Luxury fashion e-tailer Mytheresa has announced impressive growth in its fiscal Q2 results. General merchandise value (GMV) experienced a substantial increase of 26.2%, with the company reporting GMV of €200.2 million in the US alone. This highlights Mytheresa’s success as a top shopping destination for luxury consumers in the American market. Furthermore, the company’s two-year GMV growth surged by an impressive 67.7%, highlighting its strong position in the industry.
Net sales also saw a significant boost of 18.3%, reaching €187.6 million, while adjusted EBITDA increased by 27.8%, reaching €28.3 million. Mytheresa’s gross profit margin rose to 53.4%, which can be attributed to the robust performance of its full-price business. Adjusted operating income climbed from €20.1 million to €26 million, and adjusted net income saw a rise from €14.8 million to €18.9 million.
Mytheresa CEO Michael Kliger expressed his satisfaction with the company’s performance, stating that it is emerging as one of the winners in the luxury e-commerce sector. The company experienced a record number of first-time customers and witnessed increased spending from its existing customer base. Kliger believes that there are still substantial growth opportunities for Mytheresa, driven by the shift of luxury consumers to online platforms and untapped potential in various geographic regions and categories.
One particular market where Mytheresa experienced strong growth is the US, with net sales increasing by an impressive 74.2%. Kliger pointed out the void in the US retail landscape for a true luxury retail player, with customers leaning towards Mytheresa to fill that gap. To capitalize on this, the company plans to focus on expanding its customer base in key states such as Florida, Texas, and California.
Mytheresa also implemented several strategies to boost its growth and customer engagement. It organized high-impact customer events in Europe and China and launched exclusive capsule collections and pre-launches with various luxury brands. The company successfully implemented its Curated Platform Model (CPM) with six brands, showcasing its ability to form strategic partnerships. Additionally, Mytheresa launched its first-ever 360° virtual reality pop-up for the Moncler exclusives launch.
The company’s active customer base saw a remarkable growth of 30.2%, reaching 740,000 individuals. It also achieved a record number of new first-time buyers in one quarter, attracting over 120,000 customers. Looking ahead, Mytheresa expects its GMV for the full fiscal year ending June 30 to be in the range of €755 million to €775 million, a projected rise of 23% to 26%. Net sales are predicted to range from €700 million to €720 million, with a gross profit increase of 22% to 27%, amounting to €350 million to €365 million. Moreover, the adjusted EBITDA margin is expected to be between 9% to 10%, surpassing the previous projection of 8% to 9%.
Mytheresa’s outstanding performance and increased guidance for fiscal 2022 serve as a testament to its position as a leading luxury fashion e-tailer. With its strong growth potential in both the US and global markets, the company is set to thrive in the coming years.
**Useful links**:
– Mytheresa website: https://www.mytheresa.com/en-us/
– Mytheresa’s GMV growth article: https://www.retailgazette.com/general-merchandise/184992-mytheresa-worldwide-gmv-q2/
