๐ Strong Growth Amid Challenges
Mytheresa reported a 15% increase in gross merchandise value (GMV) for 2023, reaching $932M (โฌ856M). The company achieved $275M (โฌ252M) in GMV in Q3 2024, continuing its double-digit growth. CEO Michael Kliger stated, "We see ourselves as a clear winner in the consolidating luxury e-commerce space." With an adjusted EBITDA margin of 3.9% ($10M), Mytheresa is on track to meet its $1B year-end guidance.
๐๏ธ Unique Business Model
Mytheresa differentiates itself by combining online retail with personalized services. Personal shoppers engage with top clients and host in-person events. This strategy resembles the Tupperware model but is tailored for luxury consumers. Notable collaborations include brands like Gucci, Prada, and Saint Laurent. "Our website is transactional, but our personal shoppers and offline events make it experiential," explained U.S. president Heather Kaminetsky.
๐บ๐ธ Expanding U.S. Presence
Founded in Munich in 1987, Mytheresa transitioned to e-commerce in 2006. The U.S. market is a key growth area, with GMV up 42% in Q3 2024. Top U.S. customers grew by nearly 50%. "We see tremendous growth in America, but people here donโt really know Mytheresa yet," said Kaminetsky. Pop-up shops in the Hamptons and Los Angeles have increased brand awareness.
๐ Future Prospects
Mytheresa plans to enhance its market position through organic growth. Its new distribution center in Halle/Leipzig will improve delivery times. The company is also expanding its fine jewelry offerings. Despite rumors, acquisitions are not a focus. "We are focused on our organic growth," affirmed Kaminetsky. With strategic initiatives and strong partnerships, Mytheresa is well-positioned for future success.
Do you think Mytheresa can continue its growth streak?
