LONDON — Mytheresa is tapping into top clients’ cultural sensibilities, and wallets, with a by-invitation trip to Rome later this week that’s set to include a private tour of the new Spazio Musja museum and the Valentino archive.
The trip is part of a broader collaboration with Valentino that will see the retailer release seven exclusive, all-pink summer looks designed by Pier Paolo Piccioli exclusively for Mytheresa.
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The designs, which come with a zingy rose print and feathery trims, land on the Mytheresa site on Wednesday. There are lightweight maxidresses, a minidress adorned with feathers and a jaunty pair of drawstring shorts.
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The editorial shoot was directed by Mytheresa chief creative officer Julian Paul with photographs by Jana Gerberding.
A few days later, the brand will host top clients in Rome.
They’ll visit Spazio Musja, a new, private museum that houses the collection of the late businessman and art lover Ovidio Jacorossi. They’ll later gather for an aperitivo and dinner at Pierluigi, a restaurant near Campo de’ Fiori that’s famous for its fish dishes.
On the following day, Mytheresa is taking the group to visit the Valentino archive followed by lunch at Dal Bolognese nearby. The dress code is “urban riviera.”
These full-price clients deliver for Mytheresa, and have become increasingly important as occasional customers pull back on spending due to interest rates rise and the cost of living crisis.
As reported, in the three months to March 31, the top 3 percent of customers generated 36 percent of Mytheresa’s sales. Rivals retailers such as Net-a-porter and Neiman Marcus are seeing a similar trend, with an elite group of customers driving up to 40 percent of their businesses.
Mytheresa’s small-but-mighty clutch of shoppers grew by 28 percent in the most recent quarter, and in GMV terms they spent 37 percent more than in the corresponding period last year. On average, their order values were more than two times higher than those of the average Mytheresa customer.
Mytheresa has been courting them for years, creating what it calls “memorable, money-can’t-buy” experiences in places ranging from Venice and Paris to Aspen, Colorado. Last year, Mytheresa organized a Pucci event in Capri; last month it focused on Loewe in Los Angeles.
Mytheresa defines these top customers as ones who “fulfil a significant level of annual spend,” and who are influential in their local fashion community.
CEO Michael Kliger said in an interview that Mytheresa wants to provide “a great mix of culinary, cultural and entertainment elements. We serve a very sophisticated customer, and we will create a really special moment in Rome. These customers want, and expect, personal outreach, and we want to build personal relationships with them.”
The retailers’ and customers’ prep work begins long before these destination events.
“The core purpose of such events is to strengthen the emotional bond between us, the brand partner, and the customers. But there’s also a lot of shopping happening,” Kliger said.
“Our personal shopping team is in direct contact with our customers from the moment the invitation has been send out. Our guests are putting together their wardrobes for different occasions during these event days, and we’re helping them in finding the perfect items. During such events many clients will discover even more facets of the brand and their spending normally increases afterwards,” he added.
For the special trips Mytheresa picks “like-minded” customers who already have an affinity for the partner brand.
“We pay close attention to create an exciting mix of different clients in terms of background, and nationalities. One important aspect for our clients on such events is to also meet like-minded people from many different walks of life, and to be part of something really special,” Kliger said.
These moments are a means for Mytheresa to forge ties with the individual brands.
Mytheresa is small compared to Net-a-porter and Farfetch, and has built its reputation on creating special capsules and exclusives for all of its clients, as well as the special events for a select few.
Kliger described Valentino as one of Mytheresa’s “best” and longest-standing partners.
“We have had many joint activations together over the past years. Last year, we celebrated the exclusive launch of the Valentino Escape collection with a beautiful two-day event in Saint-Tropez. This year we wanted to focus the activation more on urban summer in the maison’s hometown,” Kliger said.
While Mytheresa may be doubling down on efforts to woo the high-end consumer, the company said it continues to value its broader customer base, and believes those “wait-and-see,” occasional consumers will return later this year once inflation, interest rates and the general anxiety in the markets begins to settle.