Mytheresa, a prominent German luxury e-tailer, reported a 9.8% rise in net sales for the fiscal year ending June 30, fueled by substantial growth in the US market.
- The company achieved a 7.1% increase in gross merchandise value, amounting to €914m, though its profit margin saw a decline.
- Despite increased sales, Mytheresa faced a 32.8% drop in adjusted EBITDA and a 46.4% increase in net loss.
- Strategic collaborations with luxury brands and exclusive collections were notable achievements for Mytheresa.
- Expectations for the next fiscal year include continued growth in GMV and sales, with a focus on maintaining EBITDA margins.
German luxury e-tailer Mytheresa has experienced a notable 9.8% rise in net sales, reaching €841 million, primarily driven by a robust 25% growth in the US market. This increase highlights the brand’s expanding influence internationally, especially within the lucrative American luxury segment.
However, the company’s financial indicators present a mixed picture. While the gross merchandise value increased by 7.1% to €914 million, there was a noticeable decline in the gross profit margin from 49.6% to 45.7%. This reduction in margin contributed to a significant 32.8% decrease in adjusted EBITDA, which stood at €25.8 million. Additionally, net losses escalated by 46.4% to €24.9 million.
In the past year, Mytheresa fortified its market position through strategic initiatives. Collaborations included exclusive collections with renowned luxury brands such as Valentino, Brunello Cucinelli, Bottega Veneta, Saint Laurent, Loewe, and Gucci. These partnerships not only enhanced its product offering but also reinforced its status as a leading high-end luxury digital platform.
Looking ahead, Mytheresa’s forecasts for the next fiscal period are cautiously optimistic. The company anticipates gross merchandise value and net sales growth in the range of 7% to 13%. Concurrently, they aim to sustain an adjusted EBITDA margin between 3% and 5%, suggesting a balanced approach to growth and financial stability.
According to Michael Kliger, CEO of Mytheresa, the fourth quarter’s performance played a crucial role in maintaining positive momentum, showcasing double-digit growth and nearly doubling profitability compared to the previous year. His confidence is backed by factors such as record average order values, high customer satisfaction, and successful customer engagement through luxury brand activations.
Mytheresa’s strategic efforts and focus on the US market have yielded substantial growth, although challenges in profit margins require attention moving forward.
