The luxury multi-brand digital platform Mytheresa has surpassed its own expectations, experiencing impressive growth in the fourth quarter and throughout the year. The Germany-based company reported a 36.1% increase in net sales in Q4, reaching €162.4 million compared to the previous year. The full-year net sales also saw a significant rise, up 36.2% to €612.1 million. These numbers are particularly noteworthy as they represent a growth of 60.5% and 61.5% for the quarter and the year, respectively, compared to the pre-pandemic period. This highlights the increasing importance of online luxury retail in the industry.
In addition to its strong sales growth, Mytheresa also achieved continued profitability, with adjusted EBITDA amounting to €54.9 million for the year, compared to €35.4 million in the previous year. The adjusted EBITDA margin also increased from 7.9% to 9%. The company attributes its success to a fundamental change in consumer behavior and its superior business model, which focuses on luxury customers and strong brand partnerships.
Mytheresa witnessed impressive net sales growth across all geographies, with the US market experiencing a remarkable 133.3% year-on-year increase in consumer demand. To reach luxury shoppers, the company employed various strategies such as organizing High-impact Top Customers events in Beijing and Paris, as well as collaborating with renowned brands for exclusive capsule collections and pre-launches. Partnerships with brands like Alexander McQueen, Loro Piana, Jacquemus, Missoni, Brunello Cucinelli, Roger Vivier, Valentino, and Christian Louboutin have further enhanced Mytheresa’s appeal. The company also ventured into the beauty sector by launching its first beauty pop-up in collaboration with Estée Lauder Companies, featuring luxury beauty brands like La Mer, Frédéric Malle, and By Killian.
Moving forward, Mytheresa is optimistic about the current year, ending in June 2022, and forecasts a Gross Merchandise Volume (GMV) ranging from €750 million to €770 million, representing a growth rate of 22% to 25%. The company also expects an increase in active customers by a similar percentage, resulting in net sales of €680 million to €700 million. Gross profit is projected to be €345 million to €355 million, reflecting a growth rate of 21% to 24%, with the adjusted EBITDA margin expected to be at the upper half of the long-term range of 7% to 9%.
CEO Michael Kliger expressed his satisfaction with Mytheresa’s performance over the past year, highlighting the company’s strong customer growth and excellent results. He believes that this success is a testament to Mytheresa’s unique value proposition for customers and brand partners on a global scale. Kliger also acknowledged the accelerated shift of consumer demand to online luxury retail due to the pandemic and anticipates that this trend will continue even in the post-pandemic world, leading to high market growth rates similar to those experienced before the pandemic.
Useful links:
1. Mytheresa Official Website
2. Estée Lauder Companies Official Website
