Mytheresa, a luxury online retailer, reports a significant increase in losses despite higher sales figures.
- The company’s net sales rose by 7.6% year-over-year, reaching €201.7m in a challenging market.
- Exclusive partnerships and events contributed to a higher average order value of €720, reflecting customer engagement.
- Operating losses more than doubled, totaling €30m for the quarter ending September 30.
- Expected full-year sales growth between 7% and 13% points to possible future stability.
Mytheresa encountered a challenging start to its 2025 financial year, recording a notable 7.6% increase in net sales, totaling €201.7 million for the 12-week period ending September 30. Despite this growth in sales, the company’s financial health remains under pressure, with operating losses more than doubling to €30 million, marking a 123% increase compared to the same period in the previous year.
During this period, Mytheresa sought to bolster its market position through the launch of exclusive capsule collections with top luxury brands such as Loewe, The Row, and Chloé. These initiatives, along with intimate customer events like a dinner with designer Simone Rocha, helped elevate the average order value by 9%, bringing it to a record €720. This increase demonstrates enhanced customer engagement and loyalty.
In terms of profitability, Mytheresa experienced a turnaround as its EBITDA returned to positive figures. The adjusted EBITDA margin improved by 200 basis points to reach 1.4% in the first quarter of fiscal 2025, compared to being in the red a year earlier. This signals a potential recovery in profitability, despite the ongoing challenges posed by the trading environment.
Looking ahead, Mytheresa projects its full-year EBITDA margin to range between 3% and 5%, with anticipated sales growth of 7% to 13% for the fiscal year ending June 2025. This outlook suggests a cautiously optimistic future for the etailer, bolstered by strategic moves such as the agreement to acquire Yoox-Net-A-Porter from Richemont, a deal expected to finalize in the first half of 2025.
CEO Michael Kliger remains confident in the company’s trajectory, citing strong revenue growth and customer satisfaction as indicators of the business’s underlying health. Kliger stated, “With strong revenue growth and positive adjusted EBITDA in the first quarter, we continued our very positive business momentum. We strongly believe that we will benefit significantly from the improving market conditions over the next quarters.”
Despite current financial setbacks, Mytheresa is positioning itself for recovery and growth through strategic initiatives and customer engagement.
