LuxExperience: Mytheresa remains growth engine

LuxExperience, the parent company of German luxury retailer Mytheresa, has reported strong sales growth for the second quarter of 2025/26 and confirmed that the integration of the Yoox Net-A-Porter (YNAP) platforms remains on schedule.

During the three months ending December 31, 2025, the Mytheresa segment generated revenue of 242.70 million euros (289 million dollars), representing an 8.8 percent increase over the previous year, or 11.6 percent when adjusted for currency fluctuations.

This growth, coupled with a gross margin increase to 52.3 percent, allowed Mytheresa’s adjusted EBITDA to rise to 22.60 million euros, up from 16.20 million euros in the same period last year. On a reported group level, including the YNAP business segments acquired in the spring, sales reached 646.90 million euros, a substantial increase from the 223 million euros recorded in the prior-year quarter.

Highlights of LuxExperience's Q2 results On a pro-forma basis, group sales rose by 1.1 percent to 645.10 million euros, which reflects a currency-adjusted growth of 5.7 percent.

Within the luxury segment, encompassing Net-A-Porter and Mr Porter, revenue declined by 1 percent to 277.10 million euros on a pro-forma basis, though it achieved a 6 percent increase when adjusted for currency. The off-price segment, led by Yoox, saw sales fall by 7.3 percent to 125.30 million euros. Notably, figures for The Outnet are no longer included following an agreement for its sale in October 2025.

Despite a pro-forma adjusted EBITDA of 13.20 million euros, the reported net loss from continuing operations widened to 12.60 million euros, compared to 4.70 million euros in the prior-year period.

Outlook

Chief executive officer Michael Kliger expressed confidence in the ongoing turnaround of the YNAP segments, noting that the group has already returned to adjusted EBITDA profitability. Kliger emphasised that the company is successfully transferring Mytheresa’s profitable growth model to the newly acquired entities through a dedicated management team.

Consequently, LuxExperience has narrowed its forecast for the current financial year, raising the lower end of its gross merchandise value (GMV) target to 2.50 billion euros and improving its adjusted EBITDA margin expectations to a range of -1 percent to +1 percent.

In the medium term, the group maintains its ambition to reach 4 billion euros in annual turnover with an adjusted EBITDA margin between 7 and 9 percentage points.

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