LuxExperience reported better-than-expected results for its first fiscal quarter, led by solid top and bottom line growth at Mytheresa, prompting the company to raise guidance for its fiscal year.
The Munich-based digital, multibrand luxury group also cited decreases in expenses across all segments and indicated it has been making progress turning around its Net-a-porter, Mr Porter and off-price segments, which have been showing declines. In April 2025, LuxExperience, formerly known as Mytheresa, purchased Yoox Net-a-porter, also known as YNAP, from Compagnie Financiere Richemont. In turn, LuxExperience received 555 million euros in cash from Richemont, which has a 33 percent stake in the business.
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LuxExperience recently signed an agreement to sell the assets of The Outnet, which is now classified as a discontinued operation. The deal is expected to close in the first calendar quarter of next year.
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For its first fiscal quarter, which ended Sept. 30, LuxExperience reported gross merchandise value (GMV) declined 4.3 percent to 589 million euros from 615.3 million euros in the prior-year period. There was an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss of 28.1 million euros, with an adjusted EBITDA margin of minus 5 percent.
“With this decline, we actually had results that were better than our expectations, thanks to the strong results at Mytheresa and the as-expected results at Net-a-porter, Mr Porter and Yoox,” Michael Kliger, chief executive officer of LuxExperience, told WWD.
Mytheresa achieved GMV growth of 13.5 percent to 245.9 million euros, up from 216.6 million euros in the prior-year period, and net sales growth of 12.2 percent to 226.3 million euros compared to 201.7 million euros in the year-ago period. Gross profit margin was 44.6 percent, an increase of 70 basis points year-over-year.
“We grew the average spend per top customer by 15 percent per capita and the average order value increased by 11 percent,” Kliger told WWD.
At the Net-a-porter and Mr Porter segments, GMV declined 10.8 percent to 224.5 million euros, compared to 251.7 million euros in the prior year period. Net sales decreased 10.8 percent year to 212.3 million euros compared to 238.1 million euros in the prior-year quarter. Adjusted EBITDA showed a loss of 14.6 million euros.
“Even though sales there declined as expected, the average spend per top customer went up 4 percent and the average basket size went up 15.4 percent, so the whole strategy of focusing on better, higher-value customers is paying off,” said Kliger. “We expect growth in the top line next year for Net-a-porter and Mr Porter. In May-June we expect business to turn positive on the top line.”
He added that since the closing of the YNAP deal, “On the commercial side, we have been improving the buy and the marketing significantly, and on the back end, we have started to save significant SG&A.”
At the Yoox off-price segment, GMV declined 19.3 percent to 118.6 million euros from 147 million euros in the prior-year period. Net sales declined 16.6 percent to 118.6 million euros from 142.1 million euros in the year-ago period. There was an adjusted EBITDA loss of 21.4 million euros.
LuxExperience raised its guidance for its fiscal year to 2.4 billion euros to 2.7 billion euros in gross merchandise value, reflecting minus 7 to plus 2 percent growth. The forecast excludes The Outnet. The previous guidance, which included The Outnet, was for 2.5 billion euros to 2.9 billion euros in GMV. Adjusted EBITDA margin is forecasted at between minus 2 percent to up 1 percent, from previous guidance of minus 4 percent to plus one percent.
“For the first quarter overall, we are very pleased,” Kliger said in a prepared statement. “We had very strong results in the Mytheresa segment and a clear start of improvements in the Net-a-porter/Mr Porter segment and the off-price segment.”
Kliger said Net-a-porter and Mr Porter “clearly show signs of the commercial turnaround that will drive renewed growth and profitability after years of decline…I am pleased that we have been off to a fast start. We believe that Net-a-porter and Mr Porter will break even in fiscal year ’27 so from a loss-making business turn profitable already by fiscal year ’27.”
With Yoox, “We believe it will start to trade positive in fiscal year ’27. Profitability will still only come at the end of fiscal year ’27 really hinging up reducing the costs and complexity of the IT and the operations.”
Asked for his outlook on the holiday season, Kliger said, “I feel we will have a very solid season in front of us. At Mytheresa, Q1 was plus 12 percent, and even though we are still negative at Net-a-porter and Mr Porter, we clearly see momentum in that business. We are just coming from a lower base, so not including any negative macro effects, we’re looking at the solid season. The U.S. continues to be quite strong. Europe continues to be very stable, with single digit growth and Asia, we feel, has reached the bottom. So it’s stable at a low level, but it’s stable.”