Mytheresa had an impressive 2019, growing nearly 25%. Now, it’s after an even bigger slice of the market. Launching today, the German e-tailer is making its menswear debut. Featuring 120 luxury brands, the men’s offering aims to capture the luxury men’s customer and has been teasing the launch since December with a campaign featuring a real doctor, chef, drummer and teacher. Plus, the company is ramping up its exclusives.
For instance, Mytheresa teamed with Prada, Thom Browne and Valentino for men’s capsule collections with outerwear, suiting, sneakers, brogues and more. In addition, Mytheresa also partnered with Saint Laurent for the exclusive pre-launch of the house’s gender-neutral spring ’20 runway collection. President and CEO Michael Kliger said, “We can give our customers access to something special they can only find at Mytheresa, and this makes us a unique luxury experience destination for them.”
Here, Kliger gave FN an in-depth look into the business strategy behind the launch and what customers can expect from this new world of menswear.
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Why was this the right time to launch?
MICHAEL KLIGER: “We feel that this is a moment in time when a new chapter is being turned in menswear. There is a shift away from streetwear, to more time-honored luxury, which really falls into sync with [our] European DNA and belief in a tightly curated offering of the very best products.”
What are the advantages of being “late to the game” when it comes to launching men’s?
MK: “One advantage is that we can look at menswear with a fresh and unrestrained view from what we have done before. On the other hand, we will, of course, focus on our proposition as a highly curated offer, with a clear stance and a preference for true luxury.”
How does the new Mytheresa men’s category differ from that of your competitors?
MK: “Our offering is based upon a high-fashion, post-streetwear elevated view. The tailoring, the suiting, the appreciation of savoir faire, are key components to our approach. It is not going back to what we had before streetwear. But it is rather what these men expect now and want to evolve into. We are presenting a tightly edited designer portfolio of 120 brands. We are not interested in offering anything and everything that is available in the market, but instead [we] want to focus on the very best pieces available.”
This makes you the only leading luxury retailer offering women’s, men’s and kids’ on the same site. What’s the benefit?
MK: “It will allow us to present fashion in a very inclusive way. Also, it will make shopping on our site even more seamless and easy for what you are looking for.”
Who is your target consumer?
MK: “Our luxury menswear customer is global. He may be based in Asia, but he travels and is cosmopolitan in mindset. He has a profession that provides him the means to buy luxury, but he also has the confidence and passion to look for fashionable items to wear.”
How would you describe the Mytheresa men’s business model?
MK: “I like to call our approach: ‘same house, different apartments.’ Our menswear will live on the company’s existing website and leverage our strengths of curation, exclusive collections and strong point of view. At the same time, the ‘apartment’ will have its own visual identity, tone of voice and flair.”
You had impressive financial results in 2019. How do you capitalize on that growth?
MK: “For us, everything is driven by the customer. We do what is beneficial for her or him — what is not, we let go. Our customer likes it simple as it makes everything easier and less cluttered. Simplicity requires discipline and making hard choices. But it pays off for the customer and for us.”
Where are your key focuses in terms of geographic markets for men’s?
MK: “As China is a key market for us, it is really important to be present on the consumers’ channels and platforms. We want our menswear offering to appeal to a global customer. These customers are not necessarily defined by geographic markets per se, as they are often residing on multiple continents.”
What do you foresee as the market share potential for men’s?
MK: “Our top priority is to become an authority in the men’s space. We first need to make sure that it is clearly understood why we now also offer menswear. The financials will follow. We see a huge potential, but it will take time to position ourselves in the mind of the customer as a destination for menswear with a continental European fashion focus.”