In spite of the uncertainties that have engulfed the fashion and luxury industry, Mytheresa CEO Michael Kliger maintains an unwavering optimism about the future of the luxury e-tailer. Despite being inconvenienced by the stock market slump, Mytheresa is projecting double-digit growth for this year. Kliger attributes their success to efficient operations, meticulous product selection, and strategic collaborations with renowned brands. Additionally, Mytheresa places great emphasis on establishing emotional connections with its VIP customers through exclusive events held in opulent locations. Kliger recognizes the unpredictability of the global climate but remains steadfast in his positive outlook for Mytheresa’s performance.

Kliger is particularly enthusiastic about the upcoming fashion events in Paris with Givenchy and in Vienna with Miu Miu. He underscores the allure of the Miu Miu brand and acknowledges the pivotal role that ready-to-wear plays in Mytheresa’s business. The events are meticulously curated to include top clients, editors, and influencers, ensuring a harmonious mix of attendees. Mytheresa assumes all expenses for clients attending the events, thereby creating an unforgettable experience that reinforces the brand’s identity.

Mytheresa aspires to be more than just an ordinary online store; it aims to establish itself as a brand with personality. Kliger underscores the significance of emotional connections and cites their successful pop-ups in East Hampton and Los Angeles as examples. Additionally, Mytheresa places great emphasis on collaborative product launches, such as their partnership with Brunello Cucinelli, which showcased the brand’s identity in an English country setting. The opening of a larger distribution center in Leipzig airport further attests to the company’s confidence in the future, as it enables faster delivery for customers.

Despite displaying impressive financial figures, including a 15% increase in annual turnover, Mytheresa’s stock has experienced a setback in the market. Kliger acknowledges the misunderstandings and concerns surrounding the future of online retail, particularly in the luxury sector. However, he firmly believes that building loyalty among VIP customers through exceptional service and unique experiences is the recipe for success.

Kliger asserts that 2023 has been a challenging year, marked by a slowdown in market demand, especially among aspirational customers. He compares the performance of various luxury brands and notes that companies focused on top-tier customers, like Brunello Cucinelli, fare better than those targeting aspiring customers. Kliger also commends Daniel Lee’s initial progress at Burberry but cautions against redirecting a brand during an economic downturn.

Despite the downturn in stock prices, which raises doubts about the future of luxury brick-and-mortar stores, Kliger remains optimistic. He acknowledges that the industry will undergo a shakeout and consolidation, but believes that good stores, both online and offline, will thrive. What sets Mytheresa apart from major brands is its focus on high-spending customers, offering them a breadth of choices that cannot be matched by competitors. These top customers contribute nearly 39% of the company’s business and are loyal, frequent purchasers of ready-to-wear.

Mytheresa’s success expands beyond the realm of fashion, as the company taps into the burgeoning market for recreational and activewear. Skiwear and other sportswear categories have experienced significant growth, and Mytheresa continues to expand its offerings in this area. Kliger emphasizes that there is a hidden opportunity in selling activewear, particularly during January when people express a desire for an active lifestyle.

In conclusion, Mytheresa’s CEO, Michael Kliger, exudes confidence in the brand’s ability to weather the storm in the face of industry challenges. By prioritizing the cultivation of emotional connections with VIP customers, delivering exceptional service, and expanding into emerging markets, Mytheresa positions itself as a resilient and triumphant luxury e-tailer.

Useful Links:
1. Mytheresa Opens New Distribution Center
2. Mytheresa IPO and its Impact on Luxury E-commerce