Luxury e-tailer Mytheresa has reported strong growth in general merchandise volume (GMV) for the first quarter of the year. Despite facing challenges such as increased promotional activities from competitors, the company saw an 18% increase in GMV and a 28.1% growth in VIP customers. CEO Michael Kliger expressed satisfaction with the overall performance of the company.

In more detail, Mytheresa’s GMV reached €219.8 million ($265 million), growing by 17.8%. Net sales also saw significant growth at 17.3% to €198.9 million ($240 million). The US market showed the strongest GMV growth, with a 27.4% increase compared to the previous quarter. Mytheresa’s total GMV share in the US also expanded to 17.7%. However, the company experienced a decline in its gross profit margin, falling from 48.8% to 45.6%. Both adjusted EBITDA and adjusted net income decreased as well.

The challenges faced by Mytheresa were attributed to increased promotional activities by competitors in the luxury market. Despite this, the company remains committed to its strategy of providing an exceptional customer experience and driving top customer GMV growth through high full-price sales.

Mytheresa expects continued growth for the full year ending in June, with GMV projected to range between €845 million ($1 billion) and €860 million ($1.04 billion), representing 13%-15% growth. Net sales are expected to be between €750 million ($905 million) and €765 million ($925 million), equating to 9%-11% growth. Gross profit is forecasted to rise by 7%-9% to reach €380 million-€386 million ($460 million-$467 million), and adjusted EBITDA is projected to be €34 million-€43 million ($41 million-$52 million), with an improved adjusted EBITDA margin of 4.5% to 5.5%.

Additionally, Mytheresa has announced a collaboration with Bucherer, the world’s largest luxury watches and jewelry retailer. This partnership will expand the range of fine watches and jewelry available on the Mytheresa platform. The collaboration begins with the launch of Certified Pre-Owned (CPO) Watches by Bucherer on May 10. The CPO watches offering, currently available in Europe, will eventually be expanded to other regions. The collaboration will also introduce a selection of New Fine Watches in 2024. The current offering includes over 300 pre-owned timepieces from prestigious brands, each authenticated by experts from Bucherer and accompanied by a two-year warranty. This collaboration aims to provide Mytheresa customers with an enhanced luxury shopping experience.

Useful links:
1. Mytheresa
2. Bucherer