Germany’s luxury e-commerce website Mytheresa is thriving despite adverse sales environment due to the pandemic.
Posting solid and reassuring financial results for its fiscal year ended on 30 June 2020, the e-tailer, reportedly, managed annual revenue of €450 million as compared to €377 million in the previous fiscal, translating to a 20 per cent rise in e-commerce sales.
The substantial growth can be attributed to continuous improvements made by the company to its digital services and offerings. This includes the menswear category launched in January of this year which has proved to be a huge success with patrons of the platform.
Additionally, the company has improvised its content strategy to remain connected with its consumers.
“The last months have been very challenging for our customers, brand partners and teams. We are quite proud but remain humble about our continued success under these circumstances. We grew within all quarters and even increased our profitability during the pandemic,” said Michael Kliger, Mytheresa CEO.
The success of Mytheresa is a one-off happening for its parent company, American department store chain Neiman Marcus which filed for Chapter 11 bankruptcy in May 2020.
However, Michael says that the company should be able to function as an independent entity remaining unaffected by bankruptcy proceedings.