​Mytheresa results are always closely watched and now that it’s buying YNAP, it’s even more in the spotlight. So what did Tuesday’s report tell us about what will this year become just about the top global luxury e-tailer?

For a start, its performance is improving and it’s getting closer to absolute profitability. It saw double-digit net sales growth with a 13.4% year-on-year rise in Q2 of FY25 (the 12 months to June this year). And it enjoyed continuous US expansion with 17.6% net sales growth in the quarter.

Also, there was “GMV per Top Customer” growth of 13.6 % and average order value rose 9% to €736. The company puts a lot of time and money into special top customer events and in making big-spenders feel that splashing the cash on its site is really worth it. For the latest quarter think ‘money-can’t buy’ experiences in partnership with luxury brands, including a mountain experience with Zegna and an exclusive two-day Nordic winter experience with Moncler Grenoble in Oslo!

The numbers

So, let’s get into the details. The quarter that covered October to December saw net sales rising to €223 million from €196.6 million. During the first half as a whole net sales had risen 10.6%, so the Q2 13.4% rise means growth accelerated in the second quarter in particular.

Overall general merchandise value (GMV) increased 11.9% to €244.7 million in Q2.

Profits-wise, it saw a strong gross profit margin of 50.9%, a rise of 110 bps, while adjusted EBITDA was €16.2 million, up from €7.5 million a year ago, with an adjusted EBITDA margin of 7.3%. 

Adjusted operating income for the quarter was €12.2 million, much better than €3.7 million 12 months earlier. 

On an absolute basis, the company remains loss-making, but the net loss this time was only €4.7 million, narrower than €5.8 million a year ago and much lower than the €28.2 million loss made for the first half as a whole.

As mentioned, the company enjoyed progress in the US and among its highest-spending customers as it launched exclusive capsule collections and pre-launches in collaboration with Khaite, Alaia, Saint Laurent, Loewe, Gucci, Miu Miu, Moncler, Bottega Veneta and more.

It continued the expansion of its fine jewellery offer with the launch of the Bulgari brand online, “supporting ongoing top customer focus and high-value item growth”.

It all means that for the full year, the company (which is changing its name to LuxExperience to reflect its multi brand status when it acquires YNAP) expects GMV and net sales growth in the range of 7% to 13%. It also expects an adjusted EBITDA margin in the range of 3% to 5%.

CEO Michael Kliger said of all this: “We are very pleased with our results in a still-volatile macro environment. With strong, accelerating revenue growth and positive, significantly improved adjusted EBITDA margin in the second quarter, we continued our very positive business momentum from the previous quarters and have achieved a significant step up in financial performance in H1 of fiscal year 2025 compared to H1 of fiscal year 2024.

“We have reaffirmed our leadership position in terms of financial performance and reputation in digital luxury. Our clear focus on the high-spending, wardrobe-building top customers sets us apart and allows us to win market share and grow profitably. Strong Top Customer revenue growth, an outstanding average order value and excellent customer satisfaction scores demonstrate our relentless customer focus which is a key success factor for Mytheresa.”