15-05-2025
Germany's Mytheresa expects $4.3 bn net sales in FY25 after solid Q3
German digital luxury group LuxExperience has announced the financial results of its legacy Mytheresa standalone business, reporting net sales of €242.5 million (~$263.2 million) in the third quarter of fiscal 2025 (Q3 FY25) ended March 31, an increase of 3.8 per cent year-over-year (YoY). The fiscal to date (FYTD 25) sales rose 8 per cent YoY.
The gross merchandise value (GMV) also grew 3.8 per cent to €261.3 million (~$283.5 million). The average order value rose by 8.8 per cent to €753 on a last twelve months (LTM) basis. Mytheresa achieved a gross profit margin of 44.8 per cent, a 140-basis point (bps) improvement YoY. The adjusted EBITDA stood at €9.3 million, with a margin of 3.9 per cent, and FYTD 25 adjusted EBITDA margin reached 4.3 per cent. The quarter also delivered a positive operating cash flow of €18.7 million.
Key business highlights for Q3 FY25 include the expansion of the partnership with another luxury brand Prada to cover global distribution rights, including the US. The company hosted a successful two-week immersive Aspen Apres-Ski experience in collaboration with Bemelmans, attracting a significant number of new high-net-worth customers, Mytheresa said in a press release.
Mytheresa's net sales reached €242.5 million (~$263.2 million) in Q3 FY25, up 3.8 per cent YoY, with GMV reaching €261.3 million. The company saw strong margins and positive cash flow. It completed the acquisition of Yoox Net-A-Porter in April. Despite tariff-related uncertainties, it maintains profitability guidance and aims for €4 billion (~$4.34 billion) in net sales for full fiscal.
It also launched exclusive capsule collections and pre-launch collaborations with leading luxury brands such as Loewe, Etro, Balenciaga, Manolo Blahnik, Saint Laurent, Bottega Veneta, Valentino Garavani, Toteme, and Tod's.
On April 23, 2025, LuxExperience completed the acquisition of Yoox Net-A-Porter from Richemont, gaining full ownership of Net-A-Porter, Mr Porter, Yoox, and The Outnet, added the release.
'The results of the third quarter demonstrate once again the strength of the Mytheresa business model. Solid GMV growth, higher top customer spends, continued product margin expansion and strong profitability show the health and resilience of the business despite macro headwinds,' said Michael Kliger, chief executive officer (CEO) at LuxExperience, formerly MYT Netherlands Parent BV.
'The strong results of the Mytheresa business model underline the fantastic prospects for the recently acquired Yoox Net-A-Porter business. We continue to demonstrate our ability to execute well and achieve strong results under macro uncertainties where other players fail. Combined we will create the leader in global digital, multi-brand luxury with strong profitability and growth. Our medium-term ambition is to reach around €4 billion in net sales per year and 7 per cent to 9 per cent in adjusted EBITDA margin,' continued Kliger.
For full FY25 ending June 30, 2025, Mytheresa is now anticipating GMV and net sales growth at the lower end of its earlier forecast range of 7 to 13 per cent due to ongoing tariff uncertainties and their impact on customer sentiment. Despite this, the company reaffirmed its adjusted EBITDA margin guidance of 3 to 5 per cent, reflecting its continued focus on profitability.
The acquisition of Yoox Net-A-Porter is projected to contribute €300–350 million in additional net sales and an adjusted EBITDA loss of €20–30 million to the legacy Mytheresa results for the year.
Looking ahead, the company remains confident in the medium-to long-term outlook for the combined entity, reiterating its target of approximately €4 billion (~$4.34 billion) in annual net sales and an adjusted EBITDA margin of 7 to 9 per cent.
Fibre2Fashion News Desk (SG)
