As consumers’ financial pressures continue, luxury e-commerce platform Mytheresa is resisting the trend of catering to those seeking offers and discounts, instead increasing its focus on loose-fisted shoppers with cash to burn.
During a February 15 call with analysts to discuss the global online shopping company’s second-quarter fiscal 2024 financial results, CEO Michael Kliger mentioned that the designer platform is more concerned with retaining the loyalty of customers who are not as impacted by month-to-month fluctuations in the economy as cash-strapped customers look for ways to pinch pennies.
Despite continuous economic hardships, the company’s net sales increased 8.3% year over year, indicating that luxury consumers are increasingly using digital channels. Furthermore, there are more and more customers in that high-spending category; according to Mytheresa’s financial report, the number of “Top Customers” increased by 16% globally and by nearly half in the US.
“The further evidence of our focus on top customers is that our average order value increased once more by +5.4%,” observed Kliger.
Mytheresa is expanding its online presence as well. The company earlier this month announced the release of the Apple Vision Pro app, which allows users to browse designer brands like Valentino and Saint Laurent and visualise their dream wardrobe by recreating the realistic, animated settings of Capri, Italy, or Paris, France.
The e-commerce company stated in its earnings release that it is now “one of the first luxury platforms to underline digital leadership” as a result of this launch.
