Mytheresa reports 10% revenue growth

Mytheresa, the luxury ecommerce platform rooted in Germany, saw its revenue increase by 9.8 percent in the past fiscal year. Sales especially surged in the second half of the fiscal year, and profitability also improved over the course of the year.

Mytheresa’s revenue amounted to 840.9 million euros, compared to 766.0 million in the previous fiscal year. The Gross Merchandising Value (GMV) grew by 7.1 percent, to 913.6 million euros. At the bottom line, the multi-brand luxury platform reported an adjusted net income of 7.7 million euros, according to the financial report.

Growth momentum

Mytheresa’s growth momentum continued into the second half of fiscal year 2024, with revenue growth of 13.8 percent and GMV growth of 11.4 percent. The company’s adjusted EBITDA margin surged to 4.3 percent in this six-month period, a notable increase from 1.7 percent in the first half of the fiscal year and 2.3 percent in the second half of the previous fiscal year. Profitability improved notably in the fourth quarter, which ended on June 30.

Almost doubling profitability

Michael Kliger, Mytheresa’s Chief Executive Officer, expressed satisfaction with the company’s revenue and profit growth: “We are very pleased with our performance in the fourth quarter as it drove the continued very positive momentum for Mytheresa in H2 of fiscal 2024 with double-digit growth and almost doubling of profitability compared to the prior year.”

‘We are very pleased with our performance.’

Mytheresa, which competes with companies like Fashionette and Amazon, ships to over 130 countries. Approximately 20 percent of its revenue now comes from the United States.

High-end luxury shoppers

According to Mytheresa, its “unique digital experience is based on a sharp focus on high-end luxury shoppers, exclusive product and content offerings, leading technology and analytical platforms, as well as high-quality service operations”. Earlier this year, Mytheresa reportedly showed interest in acquiring Yoox Net-a-Porter, which has been put up for sale by its owner, Richemont.

Online fashion, beauty, and luxury market

The total European online fashion, beauty, and luxury market generated a turnover of 213 billion euros in 2023, according to figures released last week by Cross-Border Commerce Europe. The cross-border share of that market grew to 38 percent and is expected to grow to 40 percent this year.