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?
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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 anexclusive 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.”
Beauty consumers prefer shopping in-store for cosmetics, demand for international beauty products is surging, and 39% of parents have taken skincare advice from their children. These are a sample of findings from retail giant Boots’ latest annual Beauty Trends Report.
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The trends “set to shape the industry in 2025 and beyond” and taken from over 16.9 million active Boots Advantage Card customers, combined with 1,300 of its specialist in-house expert trend analysis reveal six themes “set to take the beauty industry by storm in the year ahead”. They include:
Under the heading ‘URL to IRL: Beauty without borders’, the report says digitally native beauty brands are quickly gaining viral fame online and making their way to high street stores at unprecedented speed.
Demand for international beauty products is surging, with one Korean skincare product selling every 30 seconds at Boots, and it now represents over 10% of the retailer’s ‘Everyday Skincare’ category’s sales.
Although social media platforms remain popular for product discovery, 94% of beauty consumers prefer shopping in-store for cosmetics.
The ‘Intergenerational Beauty’ category shows a flow of beauty advice reversing with 39% of parents having taken skincare advice from their children. Spending over eight hours a day online, Gen ‘Zalpha’ is “shaping industry trends and influencing purchasing decisions beyond their generational bounds”.
Meanwhile, more men are exploring the beauty category, with a 14% increase in men shopping for beauty products at Boots in the last year alone, the report says.
Under the ‘Science of Slumber: Beauty Sleep Elevated’ header, tiredness is ranking as the highest factor for negatively impacting skin and consumers are investing in their night-time routine to unlock their skin’s full potential.
Driven by trends like #morningshed and #sleepmaxxing on TikTok, consumers are seeking beauty hacks and wellness practices to optimise their beauty sleep. And its No7 brand scientists and the University of Manchester have discovered novel insights into skin cell rhythms at night, emphasising the importance of supporting skin during sleep.
Under the ‘High/Low Beauty’ banner, it says shoppers are investing in classic, luxury staples while simultaneously experimenting with fleeting trends and affordable brands.
More than a third of Boots Advantage Card members shopped both budget-friendly make-up and premium cosmetics in 2024, with a 14% year-on-year increase in premium beauty sales at its stores. Consumers are also seeking budget-friendly beauty to help their money stretch further, with one product from Boots’ own-brand skincare range selling every two seconds.
‘Moonscapsing: Scent as Self-Care’ shows fragrance “is becoming a powerful tool for self-care, mood enhancement and an expression of identity”. The survey reveals 78% of UK consumers believe that fragrance can improve mental wellbeing, highlighting the growing awareness of the mind-body connection. Boots Advantage Card data also reveals 42% of shoppers bought more than one type of fragrance in a year, as opposed to opting for just one signature scent.
Finally under ‘Enter the Health Hackers’, the healthcare and aesthetics industries are merging, with Med Spa-inspired technologies and ‘prejuvenation’ practices influencing beauty routines. Some 78% of consumers believe prevention is better than cure and are actively seeking to improve their health.
And there’s an increasing demand for advanced beauty devices led to a 536% spike in sales of LED masks at Boots in 2024.
Premium formalwear brand LK Bennett has posted a loss with its accounts for the year to last January. The London-based womenswear, footwear and accessories retailer said in a Companies House accounts filing that it made a pre-tax loss of £3.1 million in the 12 months compared to a pre-tax profit of £2.3 million in the previous period.
LK Bennett
We don’t yet know any details of how it’s fared since then with its accounts filing for its next financial year not likely to come until later this year or early next.
The company swinging to a pre-tax loss came as it also saw revenue falling to £42.1 million from £48.7 million during the year. The gross margin also fell quite sharply from 61.9% in the previous financial period 254.9% this time. The net loss for the year was £3.5 million after a net profit of £1.8 million in the previous year.
It said it was affected by the tough economic climate in the UK as well as global events that added to inflation and the overall cost-of-living crisis.
While it operates stores in mainland Europe and Ireland, the UK is an important part of the company’s business both for its physical stores and it’s online store and it added that it’s important that it “reacts to the marketplace and relevant changes in consumer spending as rapidly as possible”.
What that meant was an intention post period end “to review customer requirements and ensure the product range matches these expectations”. In practice that has included adding relevant new categories and adding to its size range.
At the time, the directors also added that they were remain confident about the businesses ability to react positively to the challenges out there.
UK online spending rose 2.9% year on year to hit £8.1 billion in January, according to new data from Adobe Analytics. It followed annual growth of 19.9% in December, although this was impacted by Cyber Monday falling in December 2024 against November 2023.
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Overall, spend increased 5.9% during the whole festive period and with the almost-3% January rise, Adobe said it indicated “continued consumer confidence and online spending power following 2024’s record holiday spending period”.
So what were people buying last month? Health & wellbeing were key, we’re told.
“Shoppers looking to start the year well, focused their spending [here]”, Adobe explained. “Consumers browsed online to upgrade their home gym, with online purchases of exercise equipment rising by 60% when compared with the previous month. Health and nutrition were top of mind, as online spending on natural supplements including multivitamin powders and pills increased by 26% and fruits and vegetables by 24%”.
Consumers also enjoyed discount deals across categories including apparel (-5.2%), sporting goods (-1.9%), furniture (-2.9%), and appliances (-1.2%), “as retailers kept prices competitive to stimulate demand after record spending between November [and] December”.
But while they may have been spending freely, shoppers were also still reliant on buy now, pay later (BNPL) services to boost their spending capabilities. In January, £1.26 billion was spent via BNPL, accounting for 15% of total January spend, and up 3.3% compared to January 2024.
Vivek Pandya, lead analyst, Adobe Digital Insights at Adobe commented: “After indulging in deep online discounts during the holiday season, shoppers kicked off 2025 by putting their money where their health is and spending on items to boost their wellness and fitness. Consumers also took advantage of continued discounting in January with online retailers dropping the prices of apparel, sporting goods, furniture and appliances in an effort to avoid a post-Christmas spending hangover.”
The Adobe Digital Insights team used Adobe Analytics to analyse hundreds-of-millions of visits to retail sites from UK consumers in January 2025, tracking 100 million stock-keeping units (SKUs) across 18 product categories.
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