Mytheresa, a luxury ecommerce platform, reports a notable increase in net sales driven by US market growth.
- Net sales for the year rose by 9.8% to €841m, significantly influenced by a 25% increase in the US.
- Despite sales growth, Mytheresa faced a decline in its gross profit margin to 45.7%, impacting net profitability.
- The company’s adjusted EBITDA saw a decrease of 32.8%, and net losses increased by 46.4%.
- Looking ahead, Mytheresa anticipates further growth in GMV and net sales between 7% and 13%.
In a significant development for the luxury ecommerce sector, Mytheresa has reported a 9.8% rise in net sales, reaching €841 million for the fiscal year ending 30 June. This growth was substantially fueled by a 25% increase in sales within the US market, showcasing the region’s vital role in the company’s financial expansion.
However, this positive trajectory in sales was juxtaposed with a decline in Mytheresa’s gross profit margin, which fell from 49.6% to 45.7%. This reduction was a contributing factor to the company’s widening net losses, which grew by 46.4% to €24.9 million. Furthermore, there was a notable decrease of 32.8% in adjusted EBITDA, which stood at €25.8 million, indicating challenges in maintaining operational efficiency amidst growing sales.
Throughout the year, Mytheresa engaged in dynamic collaborations with renowned luxury brands such as Valentino, Brunello Cucinelli, Bottega Veneta, Saint Laurent, Loewe, and Gucci. These partnerships involved the launch of exclusive collections and a series of prestigious customer events, underscoring the platform’s commitment to enhancing its market position through strategic brand alliances.
Despite the financial pressures, Mytheresa projects optimism for the forthcoming fiscal year ending 30 June 2025, forecasting a growth range of 7% to 13% in both GMV and net sales. The company also expects adjusted EBITDA margins to be between 3% and 5% during this period, suggesting a strategic focus on improving profitability metrics while capitalising on its current market momentum.
Mytheresa’s Chief Executive, Michael Kliger, expressed satisfaction with the company’s fourth-quarter performance, highlighting a substantial increase in profitability and strong customer engagement. He stated, “We are very pleased with our performance…with double-digit growth and almost doubling of profitability…” His comments reflect a robust confidence in Mytheresa’s strategic initiatives that aim to solidify its stature as a premier high-end luxury digital platform.
Overall, Mytheresa’s strategic focus on market expansion, especially in the US, is crucial to its growth outlook despite current profitability challenges.
