirms its \u201cforecasts for sales and net income<\/strong> at the lower end of the range\u201d (i.e. +8% to 13%)<\/strong>, and expects total gross profit \u201cat the same level as last year\u201d, with \u201can adjusted EBITDA margin of between 3% and 5%<\/strong>\u201d.<\/p>\nA winning strategy<\/h2>\n
Profitability well ahead of the market<\/h2>\n
Extended partnership with Vestiaire Collective<\/h2>\n
Optimism<\/h2>\n
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