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Now that Richemont has offloaded the online luxury group Yoox Net-a-Porter, the e-tailers’ loss-making will be Mytheresa’s problem.
In an investor call on Thursday, LuxExperience, the new luxury group that combines Mytheresa and Yoox Net-a-Porter, said that Net-a-Porter and Mr Porter’s combined net sales dropped 11 percent to €1.2 billion ($1.3 billion) in 2024 and is on track to fall another 11 percent to €1 billion in 2025. Their off-price companions, Yoox and The Outnet, saw their combined sales decreased 19 percent to €957 million in 2024; the e-tailers’ revenues are expected to decline another 14 percent to $826 million this year. That contrasts with Mytheresa’s projected 7 percent growth to around €900 million in 2025.
The numbers were revealed as LuxExperience announced more details of its post-merger plans to return the embattled companies to growth. Net-a-Porter and Mr Porter, as one luxury unit, and Yoox and The Outnet, as a separate off-price division, are targeting sales increases of more than 10 percent in the medium-to-long term. LuxExperience didn’t disclose a target year.
LuxExperience plans to drive growth for the overall group through more streamlined operations. Mytheresa, Net-a-Porter and Mr Porter, for example, will share an e-commerce platform and may use one another’s warehouses in specific regions. That plan, which will take two to three years to implement, will cost as much as €250 million but will help push LuxExperience toward €4 billion in annual revenue and as much as 9 percent adjusted earnings before interests, taxes, depreciation and amortisation by 2030.
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