Mytheresa said that its fiscal third-quarter performance shows accelerated top-line growth, expansion of top customer revenues and improved profitability. The luxury multi-brand digital platform’s U.S. business continues to be a growth driver with the highest regional growth, increased share of total business and record number of top customers in the third quarter fiscal year 2024.

Michael Kliger, CEO of Mytheresa, said, “We are very pleased with the strong performance in the third quarter. Double-digit revenue growth, double-digit top customer growth and a very high growth in U.S. business underscores that Mytheresa is not just a luxury e-commerce platform. We build a community for luxury enthusiasts and create desirability through digital and physical experiences.”

Kliger continued, “We see ourselves as one of the few winners in an otherwise still tough market environment. We clearly gain market share with our above-average growth rates. We are benefiting from the consolidating landscape of luxury e-commerce players in a market with huge growth prospects based on changing customer preferences favoring digital channels.”

Financial Highlights for the Third Quarter Ended March 31, 2024

  • Net Sales increased 17.6 percent year-over-year to €233.9 million;
  • GMV growth of 14.7 percent to €252.2 million in Q3 FY24 as compared to €219.8 million in the prior year period;
  • Gross Profit growth of 12 percent to €101.6 million with a 43.4 percent gross profit margin;
  • Significantly improved Adjusted EBITDA margin of 3.9 percent as compared to Q3 FY23;
  • Lower inventory growth in Q3 FY24 of 11.9 percent below top-line growth; and
  • Successful conversion of the Revolving Credit Facility into a new multi-year agreement securing financing for continued growth strategy.

Key Business Highlights

  • Launch of exclusive capsule collections and pre-launches in collaboration with Gucci, Bottega Veneta, Saint Laurent, Loewe, Givenchy, Brunello Cucinelli, and other fashion houses;
  • High-impact top customer activations and “money can’t buy” experiences held in Europe, the U.S. and Asia;
  • A 24-hour brand and customer experience with three events together with Courrèges at Shanghai Fashion Week, featuring an exhibition, designer talk, VIC, and press dinner;
  • “Excellent customer satisfaction” with an improved Net Promoter Score of 80.6 percent in Q3 FY24;
  • Launch of Mytheresa Retail Media services to provide selected brand partners with paid media placements and
  • The ramp-up of a new distribution center in Leipzig, with over 60 percent of all customer orders processed at the end of March.

For the full fiscal year ending June 30, 2024, the company expects total gross profit to be on last year’s level and confirmed its guidance for the top- and bottom-line at the lower end of the ranges, as follows:

  • GMV and Net Sales growth in the range of 8 percent to 13 percent
  • Adjusted EBITDA margin in the range of 3 percent and 5 percent

The preceding forward-looking statements reflect Mytheresa’s expectations as of today’s date. Given the number of risk factors, uncertainties and assumptions, actual results may differ materially. Mytheresa does not intend to update its forward-looking statements until its next quarterly results announcement, other than in publicly available statements.

Mytheresa’s digital platform is for the high-end luxury shopper. Founded as a boutique in 1987, Mytheresa launched online in 2006, selling ready-to-wear, shoes, bags, and accessories for women, men and kids. In 2022, Mytheresa expanded its luxury offering to home décor and lifestyle products by launching the category “Life“.

Image courtesy Mytheresa