Mytheresa, the online luxury fashion retailer, has announced robust results for the fourth quarter and full year, with strong growth in the final quarter of its financial year. Over the course of 12 months, the company observed a 21.3% increase in general merchandise value (GMV) and achieved a record profitability of 9.6% adjusted EBITDA margin. Furthermore, Mytheresa experienced 66.3% GMV growth over a two-year period, reflecting its ability to capitalize on the ongoing shift towards online luxury consumption, consolidation in the digital luxury sector, and global market share expansion opportunities.
In Q4, Mytheresa reported GMV growth of 18.2%, totaling €196.7 million. However, the increase in net sales was slower at 7.7%, amounting to €174.8 million. This discrepancy can be attributed to the deliberate transition of brands to the Curated Platform Model (CPM), which resulted in recording the platform fee as net sales.
Notwithstanding this, the company’s operations are progressing positively, evidenced by a 22.4% growth in gross profit and a 650 basis point increase in gross profit margin, reaching 54.2%. This growth was primarily driven by sales from CPM, which generates a 100% gross margin. Mytheresa’s adjusted EBITDA rose by 22.7% to €13.8 million, with the adjusted EBITDA margin increasing by 100 basis points to 7.9%. The company also witnessed improvements in adjusted operating income margin and net income margin.
In the full year, Mytheresa achieved GMV growth of 21.3%, amounting to €747.3 million, and net sales increased by 12.7% to €689.8 million. Gross profit saw a significant rise of 23.7%, and adjusted EBITDA climbed by 20.7% to €66.3 million.
The company attributes its strong performance to rapid global GMV growth in Q4, as well as exceptional GMV growth in the US market. Moreover, Mytheresa held a record number of high-impact top customer events in Europe and the US, successfully launched the new LIFE category featuring home décor and lifestyle products, and collaborated with luxury labels for exclusive capsule collections and pre-launches.
Notably, Mytheresa experienced substantial growth in its active customer base, including a notable number of first-time buyers in Q4, with positive repurchase rates for new customer cohorts. The number of top customers also saw significant growth, alongside an increase in average GMV for all customers.
Looking ahead, Mytheresa anticipates GMV for the full year ending June 30, 2023, to range between €865 million and €910 million, representing a growth of 16% to 22%. Net sales are projected to be between €755 million and €800 million, reflecting a growth of 10% to 16%. Gross profit is estimated to be between €410 million and €435 million, displaying growth of 16% to 22%, and adjusted EBITDA is expected to fall in the range of €68 million to €76 million.
CEO Michael Kliger expressed confidence in Mytheresa’s high-end digital luxury sector and its superior business model, emphasizing the company’s strong growth and profitability despite economic and geopolitical challenges. He assured investors that Mytheresa would remain agile in responding to external developments and their potential impact on the business.
Useful links:
1. Mytheresa
2. Business of Fashion
