Sign up to receive the Vogue Business newsletter Get the latest luxury news and insights, plus member-only discounts.
Mytheresa's net sales increased by 18% to €233.9 million in the third quarter ended March 31, 2024. This was led by the United States.
Gross merchandise value (GMV) increased by 14.7% to €252.2 million, and gross profit increased by 12% to €101.6 million, resulting in a gross margin of 43.4%. The average order value on Mytheresa increased by 8% to €692 during the quarter. Meanwhile, the efforts Mytheresa took part in last year to reduce promotional activity have significantly reduced inventory. Inventories increased 33.1 percent in the second quarter and 11.9 percent in the third quarter, compared to 44.4 percent in the first quarter.
Mytheresa has shown resilience in a market where competitors are struggling to survive. Matches filed for management in March. Farfetch was sold to South Korean e-commerce giant Coupang in December 2023. And Richemont is still trying to move Youx Net-a-Porter (YNAP) after Farfetch's deal to buy the loss-making asset was terminated.
Mytheresa is rumored to be one of the potential bidders looking to acquire YNAP. CEO Michael Kreiger declined to comment specifically on the rumors, saying: vogue business “M&A may be part of our strategy, but it's not the core.” He also stressed that while there is still room for other players to enter the online e-commerce market, only those companies that can “find the right customer proposition” will be successful.
read more
The last man standing in the online luxury industry
Michael Krieger, president and CEO of German luxury multi-brand retailer Mytheresa, remains bullish as luxury e-commerce suffers a series of setbacks.
.jpeg)
While many brands are reducing their wholesale exposure in light of volatility, Kriger is confident My Theresa will not compete with the brands themselves. “For our brand, we always emphasize that we are driven by customer quality, not revenue growth. [brands that work with us are] “We're really going after an audience that we don't think is easily accessible in a monobrand model,” Kriger said. vogue business Ahead of the call, he mentioned both the product selection and the “money can't buy” experience the retailer offers. “So our strategy remains unaffected and we will continue to enjoy very strong brand relationships going forward. And if anything, given the consolidation; [the relationships] It will get better. “
The United States continued to perform well with sales increasing 41.6 percent, and the region's top customers (defined as influential customers who spend a “significant” amount annually) grew 48.3 percent. California, New York, Connecticut, Florida and Texas lead the world. growth. He told investors that while he is seeing green shoots with aspiring customers in the U.S., the company's growth is being further driven by big spenders.
