MYTE - Earnings call transcript Q2 2025 | 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 Second Quarter of Fiscal Year 2025 Earnings Conference Call.

[Operator Instructions] Today's call is being recorded. [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

operator. you, Thank to Quarter everyone, Conference for Call And Fiscal Mytheresa's Year Second of XXXX. the welcome, Investor

With me today is our CEO, Michael Kliger.

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

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

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

financial You is in can find Relations reconciliations of our on earnings these website which non-IFRS release investors.mytheresa.com. measures press Investor at our available

I call to will turn Michael. over the now

Michael Kliger

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

on Today, XXXX. results we fiscal of and of quarter our comment the will second year performance

results pleased we year achieved momentum significantly With previous growth; have a accelerating very to revenue HX with are quarter performance in of compared from in significant We fiscal second in a EBITDA HX our environment. year macro XXXX. fiscal positive financial and still business strong, our very adjusted XXXX the positive, of volatile and the in step-up improved continued quarter,

clear believe remained while, of improving for signals course, the there We that overall are concerns an for luxury market, macro environment.

performance in digital reputation and luxury. reaffirmed have financial in leadership our of We terms position

for demonstrate apart Strong average our to scores and which Our clear top us us outstanding excellent growth, focus grow on success revenue a an key focus, and customer order customer allows sets wardrobe-building the market factor is customers customer share Mytheresa. high-spending, relentless win value top satisfaction and profitably.

acquisition storefronts. very us of YNAP. believe to will distinguished shoppers we importantly, create and propositions platform but highly will global have across excited joint luxury be acquisition a We overall for expected we about the be brands. luxury most relevant value digital allow continue multiple to We in generate most significant using the to backbone, global able of will synergies a one This

transaction the the calendar XXXX. We year continue half of in first of expect to closing

X ongoing I Today, second wish the the of business to Mytheresa quarter uncertainty. despite demonstrate set the messages continued us key in macro to success you the and highlight apart clearly that

our luxury First, we XXXX. year fully showed distinctive model growth big-spending, fiscal focusing on full with business on we shoppers, are strong for wardrobe-building that track for profitable

Second, Mytheresa builds true we a for again have experiences, and desirability creates digital them. with brands, makes for partner highly which clearly that enthusiasts luxury to true through community attractive, us demonstrated and physical luxury

and group Third, equipped we of reach to well digital YNAP. relevance leading positioned the a create luxury acquisition and global are with of expected enormous

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

generate wardrobe-building quarter GMV year strong year XXXX, achieved In of We by year second again year growth XXXX unique growth fiscal spenders. to fiscal XX.X% plus model, based grew compared we plus a focusing 'XX. on XXXX. in business big ability profitable net to of distinctive XX.X% QX of compared QX QX fiscal sales demonstrated fiscal our on the our the of QX our First, to

XXXX. on achieve for outlook fully year to track full are fiscal We our the

net accounted be to plus of 'XX of sales the The for XX.X% year saw in 'XX. business driver U.S. this in second net fiscal a United our XX.X% States to again for sales fiscal of a continues quarter of business. significant compared 'XX. double-digit growth our the And year year, QX We growth QX total

growth. customers multi-brand continue the curated selection resonates looking for Our U.S. source well very a major the we luxury And brands big-spending to highly see inspiration. luxury for market true future of with as

while second double-digit we uncertainties. macro of U.K., the China the the previous quarter of fiscal year compared and including and by second also Germany be continued impacted net year, ongoing experienced growth strong 'XX to Europe, quarter in to Asia in a sales plus headwinds results of In the the and XX.X%

the our big-spending, of customers Our on wardrobe-building focus is continued fundamental success. clear driver

was Our of plus fiscal same top average last of second in GMV year States, by with with XX.X% This by year. United of of customers our our In an XXXX. driven top customer customers by grew of the terms largely the compared by business to plus spend the compared in plus increase GMV to fiscal XX.X% top grew terms in the 'XX. year period X.X% per GMV quarter QX

highlights QX few excellent internal Martin fiscal [ minutes an outstanding proposition. of quarter, results the will the customer measured in some Score 'XX, provide Promoter for We XX.X% key Net already about consistent let with excellence of the a our satisfaction second achieved customer demonstrating bottom you details talk but our that ]. service's in operational line me by our reached

performance to value top to 'XX, Our improving return year business in cost [ our of the fiscal fiscal XXX highlights XX ]. second average these months order XXXX. last strengths products demonstrating and luxury by customers fundamental plus high-end reported the we of increased rates QX ratios X.X% model. in our focus selling and Furthermore, stable consistent of the year the operational EUR on All quarter success underline

Second.

The partner Mytheresa digital community luxury luxury experiences. for makes with attractive, physical second to us them. quarter brands, enthusiasts true showed through and that and builds creates highly a for clearly This desirability

exclusive and with Grenoble; bags Moncler our exclusive quarter business for life. from campaigns as well that customers. womenswear, global wardrobe-building collection menswear Bottega; looks high-impact exclusive second high-spending, saw product drove from and accessories menswear and as womenswear Fujita many and We Suna runway launches The launched

at customers womenswear Victoria Miu collection. at Miu We only Beckham available and Gucci Alaïa's Khaite's XXXX collection collection. early exclusively offered exclusive collection available our launched ski Miu We And Miu prelaunch for We we Archetypes and resort partner Mytheresa. partner Mytheresa. top the exclusive were to the launching an womenswear capsule exclusive were for womenswear by access collection holiday only

quarter. brand our Please more presentation I Piana. on Finally, to an collection mention exclusive second for launched see wish investor that details wear from the in we evening Loro menswear collaborations

is watches of jewelry very launch fine and collaboration Bvlgari and Mytheresa. the Another on noteworthy recent

partnership With are a customers. is the expanding further Bvlgari, reinforcement prestigious testimony our latest top Maison and [ focus This clear fine high-spending Italian jewelry clear brand assortment we on our of ].

events, addition for with physical product desirability exclusive We second experiences. Miami. the In aspire suites Singapore, buy" creating our top to top again which across and and hosted our style our hosted New experiences customers digital long-lasting many "money campaigns events York, we strong, launches, including various In can't customers, to top constantly for quarter, Toronto true top customers also to relationships. some engage with and were globe customer the in build of we

style customers Park Discovery and event rooftop on intimate Hong an at the in MUSEA multi-day Kong. Abu customers in event suite Jeddah an arranged of top cocktail We for also invited in Nature top Dhabi. intimate the to KXX dinner a We

were shoe customers an of atelier. exclusive a tour invited Parisian private that included Berluti's Top experience renowned to Berluti with in Paris

reception Kim. Tordini. and hosted Hia Garcia dinner Ambrosio also de cocktail at both attendance designers in with Together la iconic elegant an designers of ATTICO with dinner the in Riyadh Renta, attendance and Ambroeus Gilda We the Fernando Hub Laura at the Sant we THE a and Oscar in Giorgia in Milan of hosted

of at COQODAQ the was Beckham Mytheresa cocktail Victoria an collection. launch the x Victoria in New third with intimate highlight to capsule York exclusive dinner Another Beckham and celebrate

Please at Beverly more jewelry fine also exclusive event our York. exclusive L'Ermitage Hills with brand in the and We the in an quarter. several the investor on second events our hosted a including New presentation fine YEPREM various around details cocktail see jewelry events, for world

luxury visit that treats the buy" our experiences As Guests of Milan welcomed with mountain were of amazing, we and [ true We created into with enthusiasts. culinary "money to Director for to to where always, experience the community the Artistic can't lunch of guests the Zegna, of and history a they customers were scenic house's mill. through Alps where in for an spirit ZEGNA private the recipes Zegna. a of between Oasi invited the villa, top ZEGNA concluded family absolute guests dinner attendance Biella for Alessandro them immersed highlights of Milan the Piedmont unforgettable by being in ]. Nina wool The Sartori. intimate enjoyed in The Zegna, themselves craftsmanship of experience founder's a the an continued inspired Ermenegildo tour

multi-day moments, the Oslo Opera contemporary Moncler Over invited guests in Another were various by Grenoble X our ski the Oslo. exclusive followed day including Nordic with a resort unique cocktail at highlight activities iconic winter at park experience an House reception to days, was snow dinner and Skimore after.

through historic are Bemelmans' creating the that States, Aspen. from signature an February an have just fashion Bemelmans up pop-up York will luxury martinis bringing In a New immersive Bar, for bar, exclusive team XX X. après-ski in we we experience and Aspen Together, March announced invite-only with to we United

also events press our created social Mytheresa brand providing and customers top amplification. to media experiences, addition memorable awareness with these all for through global In

enormous positioned well and relevance equipped Third, ourselves leading we group global to NET-A-PORTER. the a digital with and reach create YOOX expected of see acquisition with luxury

be in editorial OUTNET reputation THE have world. but will worldwide. brands digital service. clearly well for all some a of All customer individually as brands YOOX stand industry luxury in and the and the store to high-quality in for customers and innovation, We their the complementary pioneering store Mytheresa; luxury offerings distinguished differentiated for brands MR authoritative most multi-brand roles voice NET-A-PORTER, home PORTER, earned strong as the curation

heritages identities and brands group develop within committed of their building store by their in We to while fostering strengthen synergies further are the back the unique house. on the and

of expect We in the closing first the XXXX. of transaction half

brand a for desirability strong and B.V. unifying new digital the will our physical company, group creation the unique new creating as as physical new and edit the unique decided focus, enter will of Netherlands a closing. luxury experiences. a customer well experiences. to name highly LuxExperience name phase group with MYT underlines the upon clearly As Parent as a new replace and of name reflecting on focus under curated LuxExperience, serve which we form enthusiasts of have desirability symbol exciting This and core values digital inspiration our we through as our

continue customers name Of highly loved well-known to brand with our our serve and course, will we Mytheresa.

shopping. the be current multi-brand for replace worldwide MYTE, opportunity New new most participate present will luxury LuxExperience Exchange, We to and symbol the ticker digital exciting the Stock with opportunity LUXE, in investors That will listed LuxExperience; the market to continue the of will M-Y-T-E. name the huge on symbol trade in L-U-X-E. York ticker

Officer announced Supervisory recently the Burkhart of new as Grund, nomination Board member. Financial Chief Richemont, also of We a

to of the With Mytheresa. luxury a largest as the we transaction, one of Richemont, and renowned of companies, major shareholder are the completion excited most welcome

for part expanding to As a X it X has seat a the from of signed, candidate seats. nominate on the the right Richemont to Supervisory agreement Board,

of majority qualified Grund, the nominated Board been directors closing. Burkhart both has that delighted Dutch remain sector, governance goods composed luxury standards. of industry financial are a The corporate to the code a highly upon in independent and We join expert Board under and NYSE will

Both nomination an renaming the subject shareholders are be the presented extraordinary by X YNAP March meeting and Grund for will general at for and of acquisition. completion scheduled the of to our approval Burkhart

above, the delivering profitable second the pleased the should that results growth. it we consistency are quarter all financial believe XXXX. of as with in strength With of strong We our no that very performance and demonstrate year come model our the surprise fiscal business

and fully for the fiscal extremely medium-term are significant half 'XX this first confidence our and will positioned YNAP, and targets. for value profitable trajectory the acquisition greater prepared our support for year of our We in even unlock of All growth the strong of growth which expected and opportunities will shareholders. profitability results well create

And to hand financial Martin details. to now I in discuss the results over

Martin Beer

Michael. Thank you,

for towards XXXX. we of luxury. half of mentioned, leader successfully chapter the to And expected a we NET-A-PORTER next in the continue multi-brand of As online clear excited growth the this in acquisition are our closing with group, LuxExperience, establishing of truly first work YOOX global

future We XX, the quarter the will this XXXX half view XXXX. financial performance I on call and the our ended the more and provide plans highlights a of therefore of in-depth December focus first will closing. for second on our year after fiscal

in the growth second of 'XX, We sales results double-digit year are net of with plus pleased fiscal our XX.X%. quarter very

days, the top in DIO of margin XXX strong improvement plus at inventory points and An adjusted level. X.X%. EBITDA profit decreased, versus XXX year. basis last of XXX margin basis minus plus of our year-over-year, an a of strong levels the target a with by increase gross increased LTM growth, line AOV X.X%, X.X%, right Even Our points; with

customers track worldwide our continue our of support will We of brands. growth, luxury true acquisition leveraging of increasing presence, ever-increasing profitable luxury strongest top global record and the

developments give first detail will numbers certain review otherwise affecting and financial December for I our the additional stated, the year quarter more in to fiscal 'XX now results XX, performance. second 'XX, all half on and key input ended refer euro. of Unless

'XX, fiscal net or XX.X sales X net by of grew XX.X% the million. grew December to million sales months In XX.X%. by EUR first EUR through the September year, XXX.X

GMV GMV all a the in quarter. 'XX. plus even million increase an grew year increased the EUR by XX of in XX.X% customers more quarter. saw for million, And GMV of quarter the that, to We XXX.X first as X impressive, by X.X% EUR million XX.X% customer EUR With in plus increased fiscal months, year to XXX.X million. the during to In X.X% per compared by second or GMV the prior EUR top XXX.X

period, now a as increase order, our X.X%. of XX compared EUR an With outstanding the EUR in of in last at average per value to XXX the months plus XXX, XX EUR year order stands prior an

our successful also unit on full-price but not at the true Our economics focus end luxury. only increase of selling AOV very our in manifests improves high

outpacing of continuously thus capture the by market we QX 'XX, our XX.X%. fiscal In business plus U.S. our are in competitors year grew share. and We

Our increase net coming XX.X%. in sales U.S. GMV of share by stands now our customers in at top plus from an XX.X%, the driven

And grew, market by net market in worldwide. positions strengthening Europe also our core are XX.X%, we Our plus sales.

increased the prior XX.X period. to year increased EUR gross from by fiscal points profit second basis quarter in profit HX of points In to XXX year the million XX.X% In XX.X%. margin of to basis the as million, margin to fiscal XXX.X 'XX, year gross increased EUR by 'XX, compared XXX by gross XX.X%. profit XX% The

will do focus increasing sales to our remain to able that full-price successfully of continue continue we and cautiously We on be optimistic to share so.

to The improvement by from standing the shipping customer AOVs and high-quality XX.X% period. cost quarter, ratio XX during the stems at from as year now higher payment In adjusted return and compared The adjusted of mainly ratio the period. in XX payment points shipping fiscal XX.X% resulting decreased HX 'XX, decreased XX.X% by basis to in points prior focus cost XX.X%, in stable rates. the and our year basis year prior

retaining continues returning to quarter In stayed more market customers Mytheresa by successfully the now levels XX.X% marketing points on as these marketing of to to high-potential from we costs, increased to the normal and second our XX.X%. acquiring are focused costs fiscal of basis 'XX, capture share up. even top year With the to ratio We able XXX position customers. market pick

compared as X to the XXXX, a of period. December year by marketing During XX, the GMV prior ended percentage XX.X% increased costs basis our ratio months XX to the points now XX.X%, as in

selling, remain XX% absolute scale. and capitalize SG&A, at to by committed months year, ratio as X adjusted operational XX.X on quarter We ratio. points the basis, first second year ratio of XXX costs fiscal the cost expenses an by In our Adjusted SG&A We efficiencies to our to line to we costs decreased SG&A GMV. XX.X%. preceding our costs decrease of optimize basis million. fiscal 'XX, of decreased stable with XXX points SG&A EUR On leverage basis continuously the during quarters around remained in general adjusted administrative, XX.X%

improvement EUR million profit our is despite margin investments EUR In and by the position. second to gross adjusted quarter XX.X fiscal year cost the increase our by EBITDA by of The The XXX efficiencies increased margin basis quarter. to 'XX, EBITDA X.X in mainly points all adjusted in to X.X%, million. year prior lines X.X% compared driven market in as increased further

HX EBITDA XXX X.X%, of an at of adjusted year with increasing by EBITDA EUR margin basis XX.X fiscal adjusted points. million, For was 'XX,

fairly quarter. EUR in as fiscal remained compared to X.X the in EUR X.X 'XX year of stable million the amortization and prior year Depreciation million, quarter second with

GMV, amortization of percentage now and X.X%. decreased X.X% a to from As depreciation

model of of a net also year Adjusted XX.X the operating slightly operating and and and was growth of adjusted the fiscal the or margin the continuous X.X% quarter is EUR sales. model. business level. X.X% net profitable EBITDA highlight second income million a visible just X.X%, Our below margin. income second In been This has in net on strength adjusted Mytheresa business our were the 'XX, of was at income income adjusted of adjusted quarter

Let's million only take to In EUR cash second operating of cash normalized look a year quarter working X.X levels capital. as were we of fiscal the flow used statement. back coming the 'XX, at flow

inventory fully with on We are track managing levels. our

EUR Our by our XXX.X decreasing at million, inventory stood even X.X% minus with line growth. year-over-year top

December inventory which of of XX, around outstanding. had of right As 'XX, DIO target days a we at our days, long-term XXX XXX is

used investing X the of highlight X.X We million X-month model. significantly million fiscal in X% was with CapEx ended GMV, in business our the the EUR period at XX.X of year. up second Cash million flow first below of from cash quarter With EUR and months the another this, hand. X.X EUR

The in excellent our expectations. performance line with fully is of the quarter

need the seasonality the business, in QX. combining QX and fiscal the fiscal Given fiscal first second and look the you of at QX to and the and always half year, QX half combining

of typically XX.X% EBITDA net our X.X%. For grew X% adjusted net comparable growth X%. 'XX for with plus with confirm and typically and and adjusted with full expect strong half was first QX, our year grew QX, a In fiscal X.X%. 'XX, GMV the sales year margin fiscal XX% The between seasonality, fiscal weaker guidance and sales ending at and 'XX, XX, June We fiscal X% we an GMV line therefore the between fiscal and plus EBITDA QX. margin a

it our business confident our we strong on surprise as in and growth. the continue comes and And that unique no the profitable will very success focus are all model. clear of above, we With positioning

as chapter the growth, acquisition business YOOX our HX embark long-term the calendar expected medium- year 'XX. the we truly next We in are group of with of of the of also NET-A-PORTER of excited the for closing and outlook on

we group, market global multi-brand stakeholders Mytheresa growth; in to new creating profitable in set and value for our and and for shareholders luxury our fortify group. NET-A-PORTER the LuxExperience, Forming leadership all clear thereby strong, YOOX aim position significant the

And I remarks. back concluding now the with his to that, will for over turn Michael call

Michael Kliger

Martin. you, Thank

pleased We with year are earnings results. very XXXX fiscal second of quarter our

of We are of on continue well even more first targets and expected brand and worldwide, fiscal a our YNAP; to guided to focus excited enthusiasts 'XX. year for prepared for our ourselves community are year customers, fiscal see value physical ourselves through pleased see to high-end desirability, digital acquisition and partners creating based and true shareholders. on experiences. achieve luxury well We We'll the create for half significant to XXXX positioned the

And to with the that, questions. your line open I the operator for ask

Operator

[Operator Instructions] Chen Oliver Our TD first line question will from with come the Cowen. of

Oliver Chen

Exciting with deal. the

there? about getting what to technology your and of Also And Would on the think this. you're terms gross of really follow-up is inventory half ready color you're a integration margins the the side as you any in that, just are like business then As profitability to in the on for on opportunity? good deal, other the better what on sounds look doing viewing the in second YOOX guidance: restoring how thoughts shape. we thoughts forward love It and stack optimize

Michael Kliger

you, Thank Oliver.

me about first the address will the Martin Let speak then and questions, X guidance.

clearly are full are a closing, explained of solution. the of our of we, NET-A-PORTER developed That we investor but operational that the the we platform presentation before to YOOX is best luxury in the of announcement bring deal and is the in Mytheresa position to businesses not the own clearly the our onto As sense insights, agreement clear clear, have strategy in technology. course,

We operated owned works. us, have platform out. it that It's us. a fully fully know We by inside by

a that. to We strong bench engineering do have

is even but even the see a banners we the the best are our and MR believe XX fully efficient a PORTER, though Clearly, curation NET-A-PORTER, quite own more businesses, expected the That an to which strongly on to side, achievable our exercise invest we that with We our will we separated make duration such them provide in off-price of for brand months. solutions stronger make be OUTNET line the with for group. And most replatforming. replatforming desirable on back do experience back and and that, inspiration. and all banner strong, principles joint of them then a based those LuxExperience even quite office is XX require opportunity to will and office join of is YOOX, equity to customer-focused and

excited Martin, this about are So the and the take maybe then deal the next in of couple months. we to are hopeful question. margin close really up you And will

Martin Beer

the profit focus the gross to Yes, happy changing as The with you exactly performance seasonality, line to QX is is fully in first performance how the how at guidance have do on you quarter overall it yes. the look our expectations. so, the always, guidance, it the and margin and relating always guidance and is in is And half. development, rightfully to given second

QX and of it So -- are why, point -- basis the points. QX of improvement weaker in the are gross looking strong profit And points out, seasonality, QX in and quarters. QX, basis HX; XXX that's performance was quarters. given very the XXX at rightfully QX, and Oliver, the you as margin

And HX don't similar back visible of very in in I a to is HX HX, than expect want our customers. in our price, expect slightly margin gross overall focus a full effects our set a numbers, a fully to that but strong and the not is want this -- on on We line comparable so I'm XXX price to to the very and full of what increasing with performance clearly also with decreasing some stable, right on so be gross guidance, the on profit continue, HX. the targeting share, for should in we -- we expect due basis we to lapsing points, whether HX, sure mean, margins. come saw of profit everybody therefore We HX

Operator

Matt we'll with line the Instructions] take from And question Boss [Operator of our JPMorgan. next

Matthew Boss

nice quarter. Congrats on a

demand in elaborate momentum and terms today seeing current Michael, has the on maybe could across years that you quarter? in U.S. in luxury the health X digital to continued acceleration the And what you backdrop of second post speak holiday? Europe relative just to the and of saw the last So you're the

Michael Kliger

Thank Sure. you, Matt.

the good digital perspective. share the is it health, The expansion in you from regard think of digital is luxury if I continuing. sector in the consumer

Of course, spenders. big polarizations absolutely are sort out It's true for of there there. the

to geographic and there is more And us, they this more continue with polarization. see spend We more digital. spend more and on

continuous have XX% post U.S. business, in And strong our the happy European improvement are election, really seen We very demand. growth. almost we with

So we in business. now lags very also is in it's, the strong still of Asia, strong have damaged is second a the by leg peninsula, outlook. And while a demand Arabic business behind, the still course, -- still particularly the dampened -- Greater economic China,

say So very we would the good. health is

We before, have us. the highlighted discussed last growth, board. despite really And inventory saw across are slowdown, or revenue actually that but we players, oversupply year's slightly only digestion Martin the the many year, below high clearly leading inventory not of turn has heavy of it's inventory of last happened really seen to the surprised as we inventory -- discounting has out levels.

see negating the only that in sure, have is positive, quite is And green for for shoots better macro therefore, some -- we the our months quarters. not in then still a and than we And of while our dramatically outlook the seen So is places, environment numbers, industry health volatile. ago. small now pivot some XX

Matthew Boss

high year, X% EBITDA single-digit about see margins you for how to Great. X% And EBITDA this best line the to a then margin. maybe time think relative historical as return to to Martin, reasonable

Martin Beer

had I the fiscal EBITDA we -- half do X%. And we first year, margin happy an fiscal I or mean the Matt. Yes, of -- the in mean the guide for we to so, of half, obviously to year, X% second full for to X.X%.

'XX margins in the can in for have And -- the single-digit to key trend but overall we side. is couple on come to so shifts driver term this expect the that a industry, we we nobody unfold, clearly back a the to the on ago. how medium profitability, years used our really foresee is clear 'XX mean and margin I it Given that gross that embarked the uncertainties will the higher

Operator

next Our with from Ashley line will the Helgans question Jefferies. come of

Blake Anderson

luxury It's like aspirational the Blake I to more you wanted about on all really with throughout the for trends customer the consumer start high-end obviously sounds it Ashley. at Can strong. is talk quarter? of your

Michael Kliger

'XX, but by but the of the is driver or are say, better Sure, which that our have bags, And some rightly the U.S. really you driven which also nice by is. have to happy customer even Mytheresa, growth so. still have some in that What where repeat: the in And markets or are and the to course, at revenue grow double-digit we per also stronger -- were now this the increase quarter driven sales seen more and accessories lagging. market. double-digit in also We drivers. we And of Europe and do cohorts. seen, continues, seen least here a for continue and -- categories growth to way. this in in -- -- strong customers. we see, environment, to we in will Mytheresa that I is growth strong successful volatile driven though, Europe, it be also consumer starting we by is quarters; This we U.S. makes leading is even really for see pivot starting quite markets are as so also the This in no be of a And customers; aspirational driven driver means by there see to that at is are least part better in market by These capita. the aspirational

the then a China, see exclude in Greater clearly pivot you If we market.

Blake Anderson

half I about marketing? versus about year-over-year in customers, then for on the decline trade-off? encouraging. of you top are the touching a in the seemed marketing to -- up wanted how That's X lead then should on more, to I AOV that more think marketing in top that rate customers again they spend on How be you -- And versus recently. if positive slightly ratio. you think ask being should And the growth I second How It seemed QX. could. did -- the the we One thinking was to bit managing

Michael Kliger

correctly Very and happy connected. you're it leave but our presentation. you up X for actually outlook to Martin And of I'll picked right marketing to are questions spend, answer. the on the

over Martin, growth funnel last We investing as marketing investments. significantly you spend what increased quarter we have, with the are now, our heard from are we upper year. doing And in

the revenue. in A per a base consequence acquisition is pickup Of difficult decrease in and we cohort funnel, you more market for ago. to though luxury. the achieve the a market immediately-returning tightly on is upper drive but revenue now which now quality year see actually the which spend double-digit the give we and market was see immediate good But rightly capita of and in It's to customers, the on ground marketing conversion. course, up. small future managed operating, amazing very new what even lower spend as as share still in that also immediate lays investments, not new picking a that's growth more lot with while And results, the investing does the immediate 'XX, customers does for picked marketing costs grab not you financial as we're opportunity because it lower and a takes what it we sets not is longer-term up, of focused you

So news. it's good

We back. are

lays expansion We the are more customer customer in the And this also cohort. marketing. and for investing foundation top growth of

outlook that pickup. nice in ]. And [ give you Martin, sense maybe an So

Martin Beer

HX said, that, normal that XX% we had ratio they back and come the around with And expect marketing to costs for yes. Yes, levels always we also XX.X%. what the of Michael

Operator

comes line from question Grace Our Stanley. Osadolor the Morgan with of next

Grace Omosigho Osadolor

luxury better We've the more seeing so in premium brands results. in being had a prices I ask industry, of the than points. on luxury more around call out doing there evidence you're wanted you terms you're Congratulations on through, what to of what lot any in price you're entry-price from that seeing seeing and items industry? can of color also put if the

Michael Kliger

hold further big any high-priced business, by Honestly, we in confirm price It's on clearly confirm. you. is the that by more pause, are can increases. of of driven Business is, cannot entry points, spenders. I however, What items. emergence Thank in moment a our price of driven I

out them lot the average X.X% that true too it's that of growth customer, looking order one And price bring think, we well-priced or The is context but entry-price come -- to really or do -- level aspirational or some discussed. luxury, were by too value, where towards average believe overall, entry high. at a price market have you our by in back is item opportunities of in strategy, just demonstrated we of that business value tilting the sense, course, growth that element of have as points. that in seen our is premium of phase as by not is increases So happened. I far of driven is And the arguably, increase, the and turn the business, driven not which a

Operator

Oliver [Operator the with from next question Chen line Instructions] our TD Cowen. We'll of take

Oliver Chen

had really continue are that you've what's also U.S., of centers. great service and fueling thoughts you to terms and momentum have. What levels distribution and in your

[Audio Gap]

term. longer question

you'll think you bricks clicks. more and is about how What meets thesis well, do evaluate for distribution physical meets physical as broadly? Our future the of digital

Michael Kliger

I experiences what clearly need agree are. key. mean to and on physical physical presentations as I of and the that moment, do. relationships, digital form means well. And physical presence brand I we we but to We believe agree. Well, we present this second we need for the strong pop-ups, is mean, part, physical We customer our

will Bar Bar Carlyle weekend, outside you time As New with our York. present with in we together from experience of Bemelmans Aspen The physically be après-ski from in friends York, experience of first New a Bemelmans can this

name totally what our wants; and customer really speak, desire, coincidence very ], incarnations, are we And believe we life; our focus, overall at clientele with time. key. relationships with. is really so that careful that our So that now introducing no least, key is it success, they products to physical it The that be customer a customer fine jewelry; [ clear a focus Therefore, with that, for on is its kids group understanding our LuxExperience. we agree it's and establishing

occasional of really time is So are service you strengthen components the moments And speed to of still excellent e-commerce; form need hard on this. relationships. is working and one and -- and key and we otherwise,

faster. real time role believe map, to also there always achieve opportunities a it distribution making play we centers the Leipzig road geographies, again said in certain to mass are this. with And start down we Our new that doing has center acquisitions, in USP. possible a critical distribution the if on We more made regional obviously, in expected be can

Operator

We'll take our Wendy with final of question from Gao the line CICC.

Yawen Gao

Congratulation, to the nice results.

profile maybe I and can mix think profile you share the something also average the customer order the regions, customer relevant like value. about top I top have any about the a question about by --

Michael Kliger

we mix the is make average the so X% and average the tend geographies, close that and in order we we that XX% particular numbers to for Asia, actually digits. more it in revenue. Europe, the -- holds be mean getting of values, account there above, I What whereas and also this and to top Arabic shared Greater peninsula, Greater China. and And EUR that so have for Americas is quite across Asia close the to similar true are geographies, And for China customers' X across up is for is the is in XXX. digits to other true higher, particular in X past the

luxury popular. terms Greater Arabic to there -- fine jewelry the items, more are in percentage even our in appetite Asia, expensive focus the Southeast importance, higher-priced in European in geography. driven by and higher the is across also the the peninsula; but And same same regions Asia, latest of of available desire which of the also customers, some and is all is have accessories top the China, the those for brands So the

look XX but if sequence XX they shared geographies, across Maybe very are top at us. the top different similar world the similar. the whole We for brands, have always are brands across that, the is very you

Yawen Gao

-- we the about like if impacted do like Understood. trend? bit? maybe recover think Do quarter-by-quarters, else, just is by something you micro a And at China, look if uncertainties talking or Greater still [ (sic) the ] [indiscernible] macro you this but how about, mentioned that you like, region you think like

Michael Kliger

slowly what see Yes, believe significant do interesting see quite quite recovery it but a but the government do the with you're has economic We after, to do China. dampened, of a the important continuous Greater China, also, still in is improving course, will in this already. it lot we see environment. absolutely We additional at slow economic It's contraction. is therefore, launch improvement, do macroeconomic for see progress to the particularly business stimulus that And right. and and moment, we region,

Operator

for our question-and-answer may disconnect. joining, and you Thank That you today. and session call all our now will conclude

MYT Netherlands Parent B.V. (MYTE) 11 Feb 252025 Q2 Earnings call transcript