Mytheresa’s winning streak continues.
The German e-tailer’s net sales grew 12 percent year over year to €249 million ($292 million) in the final quarter of its fiscal year that ended in June 2025. Its adjusted earnings before interest, taxes, depreciation and amortisation — a measure of profitability — increased 52 percent to €16 million during the same period.
Mytheresa’s performance was driven by its fail-safe formula of offering exclusive capsule collections with brands, including Dolce & Gabbana and Alaïa, along with money-can’t-buy, in-person experiences for top customers. Gross merchandise volume — or sales done through its platforms — from top spenders jumped 16 percent in the final quarter of the year. The stock price for Mytheresa’s parent company, LuxExperience, grew more than 17 percent in pre-market trading following its earnings release.
But LuxExperience now has to execute a turnaround at Yoox-Net-a-Porter, which it acquired in April. Net-a-Porter and its menswear offshoot, Mr Porter, saw its sales decline 9 percent to €255 million in the final quarter of fiscal 2025 amid a “lack of marketing spend in the past, as well as too little investments into the buying of attractive new merchandise,” LuxExperience’s group chief executive, Michael Kliger, said on an earnings call on Thursday. The company’s offprice units, Yoox and The Outnet, also reported a 17 percent sales dip to €159 million during the same period.
Kliger anticipates revenue will continue to drop at Net-a-Porter and Mr Porter in the near term. But LuxExperience has already started a hefty overhaul. In April, it appointed Heather Kaminetsky to lead Net-a-Porter and Toby Bateman, who helped launch Mr Porter, to lead the menswear site. Their remits involve “a renewed clear focus on luxury customers looking for editorial inspiration and brand discovery, as well as a focus on full price selling,” Kliger said on the earnings call. LuxExperience also announced layoffs at Net-a-Porter and Mr Porter in September as it merges the British e-tailer’s operations with Mytheresa’s existing infrastructure.
LuxExperience’s ultimate plan is for the entire group to reach €4 billion in annual revenue by 2030. Total revenue hit €2.7 billion for the full fiscal 2025 that ended in June. But LuxExperience’s finance chief, Martin Beers, also warned that 2026 will be a “transition year” amid tariff uncertainty and Net-a-Porter and Mr Porter having “to readjust its buying and marketing strategy,” Beers said.
Learn more:
Can Mytheresa Keep Its Place at the Top of Luxury E-Commerce in 2025?
Ahead of his company’s deal to acquire Yoox-Net-a-Porter, Mytheresa CEO Michael Kliger opens up about what it takes to be a leader in online luxury and his expectations for the year to come in the BoF-McKinsey State of Fashion 2025.