Mytheresa buoyant for LuxExperience in Q4/FY25, but YNAP brands remain work in progress

LuxExperience — the vastly expanded business that was once just Mytheresa but now also includes the YNAP brands — has released its Q4 and full-year results with it reporting “strong” figures for the legacy Mytheresa business.

Looking at just a few of the headline figures, that part of the operation saw net sales growth of 11.5% in Q4 and 8.9% for the full fiscal year with adjusted EBITDA growing 73%, despite ongoing macro headwinds. It also reported “exceptional customer economics” in the last quarter at Mytheresa with an increase in GMV for all customers of 13% and a 16.1% increase in GMV per top customer.

The increase in Average Order Value for Mytheresa was also pleasing at 10% in Q4 to reach €773.

And for the year, US net sales growth was 9.7% with that market now having a net sales share of 20.6% of the total business for Mytheresa.

CEO Michael Kliger said he was understandably “extremely pleased with the results of our Mytheresa business. We have demonstrated clear operational and financial leadership in digital luxury. LuxExperience is in a remarkable position to become the one and only destination for luxury enthusiasts worldwide, bringing together some of the most iconic brands in digital luxury retail”.

Digging deeper

So let’s look at the full numbers line-up for Mytheresa (not forgetting YNAP, which we’ll get to later). 

Mytheresa saw GMV growth of 11.1% to €265.9 million in Q4 and that 11.5% net sales rise mentioned above took it to €248.9 million. The gross profit margin was 48.3%, an increase of 90 BPs year-on-year and adjusted EBITDA rose to €16.1 million from €10.6 million. It had an adjusted EBITDA margin of 6.5%, up from 4.7% in the prior year period.

For the 12 months, GMV rose 8.2% to €988.5 million and the aforementioned net sales rise took it to €916.1 million. The gross profit margin of 47% was an increase of 130 BPs while adjusted EBITDA of €44.6 million was up from €25.8 million.

Red ink

Looking at the figures for Net-A-Porter and Mr Porter (NAP/MRP), the numbers are less pleasant with plenty of red ink. In the fourth quarter GMV fell to €267.4 million from €294.2 million, net sales declined to €255.3 million from €280.4 million and the adjusted gross profit margin was down at 50.7% from 51.3%. Adjusted EBITDA was a loss of €2.9 million compared to a profit of €15.3 million in Q4 of the previous year. Meanwhile, active customers declined and total orders shipped also dropped, although the average order value increased from €708 to €811.

For the full year, GMV dropped to €1.09 billion from €1.23 billion and net sales were down to €1.04 billion from €1.17 billion. Adjusted EBITDA was a loss of €7.2 million after a profit on the same basis of €22.5 million in the previous year. Active customer numbers declined as mentioned above as did total orders shipped, but again, the average order value was higher.

Now looking at the Off-Price segment that includes Yoox and The Outnet, GMV declined in Q4, dropping to €159.1 million from €197.9 million. Net sales dropped to €159.1 million from €192.7 million and adjusted EBITDA was a wider loss of €28.5 million after a €12.9 million loss in the previous Q4. 

For the year, this part of the business saw GMV declining to €808.4 million from €935.8 million, while net sales dropped to €792.8 million from €912.8 million. Again, it saw an adjusted EBITDA loss, but this time it was €96.2 million, which is actually a smaller loss than in the previous year when the figure was €112.1 million. Again, active customer numbers and total orders shipped declined although the average order value increased from €249 to €292.

Reorganised group

The company said that at group level, its reorganisation to a new operating model has almost completed, including cost reduction actions having started while tech migration for luxury and simplification of the separate Off-Price tech stack has started. 

Looking at the different divisions, it appears to be business as usual at Mytheresa with the launch of exclusive capsule collections and pre-launches in collaboration with Dolce & Gabbana, Pucci, Versace, Chloé, Missoni, Alaïa, Bottega Veneta, The Row and many more. And it’s organised “impactful Top Customer events around the globe and ‘money-can’t-buy’ experiences” in partnership with luxury brands, including a Sicilian market experience with Dolce & Gabbana in Taormina, a private dinner with Aquazzura in Rome and a boat tour and pool party with Missoni in Ibiza.

For NAP/MRP, there’s been a lot of change with new leadership now in place, while for Yoox and The Outnet, it has taken clear steps to simplify and separate the business model from the in-season luxury businesses.

But clearly, those former YNAP business remain a work in progress. So what does it all mean for the current financial year (which began in July)?

For the topline, the Luxury/Mytheresa segment is expected to continue growing its GMV. The Luxury/NAP & MRP segment is expected to “still slightly decline in GMV”. The Off-Price segment “will continue the restructuring of its operating and business model in FY26” and it expects GMV at Off-Price “to decrease considerably”. 

LuxExperience at group level is expected to have GMV of around €2.5 billion-€2.9 billion in FY26. And given the “uncertainties in the market and FY26 being a transition year”, it expects FY26 to see comparable profitability levels to FY25.