Luxury e-tailer Mytheresa has reported its Q2 results, demonstrating a strong performance despite challenging macro-economic conditions. The company experienced a nearly 8% increase in general merchandise value (GMV), reaching €215.9 million in the second quarter. This represents a growth of 13.7% in the first half of the year compared to the previous year. The growth was primarily driven by a 12.7% increase in the US market, which accounted for 16.9% of the total GMV.

Although net sales only rose by 1.3% to €190.1 million, Mytheresa saw a significant rise in gross profit margin to 54.8%. This increase was attributed to the success of the Curated Platform Model (CPM), which generated a 100% gross margin with no costs of sales. Despite a decline in earnings, the company experienced a noteworthy increase in the number of top customers, outpacing overall growth by rising 25.3% in Q2 and 26.2% in the first half of the year.

Mytheresa credited this growth to its high-impact customer activations, which provided unique experiences for customers in Europe, the United States, and the Middle East. CEO Michael Kliger emphasized the company’s focus on high-end luxury customers who prioritize building their wardrobes, rather than occasional luxury shoppers who may be more affected by an economic downturn.

In addition to attracting new customers, Mytheresa also saw an increase in the average GMV for all customers in Q2, indicating the quality of its customer acquisitions. The e-tailer gained over 120,000 new customers in just one quarter. To further enhance its operations, Mytheresa launched exclusive capsule collections and pre-launches with renowned luxury brands such as Loro Piana, Max Mara, Etro, The Row, Oscar de la Renta, Stella McCartney, Christian Louboutin, and Givenchy. The company also experienced strong growth in skiwear, offering capsule collections and exclusives by Dolce & Gabbana, Khaite, Gucci, and Pucci. Moreover, Mytheresa collaborated with Moncler Grenoble to create a highly impactful shoppable video campaign featuring professional skiers.

Looking ahead, Mytheresa confirmed its previous guidance for the full year, projecting GMV in the range of €865 million to €910 million, representing a growth of 16% to 22%. Net sales are expected to be between €755 million to €800 million, representing a growth of 10% to 16%. The company projects an adjusted EBITDA ranging from €68 million to €76 million, with an adjusted EBITDA margin of 9% to 9.5%. CEO Michael Kliger praised Mytheresa’s resilient business model, highlighting its global presence, full-price selling strategy, and cost variability. He emphasized the company’s commitment to providing high-quality service and creative productions, positioning Mytheresa as a leader in the luxury e-commerce industry.

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