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Mytheresa Posts 20.8% Uptick in Gross Merchandise Value in Q1

LONDON — Mytheresa‘s new fiscal year is off to a strong start, with the gross merchandise value of goods rising 20.8% to 197.9 million euros and an adjusted EBITDA margin of 6.6% in the first quarter.

On Tuesday, the company also confirmed its previous guidance for fiscal 2023, with GMV in the range of 865 million euros to 910 million euros, representing 16 to 22% growth. Adjusted EBITDA will be between 68 million euros and 76 million euros, with a margin of 9 to 9.5%.

The medium-term is also looking rosy. Mytheresa confirmed its targets of annual GMV growth of 22 to 25%, and an adjusted EBITDA margin of around 9 to 10%.

In an interview, the company’s CEO Michael Kliger stressed that Mytheresa was a “luxury” business rather than a “digital” one, and said the “safest place right now is the high end of the market.”

He added that in the first quarter, Mytheresa witnessed “above average” GMV growth in the U.S., where the brand continues to win clients, and “very good growth in mainland China,” where Mytheresa continues to build its teams.

In the three-month period, Kliger said Mytheresa also saw “high-quality” customer growth, with a 27.7% uptick in the number of top-spending customers. There was an increase in average spend among all customers of 6.5% compared with last year.

The company also unveiled the creation of The China Designer Program by Mytheresa to “support and create visibility” for Chinese luxury designers.

In the past weeks, the company released its first environment, social and governance report, which looks at its progress in the fiscal 2022 year ended June 30. It is known as the Mytheresa Positive Change Report.

The company said it made “significant progress” toward its goal to use only renewable electricity in its business, reaching 90% in all operations over which it has control. The majority of the Mytheresa offices are run on clean electricity.

By offsetting its CO2 emissions with Gold-Standard-certified projects, the company has reached climate neutrality for its own operations, as well as for shipments, returns and packaging. As reported, it has progressively removed furs and exotic skins from the collections it sells.

It also teamed with Vestiaire Collective on a resale service that was made available to Mytheresa’s luxury customers.

The company said it plans to publish the Mytheresa Positive Change report each year covering its performance and progress in its bid to be transparent and accountable.

This story was reported by WWD and originally appeared on WWD.com.

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