Mytheresa Parent Company Returns to Growth in Sales and Profits

LuxExperience, the parent company of Mytheresa and Yoox Net-a-Porter, reported that group sales increased 1.1 percent year on year to €645 million ($767 million) in the fiscal quarter that ended in December. It’s a positive shift from the 4 percent dip the online luxury group saw in its previous quarter.

LuxExperience also generated a €13 million profit on the basis of adjusted earnings before interest, taxes, depreciation and amortisation, up from the €28 million adjusted EBITDA loss in the previous quarter.

Mytheresa drove much of the overall company’s growth. Sales jumped 9 percent to €223 million, led by its continued focus on catering to its top-spending customers with “money-can’t-buy” events and exclusive collections from the likes of Loewe and Bottega Veneta.

Yoox Net-a-Porter, which is in the middle of a turnaround following LuxExperience’s acquisition of the embattled group last April, logged a decline in sales, but at much improved rates compared to previous quarters. Net-a-Porter and its menswear offshoot, Mr Porter, reported a 1 percent dip in sales to €277 million, versus an 11 percent drop in the previous quarter, which the company attributed to its doubling down on Net-a-Porter’s marquee editorial strategy. The off-price e-tailer Yoox saw a 7 percent decrease in sales, also an improvement over its 17 percent downturn during the previous quarter.

LuxExperience is holding steady on its goal to generate €4 billion in annual sales by 2030. The company’s stock jumped more than 14 percent on Tuesday following its earnings release.

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Mytheresa Parent Company Reports Sales and Profit Declines

LuxExperience reported a 4 percent dip in overall sales as Yoox Net-a-Porter’s declines overshadowed Mytheresa’s continued growth.