Mytheresa, the German luxury e-commerce platform, unveiled a strong 18 per cent increase in third-quarter revenues, signifying its resilience amidst the industry’s challenges. The company remained mute about recent rumors suggesting a probable delisting from the New York Stock Market, despite being publicly traded for only over three years, throughout which its valuation momentarily surpassed US $ 3 billion.
CEO Michael Kliger refused to comment on speculations about the company’s privatisation, stating, “We do not engage in conversing about rumors or speculations about the company.” In the quarter ending on 31st March, Mytheresa attained a net sales of € 234 million, presenting a 7 per cent revenue growth to € 675 million over the last nine months. Furthermore, the Munich-based brand tripled its attuned EBITDA to € 9 million.
Kliger credited the sales growth to a major surge in the United States, with a 42 per cent increase in Gross Merchandise Value. He highlighted the company’s unrelenting focus on Top Customers, with a 17 per cent increase in their number and a 3.3 per cent growth in their usual spending in the third quarter.
Concerning the future outlook, Kliger shared confidence in Mytheresa’s performance and the luxury sector’s trajectory, specially highlighting the recovery in the US market and the rising demand for select multi-brand experiences amid high-spending customers. “The digital share for this consumer division is predicted to grow from the present 21 per cent to a 30 per cent share by 2030. He predicted Mytheresa to grow into a multi-billion-dollar business in the upcoming years.”
A key factor contributing to Mytheresa’s success has been its capacity to generate exclusive shopping experiences for its rich clientele, like hosting a dance party and dinner in esteemed locations like Beverly Hills and a 2 day experience with Jimmy Choo brand in Venice. Kliger underlined the importance of creating a community for luxury enthusiasts via both digital and physical experiences.
Even as competitors such as Yoox Net-a-Porter and Farfetch have experienced financial challenges, Mytheresa has sustained its course. Kliger credited this to the company’s clear focus on a definite customer segment, making it an appealing partner for luxury brands.
Expanding margins remains an important goal for Mytheresa, which Kliger thinks can be achieved by keeping a focus on full-price sales and loyal customers. “He highlighted the company’s pledge to its roots, underlining a customer-centric approach, multi-brand insight, and distinction in customer service deep-seated in its culture.”
