Luxury e-commerce platform, Mytheresa, is celebrating a successful first quarter as the company reports strong growth. The gross merchandise value (GMV) for the quarter increased by 21%, reaching a total of €197.9 million. Mytheresa also saw an adjusted EBITDA margin of 6.6% and an increase in gross profit margin to 49.9%, up from 49% the previous year. This growth can be attributed to the planned transition of brands to the Curated Platform Model (CPM) and the inclusion of the platform fee as net sales.

Looking ahead, Mytheresa has high hopes for its full-year performance. The company’s guidance for GMV and gross profit expects a rise between 16% and 22% in both areas, with net sales projected to increase by 10% to 16%. These figures are seen as a testament to the strength and consistency of Mytheresa’s business model, which places a strong emphasis on customer satisfaction and operational excellence. CEO Michael Kliger expressed his confidence in the company’s ability to achieve its targets despite challenges in the macro environment.

Mytheresa experienced growth across all categories and geographies, including its newly launched Life segment for home and lifestyle products. The company saw significant GMV growth in the US, where it continues to attract customers with its unique selection and exclusive experiences. It also experienced notable growth in Mainland China and announced The China Designer Program, aimed at supporting and promoting Chinese luxury designers.

During the first quarter, exclusive collaborations were a major highlight for Mytheresa. The platform launched exclusive capsule collections and pre-launches in partnership with renowned brands such as Gucci, Chloé, Givenchy, Christian Louboutin, Jacquemus, Loewe, and Bottega Veneta. Mytheresa also hosted the exclusive launch of the Etro Love Trotter bag on the same day it appeared in Marco De Vincenzo’s first Etro show.

The company’s customer base continued to expand, with active customers growing by 13.4% in Q1, reaching a total of 800,000 customers. In addition, Mytheresa attracted over 105,000 new customers during the quarter. Repurchase rates of new customer cohorts from the previous fiscal year also showed positive trends. Furthermore, there was strong growth in the number of “top customers,” with a 22.7% increase in Q1 FY23 compared to Q1 FY22. The average GMV for all customers also experienced growth, increasing by 6.5%.

Overall, Mytheresa’s strong performance in the first quarter showcases its resilience and ability to achieve profitable growth. The company’s focus on customer satisfaction, adaptable business model, and operational excellence positions them well for continued success in the competitive luxury e-commerce market.

For more information, visit:
Mytheresa Official Website
Business of Fashion