Luxury e-commerce platform Mytheresa has announced impressive growth in its first quarter, reporting a 29.7% increase in gross merchandise value (GMV) for the three months ending in September. The company’s GMV reached €163.9 million during this period, marking a significant 65.3% rise compared to two years ago. Mytheresa CEO Michael Kliger expressed satisfaction with the results, attributing the growth to the accelerating shift of consumer demand towards online luxury. Kliger also believes that this trend will continue in the post-pandemic world, potentially reaching the strong market growth rates seen prior to the pandemic.

A closer analysis of the numbers reveals a year-on-year increase of 24.9% in net sales, totaling €157.8 million. The company also achieved a strong gross profit margin of 49%, up from 46.4% the previous year. Adjusted EBITDA rose to €14 million from €10.4 million, while adjusted net income increased to €8.2 million from €5.4 million. Mytheresa experienced substantial growth in GMV across all geographic regions, with the highest net sales growth occurring in the US, where it saw a significant rise of 48.7%. The company attributes this growth to its expanding market presence.

Mytheresa’s overall growth has been supported by high-impact events for top customers in Europe, China, and the US. In addition, the company collaborated with renowned fashion brands such as Saint Laurent, Gucci, The Row, Christian Louboutin, Tom Ford, and Chloé on exclusive capsule collections and pre-launches. Furthermore, it organized “Money-can’t-buy” physical brand experiences in partnership with Givenchy and Tod’s. The launch of Mytheresa’s Curated Platform Model (CPM), in collaboration with its first major brand partner, marked a successful start for the company.

In terms of customers, Mytheresa witnessed a 35.2% increase in active customers, while returning customers continued to make strong purchases. The number of top customers rose by 41%. The company has maintained its previous guidance for the full fiscal year ending June 30, 2022, while also raising its expectations for net sales. The updated guidance projects GMV to range between €750 million and €770 million, representing growth of 22% to 25%. Active customer growth is expected to reach 22% to 25%, expanding the customer base to between 820,000 and 845,000. Net sales are forecasted to be €700 million to €720 million, with a gross profit of €345 million to €355 million, reflecting growth of 21% to 24%. The adjusted EBITDA margin is predicted to fall within the upper half of the long-term range of 7% to 9%.

Mytheresa’s strong performance in the first quarter and its optimistic outlook for the future underscore the ongoing growth of online luxury retail. As consumer demand continues to shift towards the digital realm, e-commerce platforms like Mytheresa are well-positioned to meet this evolving market demand. The company’s strategic partnerships, exclusive collaborations, and curated brand experiences have been significant contributors to its success, while its emphasis on customer satisfaction and loyalty has further propelled its growth. With a positive trajectory in both sales and profitability, Mytheresa remains a prominent player in the online luxury sector.

Useful links:
1. Mytheresa
2. Business of Fashion