Mytheresa growth continues as online luxury take-up accelerates

By

Sandra Halliday

Published
Nov 11, 2021

Luxury e-tailer Mytheresa said on Thursday that it saw strong gross merchandise value (GMV) growth in its first quarter with a 29.7% rise in the three months to the end of September. It also saw continued strong profitability. 

GMV reached €163.9 million in the period and its rise compared to two years ago was 65.3%. 

CEO Michael Kliger said: "We are extremely satisfied with our Q1 FY22 results. The shift of consumer demand to online in luxury has clearly accelerated in recent months. We strongly believe this trend will continue in the post-pandemic world, probably reverting to the strong market growth rates we had seen before the pandemic.”

Looking at the numbers in more detail, the company said that net sales rose 24.9% to €157.8 million year-on-year. And it saw a strong gross profit margin of 49% compared to 46.4% a year ago. Adjusted EBITDA was up to €14 million from €10.4 million and adjusted net income rose to €8.2 million from €5.4 million.

It saw strong GMV growth across all geographies and its strongest net sales growth was in the US with a 48.7% rise as its market presence continued to grow.

Its wider growth was helped by “high-impact top customers events in Europe, China and the US”, and by exclusive capsule collections and pre-launches in collaboration with Saint Laurent, Gucci, The Row, Christian Louboutin, Tom Ford, Chloé and many more.

It also ran“Money-can’t buy” physical brand experiences together with Givenchy and Tod’s and saw the “successful start” of its Curated Platform Model (CPM) with its first major brand partner.

On the customer front, active customer growth was 35.2% and returning customers continued to buy strongly. Its ‘top customer’ numbers rose 41%.

For the full fiscal year ending June 30 2022, it confirmed previous guidance, but also increased its expectations regarding net sales. Its full guidance is now that GMV should be in the range of €750 million to €770 million, representing 22% to 25% growth.

Active customer growth of 22% to 25% should increase the customer base to between 820,000 and 845,000. And net sales should now be €700 million to €720 million, while gross profit is predicted of €345 million to €355 million, representing 21% to 24% growth. The adjusted EBITDA margin will be in the upper half of the long-term range of 7% to 9%.