MYTE - Earnings call transcript Q4 2024 | MYT Netherlands Parent B.V.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings, and welcome to the Mytheresa Fourth Quarter and Full Fiscal 2024 Earnings Conference Call. [Operator Instructions] Today's call is being recorded, and we have allocated 1 hour for prepared remarks and Q&A. [Operator Instructions] It is now my pleasure to introduce your host, Martin Beer, Mytheresa's Chief Financial Officer. Thank you, sir. Please begin.

Martin Beer

welcome quarter Mytheresa's XXXX. and and for conference operator, fourth the full you, everyone investor to call Thank fiscal year me CEO, our today With Michael Kliger. is

to discussions to we uncertainties we comments described materially. risks report. risks expectations differ and annual you Before and would statements about include Many like in forward-looking cause subject we that statements. our begin, make actual our factors and are today are Any uncertainties, will forward-looking the results remind could to including

We forward-looking are to statements. update under no duty

addition, certain In on financial not reported we call. IFRS with measures will refer to in this accordance

call can release, to non-IFRS which these financial Michael. Relations reconciliations on press available the earnings Investor our our will over You is investors.mytheresa.com. I find website measures of at in turn now

Michael Kliger

side warm today. from to for Thank welcome of thank Also call joining you our you, Martin. a very and you my all

and fourth We fiscal year will of performance today our and comment the full the results quarter on XXXX.

with a HX our and very fiscal adjusted a momentum are fourth up year achieved continued EBITDA we our positive performance step We the HX financial third quarter, in from results in in and significant macro pleased still environment. positive to strong growth in have very the revenue With compared quarter challenging XXXX. business of

highlight and a customer scores high value, average the despite the us grow. Strong of see one reaffirmed and is which the for today demonstrate strengths on and market ongoing in top success record intensity consolidating us X factor our to the growth, excellent We that but to demand in leadership messages digital sector. We customer the make clear Mytheresa. Mytheresa win a high customers fourth stand wardrobe-building in of We focus to have promotion and from share in customers uncertainties. customer clearly the ourselves by you clearly the demonstrate winners wish business position our still luxury top out quarter consolidating satisfaction key aspirational order key space. I relentless market see slower a as spending, macro our few allows focus, competitors,

clear a after autumn, back strong we difficult profitable First, period our that growth. business for track see last on is evidence

have driver fundamentals be our States growth. improved, United continues business to and a Our the of further strong

Second, paying desirability community our off building digital core value a luxury for and of experiences physical enthusiasts is greatly. creating and with

us top desire drive wardrobe-building Our is spending, to very results in our continues brands top success customers evident for our the and focus activations. on for customers exclusive partner with luxury with to big

consistent business cost and to have business we record QX allowed model improve top-line high fiscal and ratios highlighted costs, profitability. resilient summary, very the again order were stable fourth XXXX. Outstanding operating significantly acquisition quarter. In our in decreasing our our growth satisfaction, of us value, Third, year and average accelerated customer compared customer to

reinforced we of business delivered have KPIs with unique in quarter excellent We our have fourth year XXXX. positioning top fiscal customers, the and

detail me on X comment more in Let now messages. these

QX of second the We value, compared in our in plus year half compared plus of of growth GMV first by let's the top fiscal First, the fiscal continued of year half. bottom fiscal in XXXX XX.X% at grew plus to improvement QX gross a X.X% XXXX, as and XXXX year in to merchandise GMV, leading line. double-digit X.X% look to

luxury our XX.X% in highly X.X% year, significant for full year year brands a compared compared States an 'XX. Also It XXXX. The full to of total resonates of continues GMV clear for plus outstanding fiscal the well XX.X% growth of is of inspiration. 'XX for full fiscal the be business. half year accounted second our looking the customers growth full true big the the business, luxury spending GMV a United U.S. to fiscal U.S. in very fiscal that XX.X% growth year growth year, generating multi-brand fiscal full and driver to of fiscal our of 'XX curated the with For with of our plus selection reached plus

We improvement in In in an adjusted macro thus EBITDA fiscal adjusted net quarter, margin HX growth compared Asia year 'XX, EBITDA second in XX.X% versus fiscal half we margin fiscal we in half also also versus impacted the X.X% X.X% with year continued of Europe of achieved year 'XX and by 'XX. to China with the X.X% the fourth XXXX. plus to the X.X%. first QX year in plus be continue sales experienced of quarter, and of uncertainties. In and of headwinds ongoing fourth our fiscal

growth double-digit 'XX business strengths doubling our and profitability the the is and clearly of strong model, in despite macroeconomic year of demonstrating profitable of delivering HX growth ongoing almost consistency Our headwinds. fiscal

brands activations. attempts exclusive and experiences and desire paying physical to also us with a desirability our of Second, is building for is luxury greatly luxury community driving the enthusiasts for digital partner through creating and for off

the base the spend Our plus XX.X% X.X% our fourth at average full 'XX in QX X.X% in terms increased business QX by fiscal also top top top The grew customer year U.S. growth full customer top in in fiscal GMV reflected the 'XX. continual versus 'XX fiscal years. 'XX that result the XX.X% and to the a in in compared customers top now plus has our 'XX. Overall, addition, X to of customer quarter, our of 'XX, fiscal positive over year year of plus in from in grew customer XX.X% past by year per share of base is focus in growth grew

year and unique customer top support exclusive for customers luxury Our us well as with for the platform and wardrobe-building wear, the relationships styles, capsule lifestyle XX Missoni with available big capsule collection as women's launched and women's Mytheresa. fiscal desired exclusive wear our at saw highly styles, brands we & home with collection collections In brand and high-impact and underlining our such partners. We partnerships. our wear quarter and 'XX, Valentino kids' featuring fourth capsule Givenchy, seeking only many launches, from of successfully global products, exclusive sustained a over makes growing Dolce access and an beachwear strong product Gabbana spending again base to campaigns

We and available Loro, exclusive also at styles Loewe providing from first Tod's, were collections Gucci, Etro, only Mytheresa, Saint these and Laurent, partner pre-launch exclusive products. Mytheresa launched On, from to for customers access exclusive

D'Orta, top digital London, customer top Rome, invited and Bvlgari Aeterna more event details by of globe. to a the picturesque experience the of together and partnership a fourth such various In intimate desirability in build Dolce our Saint-Tropez, Gio Dolce through dinner experiences. In customers a celebrate Xiamen, we the Salone X-day and capsule bring a Brunello our of VIC in together an launch New Saint the experience. for on a group creating Mytheresa the Mytheresa & & for the Connecticut, luxury addition quarter, with Shenzhen, exclusive himself. Only Ponti In Italian hosted also physical island for of we top our exclusive with on highly form the later, events. Laurent physical top see hosted We another also few across launches, in together available only picnic in for investor in at and enthusiasts joined Capri event Club created several with amazing brands. to outstanding we Dolce Beach X-day we the multi-day Mobile customers luxury is further events product The community fourth experiences beautiful to Lake to Gabbana Cucinelli customers Singapore. highlight Gabbana One hosted welcomed including customers the top Please customers "money unique hosted weeks York, with Gabbana in was for Stockholm, Cucinelli attempt del to to events top we at presentation Milan. We collection quarter, experience Brunello the customers. & cocktail our can't buy" campaigns

a was in capsule iconic of third Riviera collaboration on along at XXXX O of and Escape launch cruise board The the Christina the highlight, Valentino French collection. private dinner with the yacht the Valentino,

amplification. In presentation top engaging Please such press "money to customers, create more and awareness brand investor can't media our see for our these Mytheresa for unique on experiences. events with global through buy" also details addition social global

continues continue U.S. also here. As key to for we efforts our strengthen growth, a the our to be building brand driver

last Joseph destination highly Hampton. The week, in shopping year, over another in entertain each X-week Mytheresa pop-up with luxury shopping physical and Altuzarra. experience partnership physical monogramming including Estate to Missoni, immersive from and X,XXX created Etro, attracted experience successful Flamingo with success them offering Ruslan immersive luxury Savette, registered inspire Baginskiy, an East shopping the programming our embroidering Following Globe-Trotter, guests with Ananya, and guests,

experience in our Taycan more partner, investor Macan Hampton. Our electric displayed cooperation for market the not presentation Please test the cars yet on on pop-up details drive. their see and for clients to East Porsche,

me the the conclude third by my statement accomplishment quarter. on in Let commenting fourth

model in business improve allowed consistent highlights. the our with to operational our talk some business minutes bottom fiscal the details a and me few of key year of resilient fourth about us XXXX, performance. for line significantly results let quarter but provide very you Martin Our will

Our our services. the promoter an customer our satisfaction, which showcasing score, XX% year QX customer net of in excellence reached we consistent by measure internal outstanding fiscal 'XX,

record Our a luxury focus products. our to increased of XXX, of selling new value the on high success average EUR high-end order underlining

our continued Finally, acquisition proprietary quarter shows efficiencies fiscal targeting unlock year costs in XXXX. ability fourth X.X% the of our by decreased our in This algorithms. customer customer to

of our ramp-up at July. distribution more Leipzig, the than operations processed all of end center also with at customer continued our We the already XX% orders successfully in of

global have center continued distribution As decision part of our strategic focus the and Heimstetten. made operational profitability, our excellence, growth, to close legacy in we on

a shipping. With that the a that distribution clearly believe full to business customer XXXX increased as quarter winner focused consolidating We in location all international the will at on airport, surprise XXXX. and we that are faster also we Leipzig the our year fourth center year expect and customers. demonstrate of results fiscal much We and of strength come see the model ourselves the fiscal the the demonstrate no very believe for profitable superior what as this our positioning, clear efficiencies big We unique market of e-commerce above, results luxury space. cost allowing our growth. The result is in top delivering performance in thanks should consistency spending the with pleased satisfaction it the

to levels we business improve supports in market continue financial uncertainties hand to to these our in capitalize tremendous We profitability short-term Martin trajectory now. And growth. right results our are from discuss the investments actively globally. To accelerate on future medium-term prospects well support the ongoing growth in to macroenvironment prospects, I and confidence our now extremely detail. over also This to and strong despite the are evaluating in as positioned opportunities the benefit conditions growth

Martin Beer

Michael. Thank you,

on profitability adjusted plus We of HX, margin HX are XX.X% previous with fiscal our level in pleased year in EBITDA with very doubling line growth guidance. sales and 'XX in our net all almost

QX XX.X% margin at gross Our points, reduced profit slippage XXX margin. a further in gross profit year 'XX strong standing to of basis just fiscal

work through and are in to of DIO next the our We inventory XXX expect targeted now months. continuing levels, days, successfully the to X days achieve XXX below of DIO are a

'XX year of X.X%. million, fiscal the XX.X% XXXX, For the fourth and quarter, a operating the EUR of had growth QX ahead I to increased in guidance now full fiscal no year bank 'XX, financial us. Net and will cash fiscal second and will XX, June flow balance XXX.X for year half, at in ended sheet. fiscal 'XX solid positive for review debt year with the HX full we provide our a results sales

the For of year growth the was year, EUR full we million, EUR at of sales fiscal year-over-year. XXX.X a XXX.X achieved GMV growth full X.X%. X.X% for net of a million,

our customer and Our by loyal growth strong base. driven is

today in top Our top customer is customers total 'XX. drive our revenues as our year XX.X% of continuously, the X.X% of base expanding fiscal

of During all the X.X% increased for quarter and plus GMV 'XX, top plus per fiscal fourth by X.X% customer year customers.

our as EUR increased year clearly at LTM world. spot the of very successful EUR and in underlines expand rest customers well in core to luxury of per digital in fourth the as economics on all basis. markets of price and industry-leading AOV East our leadership position world, full the superior our our quarter an XX delivered high improves on the over Our 'XX we fiscal top Europe, The unique of sweet our with order in by luxury. With this U.S., growth and focus selling truly especially order positioning end the an our AOV XXX continuous Middle experience,

XX.X%. 'XX, year X.X% the from million profit EUR fiscal gross to strong QX million, year During period. increased stood the by up in XX.X of quarter EUR The a profit prior margin XXX.X at gross during

slippage desperately margin year the in points considering XXX to a see of quarter, consolidating reduce the to and market. to fiscal XXX the points or basis promotional exit position were QX intensity we their effect again of basis finding 'XX. We During of XXX in gross basis able clearly competitors still points compared their in struggling QX

increased pay growth not year and support, broadening Our customers. quarter our top full following where shipping payment XX XX.X% price high during to to success selling, the route, the increase duties customer with share by an prior in taxes highlights offerings our we 'XX points period. that sell-through uniquely is to worldwide curated countries profitable but This our fourth as true increasing base XX.X% of basis ratio for year increasing to compared and shipments line due and full expected all the to brand of achieving focus cost of rates. Adjusted on fiscal staying with

and full the as at was cost XX.X% year, payment shipping For ratio adjusted the well. fiscal

continuing implement payment duty are up through worldwide. and efficiencies to cost system further high-performing successfully set our We

Our acquisition top focus remains and retention on of the customers.

in report, ratios out see cohorts. continuously laid our expanding of annual we customer value for customer cost As acquisition our over lifetime

from 'XX. to again X.X% to lower XXX expenses market year of in fiscal administrative in full general the for CAC year were basis our achieving marketing to down points HX this successful challenged aligning decreased by year a basis X.X%. fiscal in 'XX Also in cost overall The 'XX. decreased development expense efforts points we of year HX fiscal CAC. With QX year adjusted able in to SG&A. 'XX focus ratio This mirrors XX.X% achieve environment, XX.X% fiscal from XX.X%, fiscal by leverage Our decreased 'XX 'XX, in fiscal in XX.X% successful a still selling, in XXX now relentless year and of

up for adjusted of to EBITDA center our HX We The as year the increased HX fiscal fiscal at distribution X.X% the operations distribution in 'XX are fiscal HX HX with year our period. EBITDA level margin HX customer fiscal center enabling new and further well remaining the of line was In 'XX year Leipzig to in to and in in of benefits X.X%, and experience significantly from year margin also in and winding we guidance, the adjusted 'XX in of year of previous year. of relocating leverage. On the end-to-end X.X% process the levels legacy down QX HX. fiscal X.X% compared 'XX, with our clear profitability compares preceding the versus cost in

For not at continuing IT year, despite top past our achieve the but EUR full achieved increasing growth GMV 'XX. In to our and strategy HX we have margin expenses of effect fiscal margin we year IT amortization to market fiscal already sum, levels, of EBITDA HX year, expensed fiscal the adjusted X.X% to a increased effective were XX.X year year EBITDA IT capitalizing QX the 'XX, modestly driven quarter. This weaker challenges. X.X% million profitability of Depreciation line mirrors full compared X.X% of replatforming fiscal combined in and excellent or previous only in of a adjusted with to X.X from able continuous improvements in in always the P&L. in prior million X.X% our EUR costs, by

With net as depreciation profitability is on the adjusted adjusted income our also as and of resulting lower income well amortization, operating level. increased visible levels

at was income XXXX, at positive year XX.X million. net X.X a full million adjusted operating the a EUR and adjusted For income positive EUR

Let's cash statement. at flow take look a the

year XX positive For cash million. the of operating full had we fiscal 'XX, flow a EUR

year bank benefit we business have our In as cash XX.X the to almost million unique quarter in investing the credit up of no of closed hand. of planned, additional a activities expect at XX X% year revolving EUR major flow completed we now full X.X the fully used our full million EUR for Leipzig. With our only fourth payments liabilities, new 'XX, warehouse we of of CapEx cash from and up facility our no around make remaining addition, availability In the year, the GMV fiscal model. EUR million with fiscal investments

you Let on me situation. inventory our an give update

inventory managed a successfully of quarter X.X% fourth inventory at growth have June normalized from 'XX, QX in our and we stood in June quarters, the year XX.X% was coming plus days plus plus through the end of achieving days fiscal continuously QX, of preceding levels, XX.X% growth inventory. Inventory our down of levels top growth 'XX. was aligning with the year and line XX.X% overall Over DIO QX, 'XX. XXX In plus our in fiscal XXX in at at 'XX, and year-over-year

XXX of 'XX. We end target expect the our year by to to fiscal of range return days

July 'XX, fiscal 'XX Turning to to from guidance year 'XX. which runs for the June

continuously in will so. and market continue to consolidating been have a share We gaining market do

profitably selling We and customers top are in price continued our with our growing full on offer. curated focus

especially further We 'XX 'XX. promotional the optimistic and uncertainties But environment, easing current of are we ease period an persist expect current the calendar for and until 'XX. season the remain fall/winter cautiously term seeing near to with trends June nevertheless, macroeconomic in

year GMV growth and 'XX, margin between we XX%, X% X% between fiscal therefore X%. net EBITDA expect For sales and adjusted and

continue multi-brand very We're is strength. Mytheresa market are and profitability. overall benefit and long-term 'XX more returns over our be and top be on line 'XX QX but with expectations. medium- quarters, of In expect our and remarks. business, and stronger position, stronger expectations. weaker concluding quarters confident on partner with and line fiscal the We for growth in customer continue growth digital with best only fiscal levels, and HX. QX and profitability when not I leadership than full to top brands, but stronger call to not line to to leading of top we Michael with we our line base. And year for to now HX weaker well his line quickly 'XX, current year fortify the want of already performing usual QX luxury luxury to the profitability, with the ending QX will be of proportionately outlook luxury for that, you snapshot rates top pattern, the platform, similar in HX our QX guide to turn growth and will is the HX to being fiscal also to year back top and of and fiscal we 'XX give the expected 'XX over year of I September a

Michael Kliger

Martin. Thank you,

earnings we We've guided stated, this fiscal improvement and of marked the targets. With pleased our XXXX achieve fiscal we fiscal our As year consistency XXXX year full a half performance XXXX. seen in model, fourth are results. our quarter very with second strength of year business see well-positioned ourselves to and

few best Mytheresa and fiscal shopping digital spending confidence. luxury for the that of experience first the The support consumers true new our big offers brands. weeks year believe We luxury

that, We luxury digital will operator grow enthusiasts and open ask I further our community highly through experiences for the physical with your questions. desirable to globally. And the line of

Operator

of your from [Operator Instructions] comes Chen And with question first TD the Cowen. Oliver line

Oliver Chen

What see you you're clarify you as think margins normalization the to happening term. And happening Or as do what's you year what levels over lower can seeing relative your most are guidance in you're of high working to you XX%. about term fourth what's we were guidance. than the longer you your know months, modeling. is this guidance, quarter? what And But guided, finally, still longer about? Also lot to for if were full gross there? about seeing X what with the to then On on rate think levels through about the a there's I inventory how nature which the I customer? happening? inventory growth was with think calls line you X% as that think similar see next quarter, relative we concerned quarter-to-date, recently you also teens

Michael Kliger

take me gross questions your to and Let can levels. talk last X the margin and Martin the inventory

the on And we do -- momentum, are we at in seen that we we a So trough. see cyclical outlook, yes, our we least medium-term believe that given believe have that moment.

And so there further is normalization.

the we enough quote We as comfortable reasons growth. of outlook high guidance trajectory. And as are environment X% further teens a numbers X% of the across to with luxury optimistic as quarter-to-date, in our we full improve our we medium-term line globe to with then of do and and back political continuously have to feel our in year XX%. terms economic, therefore see cautiously the sector with normalize growth on But guidance our XX%

given Martin, a weeks, are we other given few the year with a few Oliver. you But very confident So we address full questions from our growth. Maybe, weeks. feel of guidance

Martin Beer

[Technical Yes, happy We from improved really industry took do I aware, But fiscal a QX. margin profit the year. you gross full with to for the situation line to trend And hit mean well as we the QX are there. in so. season, for that 'XX sell-through gives rates, improved year. profit the fall/winter no here, in year full slippage expect clearly gross see fiscal to price, especially we full we Difficulty] see also further clearly margin fiscal improved us which for

to the and have So in where of line, not we on the level year confident much a improved out, levels, almost situation growth that the also was we're to we seeing inventory not the that months. Inventory XX in rebalance better, next a But despite last situation with I there are of very growth. line XX% called it yet. a top June are now

through work to continue will we the inventory levels. So

of outstanding. inventory Now, XXX days

full improvement lead again, that level overall of the have XXX so expectation fiscal tightly of achieve inventory of for further clear the inventory really a will have 'XX we the the year expect had, in the have end We targeted days. to to XXX days. and managed for DIO that that a the to the levels to, And end targeted -- always June, to

and through manage it despite high because in inventory sides have And multiple on last able to from and always look achieve promotional the are and so we obviously levels growth, industry the growth happy intensity we we profitable how to were the it. the from to quarters balance quite

So from that side, I'm happy. quite

Oliver Chen

you comparisons overarching, harder in at consumer factors housing about first the second that compare think and sentiment. your second. some control, and world look thoughts We'd and -- U.S. similar as Asia, out you relative to believe we're contrast and finally, Michael, get I terms the like you the love And growth A of Europe? customer Martin, in I with would But at revenue And trends. your between follow-up. do rates should the half. go be of how mentioned around worried customer

color Just as as model any we there that well.

Michael Kliger

Happy the to answer follow-up.

if we to globe, stands consumer So plus out. go the around though above Even is trend. of U.S. that have the XX% far HX the market I, course, in state sentiment our

So it is is really, have which also sentiment, of course, a reflection high-end in of U.S. the very But customers. customers good continues a the we improving. target, we the seen Europe

better is some the countries, it So southern of also Greece, sentiment U.K. but France, have Italy, in looking with exception Spain, the Germany. Consumer improved. maybe particularly of

are mitigated, Greater are Singapore, are, Thailand, I'm like But spots of spots They are region. sure word spots, best also bright yet like size bright the Greater the also in not the business, the are, time it not of China, you until as are there take market that. of our pleased Asia that is that also for U.S. spots of though not some Malaysia, but of do of more Europe big like and us. But bright market with outside course, even around, mentioned, what's biggest China, will even end resolved. believe a at uncertainties, single the we Chinese very that the because of the situation represents is for spectrum, We the particularly like course, part bright the other Philippines. housing there

Martin Beer

which HX and net equal counterintuitive. for is sales HX of the Yes. balancing And growth, a maybe bit to yes,

of had the If net year, sales look situation, the was overall it's you basically X.X%. only a driven growth previous low. of by which at We QX very

QX comp QX QX. is growth is we had comp a So net the low -- and plus sales high. The comp of in of very the XX%

fiscal And comparable so this the the those balance why X expectations and QX more on growth QX top-line very year. to HX that effects HX in and then regular of

Operator

comes Your the of Boss next Matthew JPMorgan. question with from line

Amanda Douglas

Amanda Douglas on It's for Matt.

you business customer sector relationships broader you the influence the as brand could Michael, on seeing consolidation you're your in environment? new think promotional elaborate about So or how acquisition, the

Michael Kliger

industry believe the demand various as imbalances players that. we I these observer has course, is the supply effects, exited market, of players we promotional dynamics. Yes, having players, led and with One that happy more autumn. that the to of mergers, high announcing respond consolidated obviously, seen avoid to the have larger, to should mean, do intensity And we significant that last of market. of

think I can news good But quality players wants best seen what and with you to the continue. past the on that normalization. And those players a quality this and customers that's a spend good for won't enormous very drives that of Again, some And price, it we lowest vote have marketing course, news of best. for building. some that's and I we we, do promotional think That in in and it's overall, business should be therefore, of will the promotions always we relationships, exuberance customer customers. I acquisition on that should have have but some also There it And intensity winning normalize. we seems costs, everyone to partners bring items that I digital developed should that the clear effects not we believe the normalize. competition, target brand be compete to believe some will there spending. saw must not will normalize. On And which mean the it marketplace. hopefully, here model. CapEx our, on QX seen be in always So sustainable customer assortment and of for is do in not fierce is win algorithms think smart it

Amanda Douglas

think fiscal elaborate the the for throughout could profit half versus up half Martin, of Great. 'XX dollar growth you expectations your on cadence the year? the to And of about follow front as back gross we

Martin Beer

targeting level. we with growth profit well especially uncertainty. not explicitly setting targets, market I with we on also not gross line Yes. gross remains profit, large a obviously, mean, to the because in degree But on big the a are still our overall are situation

a it at market. be profit clearly we overall gross overall, profit so But base and are margin. will gross in the continue we low growth on depends And will situation strong the all see in our as

So growth the prediction gross the driver, this of a profit will be over key the or quarters. cadence

Operator

comes Helgans line question Ashley with next Jefferies. from of the Your

Blake Anderson

Blake on is This for Ashley.

the you So you with aspirational And it, in if that more I growth about end maybe you're just wanted drive elaborate at to the any transactions can you all to be versus factors maybe key of on? had talk start customers, if you to focused would your high just that terms the also AOV versus initiatives on end? rank about, Any their could really off or the sales how performing? at guidance commentary talk well? that as Can you are on then customer they low

Michael Kliger

our I there continued mean environment more this assortment and, offer more creating even the brands I I the end X% center if community more XX%, the points and high opportunities, and in of enthusiasts, on are really events range to being individual really or for even more think and real and than driver engagement valuable mean, add course, our political luxury I macroeconomics and initiatives the is about is for driving think initiatives. low best pieces. valuable drive more and through more pushed they to the in of key assortment customer the and more to

So so or faster positive China. or think particularly positive in happens or the a situation what Europe, economic what decision, if U.S. not in election more a the recovery of of it's XX%, aftermath or so not the fast X% I leads potential to plus

where that's sits. think more it I

some the normalization. aspirational On part no evident bags. and There on the of large had in U.S. in customer customer base focusing aspirational Europe. But customer, customers, grew accessories X.X%. per spend There's if we There's part which our slow now a grew of is X.X%, large China, in time, we some -- top top numbers, improvement, look our a last at mentioned we customers average it's a our as improvement nothing by

spend total But customer. we saw numbers, went spend and really population, numbers per it's and in flattish So customer average total still for up. the the

as significant strong aspirational as spenders the customers, at even sort top But the if is bit not you of there versus brand below you is X weeding -- So moment have before. think out the I if you back. still go more or higher we of on the this customers, purely out customers segment, are the customer aspirational or X, I fully platform had before think with a focus seasons aspirational success still that if

Operator

of comes Morgan Grace question Smalley the from next Stanley. with line Your

Grace Smalley

the one, I in pricing. of just brands seeing across had just luxury what you're terms please, industry on

Given whether you some started lower price their directly reduce consumer, pricing product or of the in aspirational that are even across to industry introduce points on seeing categories? the the see some brands weakness we

Michael Kliger

stopped. summer the pricing a roll, was and mean price That significant -- increases. on seen turned weaknesses I last have was up clearly we that has before

So clearly in I we stay. think are for moment brands prices a most where

there high, demand come will to prices over terms will we have price seen interesting But raise be so prices. And of to is very have seen prices. with When some real and was pure products, have entry inflation, new very started And economics. we opportunities I time, down. It further lower in think were brands some to see development that this few.

of some too lowering. And over coming they lowering it out it absolute norm still keeping sort season. it for But flat now went exception is just feel prices the versus and the the of far, working brands are

But price what So that's don't any more foresee coming. we increases I observe.

Operator

with next line of comes from Your the CICC. Wendy question Gao

Yawen Gao

for question any my in China versus Do customers have there I China? and next is our in have top China the Do you in Greater second top And for plans any one her U.S.? about think China. about differences the are customers question President. we new any between the expectations

Michael Kliger

importance. will very for as is in is strategic for all we investing thus, are evident market the And China of It preparing of that many and because market market. that the invest We recovery is the believe for to is luxury recovery focus list. we of brands, high on continue market a full important to take us. the months. do our X But a market still nevertheless, this is a maybe very XX

a We in China. have our brought new leadership team to

our more even convenience launch We consumers. to to program will Chinese mini WeChat provide a on

focus our will We on engagement. with more customer team even local

over market competitors. lost time. that has pay things And not we immediately, some So believe off will but the

So to for just our of moment raise offer, known good good our still because business consumers. make type it biggest brand type awareness, step is us the opportunity a of to Chinese and in to that's

China, customers those We in our in also presentation mentioned enjoy are the top proud before. which of in and entertain we as events,

focused some European at our other it's top very top top than willing part ready-to-wear, of customers interesting moment to customers. I able same also more the to about as is on logic, be even think in -- customers China to the and actually they're on best the the very very pieces. Chinese on spend ready-to-wear tend that the markets compared are focused and they

of of with be the that a we is the Europe course, of festive we is, So what travel very high. the And a our Europe is in X travel similar of it similar big being is saw on abroad, China, that the going on in higher. what wardrobe is ready-to-wear. and that to focus occasions, to we even wear. big that which wardrobing. or interest again dedicated spend seen significant But happened wear, travel, out vacation level seems such also discretionary trend Chinese the to to within spend consumers drives needs numbers. There maybe in able see It delay, focus U.S., then, have is type of And the U.S. in year

Operator

concludes Q&A call. our concludes you your session. for That interest. This Thank today's

You may now disconnect.

MYT Netherlands Parent B.V. (MYTE) 12 Sep 242024 Q4 Earnings call transcript