LuxExperience Delivers Robust Growth, Margin Expansion, and Cash Position—Mytheresa Segment Leads With +9% Net Sales and 73% Adjusted EBITDA Growth
Mytheresa Drives Group Results With Strong Revenue and Margin Gains
LuxExperience, a leader in digital multi-brand luxury, announced standout results for the full year and Q4 FY25, headlined by its Mytheresa segment. Mytheresa achieved a net sales increase of 8.9% year-over-year to €916.1 million for FY25 and 11.5% growth to €248.9 million in Q4. The segment’s adjusted EBITDA surged by 73%, and margin rose by 180 basis points to 4.9% for the year—reaching 6.5% in the fourth quarter. The average order value climbed by 10% to €773 in Q4, and GMV per top customer jumped 16.1% year-over-year.
Segment Performance Reveals Strategic Transformation
| Segment | Net Sales (€M) | Adj. EBITDA (€M) | Adj. EBITDA Margin | Gross Profit Margin |
|---|---|---|---|---|
| Mytheresa | 916.1 | 44.6 | 4.9% | 47.0% |
| Luxury NAP/MRP | 1,042.8 | -7.2 | -0.7% | 44.8% |
| Off-Price (YOOX/THE OUTNET) | 792.8 | -96.2 | -12.1% | 35.0% |
While Mytheresa powered profitable growth, newly consolidated segments from YNAP—Luxury NAP/MRP and Off-Price—faced headwinds. NAP/MRP posted a net sales decline and swung to negative EBITDA, while Off-Price continued its planned restructuring, reflected in both a decrease in GMV and double-digit negative margins.
Profitability Expansion Supported by Strategic Integration
LuxExperience’s group-level profitability is bolstered by strong operational execution in its core luxury segment. The group’s full-year consolidated net income was €552.3 million (driven by the accounting effect of the YNAP acquisition), while adjusted gross profit for the Mytheresa segment rose 12% year-over-year. Significant steps were taken post-YNAP acquisition, with reorganization, cost reduction, and streamlined technology across business lines already in progress. At year-end, cash and cash equivalents stood at €603.6 million, giving LuxExperience strategic flexibility to continue its transformation.
US Expansion and Premium Customer Engagement Drive Growth
The Mytheresa segment saw nearly 10% growth in US sales, now representing over one-fifth of its business. Notably, GMV per customer grew by 13% overall and by 16.1% for top customers, demonstrating both deepening engagement and a loyal high-spending customer base. Average order values rose, and the company staged premium brand collaborations and unique experiential events—core to building stickiness in the competitive luxury space.
| Metric | Q4 FY24 | Q4 FY25 | % Change |
|---|---|---|---|
| GMV (€M, Mytheresa) | 239.3 | 265.9 | +11.1% |
| Net Sales (€M, Mytheresa) | 223.2 | 248.9 | +11.5% |
| Adj. EBITDA (€M, Mytheresa) | 10.6 | 16.1 | +52.0% |
| Average Order Value (€) | 703 | 773 | +10.0% |
Guidance Signals Continued Transformation in FY26
Management expects FY26 to be a transition year as integration continues. GMV is projected in the €2.5–2.9 billion range, with a group-level adjusted EBITDA margin between -4% and +1%, reflecting investment in restructuring and turnaround efforts in the acquired YNAP units. For the medium term, LuxExperience targets annual net sales growth of 10-15% and a path toward €4 billion in sales with a sustainable 7–9% adjusted EBITDA margin, contingent on successful integration and strategic execution.
Key Takeaways: Cash Strength, Growth, and Integration
Despite headwinds in newly acquired segments, LuxExperience’s strong cash position and clear leadership in its Mytheresa luxury segment provide a solid foundation. The company’s ability to grow top-line sales, expand margins, and invest in transformation underscores a bullish outlook for its core business, even as group results reflect transition-driven volatility. For investors, customer metrics and luxury segment profitability warrant close attention as the group progresses through integration and sets sights on medium-term growth targets.
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