Mytheresa upbeat as Q1 looks strong, US and China shine

Luxury e-tailer Mytheresa said that growth accelerated in the first quarter of its new financial year with gross merchandise value (GMV) up 21% during the quarter.

GMV reached €197.9 million, and it reported an adjusted EBITDA margin of 6.6%. The company also said that the gross profit margin rose to 49.9% from 49% a year earlier.

Net Sales rose 11.4% to €18.1 million, helped by the planned transition of brands to the Curated Platform Model (CPM) and the subsequent effect of recording the platform fee as net sales. Seven brands are now live here.

Its full-year guidance for GMV and gross profit is a rise of between 16% and 22% in both cases, with net sales to rise 10%-16%.

The company said this all “demonstrates the fundamental strength and consistency of a truly differentiated business with a unique customer focus, a highly adaptive business model and outstanding operational excellence”.

In fact CEO Michael Kliger said the “acceleration in GMV growth during the quarter over the previous quarters in 2022 sets us apart from other digital platforms.

“We believe that our results demonstrate the fundamental strength, resilience and consistency of our business, which has always delivered profitable growth. With our unique customer focus, a highly adaptive business model and operational excellence we are very confident to deliver against our communicated targets, despite ongoing challenges in the macro environment.”

He added that the firm achieved growth across all its categories, including its recently launched Life segment of home and lifestyle products, as well as across all geographies.

And it once more achieved above average GMV growth (+28.5%) in the US “where we continue to win clients due to our unique edit and the many ‘money can’t buy experiences’ for our top customers”.

It saw “very good growth in Mainland China” too. And it announced The China Designer Program by Mytheresa to support and create visibility for Chinese luxury designers.

Exclusives were key during the quarter with the launch of exclusive capsule collections and pre-launches in collaboration with Gucci, Chloé, Givenchy, Christian Louboutin, Jacquemus, Loewe, Bottega Veneta and more. It also hosted the exclusive launch of the Etro Love Trotter bag on Mytheresa directly on the day it showed during Marco De Vincenzo’s first Etro show.

The company added that active customers grew 13.4% in Q1, reaching 800,000 customers, and it had a “solid number of first-time buyers with over 105,000 new customers”. Repurchase rates of new customer cohorts acquired in Q4 FY22 also showed a positive trend.

And there was strong growth in the number of “top customers” with 22.7% more in Q1 FY23 than in Q1 FY22 as well as an
increase in average GMV for all customers of 6.5%.

Mytheresa upbeat as Q1 looks strong, US and China shine

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