German luxury e-commerce specialist, Mytheresa, has announced impressive financial results for the fiscal year ending in June 2020, despite the ongoing global health crisis. The company’s annual revenues reached 450 million euros, a significant increase from the previous year’s 377 million euros. This growth was primarily driven by a 20% rise in e-commerce sales.

CEO Michael Kliger expressed his satisfaction with Mytheresa’s ability to maintain its success in a challenging environment. He attributed this achievement to the continuous improvements made by the luxury platform to its digital services and content. Kliger also highlighted the success of Mytheresa’s recently launched menswear offering, which has resonated well with consumers.

In contrast to Mytheresa’s success, its parent company, Neiman Marcus, an American department store retailer, faced difficulties and filed for Chapter 11 bankruptcy in May 2020. Kliger reassured stakeholders that Mytheresa operates independently and will not be affected by the bankruptcy proceedings. Neiman Marcus has received court approval for its restructuring plan and aims to emerge from bankruptcy with a new owner and capital structure by the end of the month.

Mytheresa’s ability to navigate the challenges posed by the health crisis and achieve significant revenue growth showcases its resilience and adaptability in the luxury e-commerce market. With the increasing trend of consumers turning to online shopping, Mytheresa’s dedication to digital services and expanding product offerings positions it well for continued success. By focusing on exceptional customer experiences and staying ahead of industry trends, Mytheresa remains a strong contender in the luxury e-commerce sector.

Useful Links:
1. Mytheresa Official Website
2. Article on Mytheresa’s IPO and E-commerce sales