Mytheresa losses widen

Mytheresa began its 2025 financial year with a 7.6% year on year rise in net sales to €201.7m (£168.7m) for the 12-week period.

During the quarter, the etailer launched exclusive capsule collections with in-demand luxury labels including Loewe, The Row and Chloé, as well as intimate events for customers, including a dinner reception with designer Simone Rocha.

The average order value (AOV) during the period increased by 9% year on year to a record of €720 (£603).

However, first-quarter operating losses widened to €30m (£25m), up by 123% compared to the same period in 2023 amid a challenging trading environment.

EBITDA returned to the black with profitability improving by 200bps at an adjusted EBITDA margin level of 1.4% in the first quarter of fiscal 2025, up from 0.6% in the red a year prior.

The business expects its full-year EBITDA margin to fall in the range of 3% and 5% for the full fiscal year ending 30 June 2025. Full-year sales are forecast to grow between 7% and 13% year on year.

On 12 September, Mytheresa reported a 9.8% rise in net sales in the full year to 30 June 2024. Weeks later, the business agreed to acquire Yoox-Net-A-Porter (YNAP) from its owner Richemont with a cash position of €555m (£465m) in exchange for a 33% stake in its business. The deal is expected to complete in the first six months of 2025.

Commenting on the first-quarter results, Mytheresa CEO Michael Kliger said: “With strong revenue growth and positive adjusted EBITDA in the first quarter we continued our very positive business momentum that we have seen since the third quarter of fiscal year 2024.

“We have reaffirmed our leading position in a clearly consolidating sector and displayed our unique characteristic of profitable growth.

“We strongly believe that we will benefit significantly from the improving market conditions over the next quarters. Our strong growth with top customer, our record high AOV, our improved gross margin and the excellent customer satisfaction scores all highlight the fundamental health of our business.”