German luxury retailer, Mytheresa, has unveiled its preliminary results for the third quarter, demonstrating a significant surge in sales and indicating an impending move towards profitability. Net sales for the quarter are estimated to be between €196 million and €199 million, up from €169.5 million during the same period last year. The company’s gross merchandise value (GMV) is also expected to rise to €218 million to €221 million, compared to €186.6 million the previous year. Adjusted EBITDA is projected to reach between €34 million and €43 million, a substantial increase from €10.2 million in the previous year.
This positive outcome has prompted Mytheresa to revise its 2023 guidance. The company now predicts a growth rate of 13% to 15% in gross merchandise value, with a target range of €845 million to €860 million, as well as a 9% to 11% rise in net sales, reaching €750 million to €765 million by the end of June 30. Despite facing temporary challenges, the company maintains confidence in its strategy and long-term goals.
Michael Kliger, CEO of Mytheresa, expressed his optimism for the future, stating, “Despite the short-term challenges that we believe will pass, we remain confident in our strategy and our mid and long-term goals. We will achieve profitable growth for the full fiscal year in 2023, regardless of ongoing macro headwinds and increasing promotional activity in certain regions. This indicates the strength of our unique positioning and resilient business model.”
Alongside these impressive financial results, Mytheresa has recently launched the China Designer Program, which aims to support and highlight the talents of emerging Chinese fashion designers. As part of this initiative, the works of four rising stars in the Chinese fashion scene, including Susan Fang, Didu, Jacques Wei, and Xu Zhi, are being showcased. By placing emphasis on expanding its presence in China, Mytheresa aims to tap into the enormous potential of the Chinese luxury market.
Overall, the preliminary results for the third quarter demonstrate Mytheresa’s strong performance, with increased sales and a positive outlook for the future. The company’s dedication to strategic growth and its commitment to featuring emerging talent position it favorably for continued success in the luxury retail industry.
Useful links:
– Mytheresa
– Vogue Business: Mytheresa’s Digital Strategy
