In the third quarter ending on March 31, 2024, Mytheresa reported robust growth, with net sales surging by 18% to €233.9 million, driven primarily by its performance in the US market.
The company also witnessed significant increases in gross merchandise value (GMV), which rose by 14.7% to €252.2 million.
Gross profit saw a notable uptick, climbing by 12% to €101.6 million, maintaining a healthy gross profit margin of 43.4%. Meanwhile, the average order value at Mytheresa experienced an 8% increase during the quarter, reaching €692.
Additionally, in a strategic move aimed at curbing promotional activity, inventory levels were substantially reduced. Inventory growth in Q3 stood at 11.9%, a significant drop compared to 33.1% in Q2 and 44.4% in Q1.
Amidst a challenging landscape where competitors are facing difficulties, Mytheresa has demonstrated resilience.
Matches filed for administration in March, Farfetch was acquired by South Korean e-commerce giant Coupang in December 2023, and Richemont is still seeking to divest Yoox Net-a-Porter (YNAP) following the termination of Farfetch’s acquisition deal.
Speculation suggests that Mytheresa could be among potential bidders for YNAP. However, CEO Michael Kliger refrained from commenting directly on the rumors, emphasizing that while mergers and acquisitions may be part of their strategy, it is not their primary focus.
Kliger underscored the importance of finding the right customer proposition for success in the online e-commerce market.
Mytheresa’s performance in the US continued to be outstanding, with sales soaring by 41.6%. Notably, top customers in the region, defined as influential spenders, witnessed a growth rate of 48.3%.
Kliger highlighted promising signs of growth in the aspirational customer segment in the US, further propelling the company’s expansion.
While Europe experienced stable growth of 9.3% (13.1% excluding Germany), other regions saw a robust increase of 16.4%, particularly in the Middle East. However, economic uncertainties continued to impact China negatively.
Kliger emphasized Mytheresa’s position as one of the few winners in the consolidating luxury e-commerce space, despite challenges. Although the company’s share price has experienced fluctuations since its IPO in 2021, Kliger remains optimistic, noting a 40% growth in share price this year.
He attributes this resilience to Mytheresa’s unique positioning and business model, which differentiates it from competitors and resonates positively with investors and stakeholders.
