Mytheresa Focus on High-End Luxury Shoppers Pays Off

Q2 FY23 Results: Mytheresa Reports GMV Growth of 8% in Q2 FY23 and Strong Profitability of 9% Adjusted EBITDA Margin Despite Significant Macroeconomic Headwinds

-Gross Merchandise Value (GMV) growth of 7.8% to €215.9 million in Q2 FY23 as compared to €200.2 million in the prior year period
-GMV growth of 13.7% in H1 FY23 as compared to the prior year period
-Number of top customer growth of 25.3% in Q2 of FY23 and 26.2% in H1 FY23 as compared to the prior year period
-Gross Profit margin of 54.8% in Q2 FY23, an increase of 140 BPs from Q2 of FY22
-Strong profitability with adjusted EBITDA of €17.7 million in Q2 FY23, representing an Adjusted EBITDA margin of 9.3%
-Confirmed guidance for full FY23 at the lower end of 16% to 22% GMV growth and 9% to 9.5% Adjusted EBITDA margin

MYT Netherlands Parent B.V., the parent company of Mytheresa Group GmbH, announced financial results for its second quarter of fiscal year 2023 ended December 31, 2022. The luxury multi-brand digital platform delivered another quarter of solid growth with continued strong profitability, despite significant macroeconomic headwinds.

Michael Kliger

Michael Kliger, Chief Executive Officer of Mytheresa, said, “We are pleased with the solid growth in the second quarter which is driven by Mytheresa’s clear focus on the true high-end, wardrobe-building luxury customers and not the aspirational, occasional luxury shoppers who are more likely to be impacted negatively by an economic downturn. Our business has shown once more excellent financial strength and resilience against a backdrop of economic and geopolitical challenges, setting Mytheresa apart from other digital platforms in the same period.”

Kliger continued, “We have built a very resilient and agile business model. We are global, active across many luxury categories, uniquely focused on full-price selling and we have a high share of cost variability. This enables Mytheresa to deliver strong profitability even at times of slower growth. All of this, along with the consistently high-quality levels of services and creative productions, clearly places us as one of the few winners in the consolidating luxury ecommerce space.”


-GMV growth of 7.8% to €215.9 million in Q2 FY23 as compared to €200.2 million in the prior year period
-Net sales increase of 1.3% year-over-year to €190.1 million
-Increase of 140 basis points in Gross Profit margin to 54.8% compared to 53.4% in the prior year period due to increased sales from the Curated Platform Model (CPM) generating 100% gross margin with no costs of sales
-Strong profitability with Adjusted EBITDA of €17.7 million in Q2 FY23, representing an Adjusted EBITDA margin of 9.3%
-Adjusted operating income of €14.9 million at an Adjusted operating income margin of 7.9%
-Adjusted net income of €11.0 million at an Adjusted net income margin of 5.8%


Strong Global Expansion:

-Solid GMV growth despite significant macroeconomic headwinds with +7.8% vs. Q2 FY22 and +13.7% in H1 FY23 vs. H1 FY22
-GMV growth in the United States of +12.7% in Q2 FY23 vs. Q2 FY22 and total GMV share of the US expanding to 16.9%
-High-impact top customer activations held in Europe, the United States and the Middle East with truly “money can’t buy” experiences

Continued Brand Partnerships:

-Launch of exclusive capsule collections and pre-launches in collaboration with Loro Piana, Max Mara, Etro, The Row, Oscar de la Renta, Stella McCartney, Christian Louboutin, Givenchy and many more
-Strong expansion of skiwear category with capsules and exclusives by Dolce&Gabbana, Khaite, Gucci and Pucci
-Launch of Moncler Grenoble exclusive products with highly impactful shoppable video campaign shot by Mytheresa in Crans Montana with professional skiers
-Successful operation of the Curated Platform Model (CPM) with 7 brands and positive business impact

High-quality Customer Growth:

-LTM growth of active customers of 10.1% reaching 814,000 customers
-Strong growth of number of top customers with +25.3% in Q2 FY23 vs. Q2 FY22 as well as an increase in average GMV per all customers of +1.9% in Q2 FY23 showing the quality of customer acquisitions
-Solid number of first-time buyers in one quarter with over 120,000 new customers
-Newly acquired Q3 FY22 customer cohorts show positive repurchase rates up to December compared to the cohort acquired in Q3 FY21

Consistent Strong Operational Performance:

-Maintained very good customer satisfaction with an industry-leading Net Promoter Score of 79.5% in Q2 FY23
-Achieved strong Gross Profit margin with 54.8% in Q2 FY23 based on continued focus on full-price business and increasing share of CPM which generates 100% gross profit with no cost of sales
-Operational indicators in Q2 FY23 underlined resilience and adaptability of the Mytheresa business model despite significant challenging macroeconomic conditions


For the full fiscal year ending June 30, 2023, we confirm our previous guidance at the lower end of the given range for top and bottom line:

GMV in the range of €865 to €910 million, representing 16% to 22% growth
Net Sales in the range of €755 million to €800 million, representing 10% to 16% growth
Gross Profit in the range of €410 million to €435 million, growing in line with GMV and representing 16% to 22% growth

Adjusted EBITDA in the range of €68 million to €76 million with an Adjusted EBITDA margin of 9.0% to 9.5%

The foregoing forward-looking statements reflect Mytheresa’s expectations as of today’s date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. Mytheresa does not intend to update its forward-looking statements until its next quarterly results announcement, other than in publicly available statements.