Fashion
Mytheresa buoyant for LuxExperience in Q4/FY25, but YNAP brands remain work in progress
Published
September 26, 2025
LuxExperience — the vastly expanded business that was once just Mytheresa but now also includes the YNAP brands — has released its Q4 and full-year results with it reporting “strong” figures for the legacy Mytheresa business.
Looking at just a few of the headline figures, that part of the operation saw net sales growth of 11.5% in Q4 and 8.9% for the full fiscal year with adjusted EBITDA growing 73%, despite ongoing macro headwinds. It also reported “exceptional customer economics” in the last quarter at Mytheresa with an increase in GMV for all customers of 13% and a 16.1% increase in GMV per top customer.
The increase in Average Order Value for Mytheresa was also pleasing at 10% in Q4 to reach €773.
And for the year, US net sales growth was 9.7% with that market now having a net sales share of 20.6% of the total business for Mytheresa.
CEO Michael Kliger said he was understandably “extremely pleased with the results of our Mytheresa business. We have demonstrated clear operational and financial leadership in digital luxury. LuxExperience is in a remarkable position to become the one and only destination for luxury enthusiasts worldwide, bringing together some of the most iconic brands in digital luxury retail”.
Digging deeper
So let’s look at the full numbers line-up for Mytheresa (not forgetting YNAP, which we’ll get to later).
Mytheresa saw GMV growth of 11.1% to €265.9 million in Q4 and that 11.5% net sales rise mentioned above took it to €248.9 million. The gross profit margin was 48.3%, an increase of 90 BPs year-on-year and adjusted EBITDA rose to €16.1 million from €10.6 million. It had an adjusted EBITDA margin of 6.5%, up from 4.7% in the prior year period.
For the 12 months, GMV rose 8.2% to €988.5 million and the aforementioned net sales rise took it to €916.1 million. The gross profit margin of 47% was an increase of 130 BPs while adjusted EBITDA of €44.6 million was up from €25.8 million.
Red ink
Looking at the figures for Net-A-Porter and Mr Porter (NAP/MRP), the numbers are less pleasant with plenty of red ink. In the fourth quarter GMV fell to €267.4 million from €294.2 million, net sales declined to €255.3 million from €280.4 million and the adjusted gross profit margin was down at 50.7% from 51.3%. Adjusted EBITDA was a loss of €2.9 million compared to a profit of €15.3 million in Q4 of the previous year. Meanwhile, active customers declined and total orders shipped also dropped, although the average order value increased from €708 to €811.
For the full year, GMV dropped to €1.09 billion from €1.23 billion and net sales were down to €1.04 billion from €1.17 billion. Adjusted EBITDA was a loss of €7.2 million after a profit on the same basis of €22.5 million in the previous year. Active customer numbers declined as mentioned above as did total orders shipped, but again, the average order value was higher.
Now looking at the Off-Price segment that includes Yoox and The Outnet, GMV declined in Q4, dropping to €159.1 million from €197.9 million. Net sales dropped to €159.1 million from €192.7 million and adjusted EBITDA was a wider loss of €28.5 million after a €12.9 million loss in the previous Q4.
For the year, this part of the business saw GMV declining to €808.4 million from €935.8 million, while net sales dropped to €792.8 million from €912.8 million. Again, it saw an adjusted EBITDA loss, but this time it was €96.2 million, which is actually a smaller loss than in the previous year when the figure was €112.1 million. Again, active customer numbers and total orders shipped declined although the average order value increased from €249 to €292.
Reorganised group
The company said that at group level, its reorganisation to a new operating model has almost completed, including cost reduction actions having started while tech migration for luxury and simplification of the separate Off-Price tech stack has started.
Looking at the different divisions, it appears to be business as usual at Mytheresa with the launch of exclusive capsule collections and pre-launches in collaboration with Dolce & Gabbana, Pucci, Versace, Chloé, Missoni, Alaïa, Bottega Veneta, The Row and many more. And it’s organised “impactful Top Customer events around the globe and ‘money-can’t-buy’ experiences” in partnership with luxury brands, including a Sicilian market experience with Dolce & Gabbana in Taormina, a private dinner with Aquazzura in Rome and a boat tour and pool party with Missoni in Ibiza.
For NAP/MRP, there’s been a lot of change with new leadership now in place, while for Yoox and The Outnet, it has taken clear steps to simplify and separate the business model from the in-season luxury businesses.
But clearly, those former YNAP business remain a work in progress. So what does it all mean for the current financial year (which began in July)?
For the topline, the Luxury/Mytheresa segment is expected to continue growing its GMV. The Luxury/NAP & MRP segment is expected to “still slightly decline in GMV”. The Off-Price segment “will continue the restructuring of its operating and business model in FY26” and it expects GMV at Off-Price “to decrease considerably”.
LuxExperience at group level is expected to have GMV of around €2.5 billion-€2.9 billion in FY26. And given the “uncertainties in the market and FY26 being a transition year”, it expects FY26 to see comparable profitability levels to FY25.
Copyright © 2025 FashionNetwork.com All rights reserved.
Published
January 21, 2026
Testoni hails from Bologna, Italy, but in 2022 the luxury footwear and accessories maker came under the umbrella of Chinese group Viva China, which controls the Li Ning brand (which has just shown at Milan Men’s Fashion Week) and the British brand Clarks, having previously been acquired by Hong Kong-based Sitoy Group in 2018. The Emilia-based label, founded in 1929 and specialising in men’s footwear, has since placed greater emphasis on womenswear and, following a rebrand from a.testoni to Testoni 1929, in 2025 opened a 200 square-metre flagship on Via Manzoni in Milan.
The Milan boutique is part of the brand’s relaunch plan. In the same vein, the company has taken on a larger showroom to support retail and wholesale activities, at Via Sant’Andrea 21, where the presentation of the Autumn-Winter 2026/27 collection was held. “We currently operate 30 single-brand stores; we have just opened a new one in Taipei,” Philip Yau, CEO of Testoni, tells FashionNetwork.com. “They are located mostly in Asia- in China, Japan, South Korea and, indeed, Taipei. But after focusing on the Far East, we now want to look more to Europe, with Italy as a starting point, and then move on to the US.”
“We had a presence in America in the past, but we had closed the business there. Now we will reopen that market, where we were selling 10 million shoes every year. We have a large distribution centre in Hanover, near Philadelphia. Retailers such as Macy’s and Nordstrom, with whom we have established contacts, can help us successfully resume business in that market,” continues Yau, who is also aiming for “operational, logistics, marketing and other synergies with the brands Clarks and Li Ning and with the group’s market reach.” “Asia remains a strong base for us at Viva China, where we own many companies,” he says.
There are around 60 multi-brand stores that sell Testoni, making distribution highly selective at the top end. “Testoni has always been a more retail-oriented brand, but we are working to expand into wholesale as well, which we believe can be a strong driver of growth,” adds Testoni’s general manager, Enzo Vaccari. “So wholesale expansions are planned, especially in the US and other overseas markets. Nor are we neglecting e-commerce, which is quite small at present. It can do much more; we will work on it by leveraging the synergies we can establish with Clarks’ platform.”
Autumn-Winter 2026/27 has seen an increase in men’s styles and focuses on the Testoni brand’s core offer: loafers, moccasins, clean lines, no eccentricities, underscoring its craftsmanship. “In three years we will celebrate our 100th anniversary, so we have a very rich archive that could certainly form the basis of a museum,” Vaccari adds. “It is one of our dreams, because in our archive there are original products from the 1940s through the 1950s and 1960s, and we have all the original designs by Marisa Testoni, the daughter of Amedeo Testoni, the founder. At the moment, these materials are kept in Piazza XX Settembre, near the Montagnola in Bologna, but we are working to rethink the space and reorganise everything properly. We wanted Bologna to be the focal point of this project, because it is the city where we were born, where the company’s history lies.”
Testoni also makes handbags, another line that has expanded in terms of styles, while men still account for 70% of revenue and production. “However, we are trying to achieve a better balance between the collections: we need to develop more bags dedicated to women,” Yau notes.
From a financial standpoint, the official 2025 year-end has yet to be finalised, so Philip Yau does not intend to disclose Testoni’s annual turnover, which nonetheless grew in the single digits. The leading markets are China, Taiwan and Hong Kong combined- Greater China- accounting for 40%, followed by Japan. “But the US is and will be a key market for Testoni and for the entire Viva China group, as is the Middle East, not only through wholesale distribution but also via retail openings currently under consideration,” explains Enzo Vaccari. “In America we have just returned; we want to find a major retailer, like Macy’s, which has more than 300 doors. In the meantime, there will be consolidation of retail in Asia, where we are looking at other markets, such as Singapore and Malaysia, which we would like to enter within a couple of years, depending on the opportunities that arise.”
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Copyright © 2026 FashionNetwork.com All rights reserved.
Published
January 21, 2026
Add designer to Jaden Smith’s considerable list of professions- along with actor, singer, and rapper- after the Californian creator dreamed up an impressive Dadaist display for his debut at Christian Louboutin.
Evoking a whole plethora of influences from Greek mythology and the Great Paris Exhibitions to Dadaism and the great movement for Civil Rights, in an elaborate set in a disused warehouse in Montparnasse. Mount Parnassus, you will recall, was the home to nine muses in arts and sciences.
Two fine works of footwear even had Greek names: The Plato Loafer, a 2017 model with Swisscheese like holes, which Smith updates with the new Neo CL signature on a steel silver coin. And the Asclepius Sling- named after the ancient god of medicine- with the same emblematic coin detail and metallic hardware on the backstrap.
“I brought my personal interest on Greek mythology in as I thought it would resonate with people, as humans at the end of the day are all very similar. I’m combining my perspective of being an African American designer, linked to my more Dadaist thinking into the heritage of a French maison,” explained courteous 27-year-old.
Close by stood a Nam June Paik worthy mound of TVs, with video showing images of Martin Luther King’s 1963 March on Washington, The Sphinx, and clips from Dadaist filmmaker Hans Richter.
“That art piece is about the overdose of information we experience. This revolution that we are in the midst of right now. And the fact that information is being thrown at us all the time. And the psychological effects of looking at 10 screens at the one time. While also drawing correlations between my ancestry and Christian’s ancestry, and the history of art,” said Smith, attired in a giant gangster jeans, an oversized parka and pearl encrusted beanie.
Another installation was a broken temple with fluted columns on which were perched Jaden’s new bags. Notably a series of humungous backpacks and biker satchels, some with a dozen exterior zippered pockets with gold lettering reading- coins, pills, keys, tools, phone, documents, phones, and chargers. Alongside a surrealist tote finished like a bucket of overflowing paint and a Dadaist style back made in a black and white photo of an urban madding crowd.
The whole space was dubbed Christian Louboutin Men’s Exhibition, as a small group of models bathed, inevitably, in red light, circulated wearing the new footwear and bags. Large red fabric rolls made into benches allowed one to enjoy a large video montage, including Jaden as a Wagnerian hero posed in front of gothic castles. Which is where we spotted founder Christian Louboutin, in a video stirring a large vat of red paint, before symbolically handing over a paintbrush to Jaden.
“It’s about craftmanship, extreme luxury, and highest level of design. That’s what Christian Louboutin is all about,” said Smith, describing the brand’s DNA.
Eyebrows were raised when Christian appointed Jaden to the position of creative director, as Parisian designers with two decades long CVs gritted their teeth that an untrained talent got such a coveted position. However, judging by this display, Jaden Smith has the chops, talent, and grace to be very effective in this role.
One suspects the gods of style and time are probably rather pleased.
Copyright © 2026 FashionNetwork.com All rights reserved.
Published
January 21, 2026
To coincide with Milan Fashion Week, the S|STYLE 2025- Denim Lab is setting up at Fondazione Sozzani for an edition devoted to the future of sustainable denim and water management in the textile industry. Led by the S|STYLE Sustainable Style platform, founded in 2020 by independent journalist and curator Giorgia Cantarini, this initiative forms part of an ongoing programme of research and experimentation into responsible innovations applied to contemporary fashion.
The exhibition, open to the public on September 27 and 28, features a site-specific art installation by Mariano Franzetti, crafted from recycled and regenerative denim. Conceived as an immersive experience, it brings fashion design, technological innovation and artistic expression into dialogue.
Water: a central issue in fashion sustainability
Developed in collaboration with Kering‘s Material Innovation Lab (MIL), the Denim Lab brings together a selection of young international designers invited to create a denim look using low-impact materials and processes. They benefit from technical support and access to textiles developed with innovative technologies aimed at significantly reducing water consumption, chemical use, and the carbon footprint of denim production.
This edition places water at its core, an essential issue for a fabric whose production has traditionally demanded substantial volumes of water, from cotton cultivation through to dyeing and finishing. Denim therefore serves as an emblematic testing ground, both familiar and closely associated with the environmental challenges facing the fashion industry.
The fabrics were developed by PureDenim Srl, a specialist in low-impact dyeing techniques, while treatments and finishes were applied by Tonello Srl, a recognised leader in sustainable washing and finishing technologies. The selected designers, from Europe, Asia, and Africa, each offer a distinctive interpretation of denim, blending formal exploration, textile innovation and reflection on the contemporary uses of clothing.
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Copyright © 2026 FashionNetwork.com All rights reserved.
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