LuxExperience, revenues and Ebitda up. But for Yoox the downturn will continue

Net sales growth of +11.5 per cent compared to the fourth quarter of the previous year and +8.9 per cent over the entire fiscal year 2024. Despite the complicated economic scenario for luxury - and the crisis of many multi-brand e-tailers - the German ecommerce platform Mytheresa, now part of the LuxExperience group together with Ynap, which was definitively taken over in April 2025, closed on 30 June last year with (another) positive year. Profitability (a sore point for platforms) also increased: Adjusted EBITDA rose from EUR 25.8 million to EUR 44.6 million, with the margin rising from 3.1 per cent to 4.9 per cent of turnover. In the fourth quarter, it stood at 6.5% compared to the same period of the previous year.

"I am extremely satisfied with the results of our Mytheresa business," said Michael Kliger, CEO of LuxExperience, who has also been at the helm of the German platform for over ten years, "We have demonstrated clear operational and financial leadership in digital luxury. Kliger went on to confirm the economic forecast for the entire group: "I am very pleased with the rapid start of the group's transformation, which aims to leverage size and scope for strong growth and profitability for the entire group. In the medium term we expect to achieve EUR 4 billion net sales and an adjusted Ebitda margin between 7 per cent and 9 per cent'.

Mytheresa's figures for the full fiscal year 2025 snapshot an 8.2% growth in the value of goods sold (gross merchandising value, Gmbv) to 988.5 million; net sales rose 8.9% to 916.1 million with Mytheresa's key market, the US, performing above average: in FY2025, despite uncertainties related to Trump's trade policies, posting +9.7% growth in net sales, bringing the share of US net sales to 20.6% of total sales for Mytheresa. The fourth quarter, in general, saw an acceleration of both sales and profitability: Gmv rose 11.1 per cent to EUR 265.9 million; net sales were up +11.5 per cent and EBITDA reached 48.5 per cent. The group's guidance for 2026 forecasts gross sales between EUR 2.5 billion and EUR 2.9 billion and adjusted EBITDA between -4 per cent and +1 per cent.

Immediately after the acquisition, the management of LuxExperience initiated an internal reorganisation by clearly separating the high-end full-price businesses (Mytheresa, net-à-porter and Mrporter) from the off-price business (Yoox, The Outnet). At the release of the results, the group stated that 'The reorganisation towards a new operating model is almost complete. A series of cost-cutting actions has begun in all operational functions and the migration for luxury and the separation of the tech stack (the set of technologies that allow the platforms to function) for the off-price business has been initiated'. In addition, LuxExperience reported on the activation of group-wide customer data analysis and the reduction of Ynap's workforce.

At the beginning of September, the group announced, as part of a reorganisation strategy, the cutting of around 700 workers between the US and Europe, with 211 redundancies planned in Italy, among the Yoox workforce in Milan and Bologna. The dismissals were contested by the trade unions, which led to strikes, three 'local' discussion tables and a table at Mimit on 23 September. In that context, the company reportedly gave a first sign of openness by putting on the table the possibility of an alternative to the dismissals. The next table is scheduled at Mimit on 2 October.