U.S. Demand, Big-Spending Clients Boost Mytheresa Q2 Sales, Profits

LONDON – Robust demand in the U.S. and an uptick in the number of big-spending customers fueled top- and bottom-line growth at Mytheresa in the second fiscal quarter ended Dec. 31.

Net income rose 28 percent to 18.9 million euros, while net sales were up 18.3 percent to 187.6 million euros in the three-month period.

The company maintained its full-year guidance for net sales, which will range between 700 million euros and 720 million euros.

It added that the gross merchandise value of goods sold will rise 23 to 26 percent in the full fiscal year ending June 30, compared with original guidance of 22 to 25 percent growth.

Mytheresa chief executive officer Michael Kliger said the quarter saw a “record number of first-time customers” and an increased spend from existing ones as people emerged from lockdown and began socializing outside the home once again.

“We believe there are still massive growth opportunities for Mytheresa driven by the shift of luxury consumers to online and untapped geographic as well as category potential,” Kliger said.

He believes Mytheresa strength lies in allowing luxury brands “to engage with high-value, multi-brand customers who cannot be easily reached with mono-brand offerings.”

Kliger added that the U.S. market has been on a consistent growth trajectory.

The U.S., a relatively new market for Mytheresa, delivered the strongest net sales growth in the three-month period. Net sales were up 74.2 percent compared with the corresponding period last year.

“We are excited to reach an increasing number of customers across the U.S. with particular strength in Florida, Texas and California, which are emerging as major markets for luxury demand. We see a long runway for Mytheresa growth in the U.S.,” Kliger said, adding that occasion-wear had been a strong category in the period, and that U.S. sales were also being driven by “new, young wealth.”

Mytheresa also saw a record number of new, first-time buyers in one quarter and “continued positive repurchase rates” from newly acquired customer cohorts.

The number of top-spending customers grew by nearly 40 percent in the period. Top customers have an average basket of 1,000 euros, and their annual spend is 16,000 euros. They account for roughly 3 percent of Mytheresa’s customer base and generate one-third of total revenue.

Mytheresa said the second quarter saw a 2.3 percent increase in average gross merchandise value spend per top customer.

During the three-month period, Mytheresa sought to deliver those customers a number of exclusives, including capsule collections and pre-launches from brands including Tom FordGivenchy, Ami Paris, Christian Louboutin and Bottega Veneta.

It has also rolled out its Curated Platform Model to six brands with positive business impact. The model allows Mytheresa greater access to brands’ warehouses so that it can deliver and re-stock items as quickly as possible.

The company has also begun building a new warehouse at Leipzig Airport, in Germany, which is expected to improve delivery times “significantly.”

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

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