Luxury e-tailer Mytheresa has experienced robust growth in the first quarter of its new financial year. The company’s gross merchandise value (GMV) increased by 21%, bringing it to €197.9 million. Mytheresa also reported an adjusted EBITDA margin of 6.6% and a rise in gross profit margin from 49% to 49.9% compared to the previous year. This growth is attributed to the planned transition of brands to the Curated Platform Model (CPM) and the recording of platform fees as net sales. Mytheresa currently has seven live brands on its platform.
Looking ahead, Mytheresa has provided full-year guidance for GMV and gross profit, expecting a rise of between 16% and 22% in both cases. Net sales are projected to increase by 10% to 16%. The company believes these figures demonstrate the strength and consistency of its unique business model, which prioritizes customer focus and operational excellence. CEO Michael Kliger praised Mytheresa’s ability to deliver profitable growth in the first quarter, surpassing that of other digital platforms despite challenges in the macro environment. The company has achieved growth across all categories and geographies, including its recently launched Life segment of home and lifestyle products. The US and Mainland China have shown significant growth for Mytheresa.
In addition to its strong financial performance, Mytheresa has announced The China Designer Program, which aims to support and showcase Chinese luxury designers. The company’s success this quarter has been driven by exclusive collaborations with renowned brands such as Gucci, Chloé, Givenchy, Christian Louboutin, Jacquemus, Loewe, and Bottega Veneta. Mytheresa also hosted the exclusive launch of the Etro Love Trotter bag on its platform, coinciding with Marco De Vincenzo’s first Etro show.
Mytheresa’s customer base expanded by 13.4% in the first quarter, reaching 800,000 customers. Over 105,000 new customers were also acquired during this period. Repurchase rates for customers acquired in the previous fiscal year demonstrated a positive trend. The number of “top customers” increased by 22.7% in the first quarter of the current fiscal year compared to the same period last year. Additionally, the average GMV for all customers increased by 6.5%.
Overall, Mytheresa’s strong performance in the first quarter showcases its ability to thrive in a competitive market. With its unique business model and focus on customer satisfaction, Mytheresa is confident in achieving its targets for the year ahead.
Useful links:
– Mytheresa Official Website
– Business of Fashion
