Luxury fashion retailer Mytheresa has announced impressive results for the fourth quarter of its financial year, with accelerated growth and record profitability. The company experienced a 21.3% increase in general merchandise value (GMV) for the full year and a remarkable 66.3% growth over a two-year period. This highlights Mytheresa’s ability to capitalize on the ongoing shift to online luxury shopping, the consolidation in the digital luxury sector, and global market expansion opportunities.

For the fourth quarter specifically, Mytheresa reported a GMV growth of 18.2% to €196.7 million ($232.3 million). However, net sales only rose by 7.7% to €174.8 million ($206.5 million) due to the planned transition of brands to the Curated Platform Model (CPM) and the subsequent recording of platform fees as net sales. Nevertheless, the company’s gross profit increased by 22.4%, with a notable gross profit margin increase of 650 basis points to 54.2%. This was primarily driven by the sales generated from CPM, which boasts a 100% gross margin.

Adjusted EBITDA also saw significant growth, rising by 22.7% to €13.8 million ($16.3 million), and the adjusted EBITDA margin increased by 100 basis points to 7.9%. Furthermore, Mytheresa experienced improvements in operating income margins and net income margins.

Throughout the entire year, Mytheresa achieved a remarkable GMV growth of 21.3% to €747.3 million ($882.5 million), with net sales increasing by 12.7% to €689.8 million ($814.8 million). Gross profit rose by 23.7%, and adjusted EBITDA increased by 20.7% to €66.3 million ($78.3 million).

The company attributes its strong performance to rapid global GMV growth, particularly in the United States, where GMV increased by 28%. Mytheresa successfully hosted a record number of high-impact top customer events in Europe and the US, and also launched the new LIFE category, which includes home decor and lifestyle products. Additionally, Mytheresa collaborated with luxury labels such as Dolce & Gabbana, Gucci, and Valentino to release exclusive capsule collections and pre-launches.

Mytheresa has also seen significant growth in active customers, with over 120,000 first-time buyers in the fourth quarter alone. Repurchase rates of newly acquired customers are showing positive trends. The number of top customers has increased by 22.1% in the fourth quarter, and the average GMV for all customers has increased by 5.8%.

Looking ahead, Mytheresa anticipates continued growth for the full year ending June 30, 2023. The company expects GMV to range from €865 million-€910 million ($1.02 billion-$1.07 billion), representing a growth rate of 16%-22%. Net sales are projected to be between €755 million-€800 million ($892 million-$945 million), reflecting a growth rate of 10%-16%. Gross profit is expected to be between €410 million-€435 million ($484 million-$514 million), an increase of 16%-22%. Adjusted EBITDA is projected to range from €68 million-€76 million ($80 million-$89 million).

CEO Michael Kliger expressed confidence in the company’s financial performance and unique position in the digital luxury sector. Kliger believes that Mytheresa’s business model, combined with the high-end digital luxury sector, will deliver excellent results for investors in the future. He also emphasized the company’s ability to adapt to external developments and potential impacts on its business.

In conclusion, Mytheresa has achieved impressive growth and profitability in the luxury fashion market, despite economic and geopolitical challenges. The company’s focus on digital platforms, strategic partnerships, and expanding its product offerings positions it well for continued success.

Useful links:
1. Mytheresa Official Website
2. The Business of Fashion