Mytheresa, the German-born luxury e-tailer, on Wednesday announced a sturdy 18% rise in third quarter revenues, in the latest sign that the company has successfully weathered the downturn in the sector.
 

Though the brand was mute about recent reports that it might be mulling a move to exit its quotation on the New York Stock Market, little more than three years after it was floated, when its valuation briefly exceeded $3billion.

Asked about rumors that it may be going private, CEO Michael Kliger responded: “We do not comment on any rumors or speculations regarding the company.”

In the quarter ending March 31, Mytheresa scored net sales of €234 million, helping revenues grow by 7% to €675 million for the last nine months. The Munich-based brand also tripled adjusted EBITDA to €9 million.
 
Asked, what had been the key drivers in sales growth this past year at Mytheresa, Kliger responded in an email: “Very strong growth in the United States, up 42% in terms of Gross Merchandise Value. And our continued focus on Top Customers is paying off. We grew the number of Top Customers by 17% in the third quarter and their average spend increased a further 3.3%”
 
Looking ahead, Kliger opined that, based on Mytheresa’s performance, the luxury sector is pivoting.
 
“The US is clearly in recovery mode and other regions will follow. More fundamentally there is a clear customer demand for multi-brand inspiration through curation by the high-spending, wardrobe building customer segment. The digital share for this customer segment is forecasted to grow from the current 21% to a 30% share by 2030. All of this drives our belief that Mytheresa will become a multi-billion business in the next years to come.”
 

A key element in Mytheresa’s success has been creating exclusive shopping experiences for deep-pocketed clients. From staging a dance party and dinner in Beverly Hills, to a two-day experience with Jimmy Choo in Venice. Next week there is a two-day event in Capri, to launch a new Dolce & Gabbana capsule with Domenico and Stefano hosting dinner in the island’s famed waterfront restaurant Da Paolino.
 
“It’s about building a community for luxury enthusiasts. We create desirability by digital and physical experiences. The collaboration with Dolce & Gabbana is a perfect example for this with the launch of the exclusive Capri capsule collection and the fabulous event we will host on Capri,” argued the German-born CEO.
 
Very distinctively, Mytheresa has motored along even as its rivals have suffered major burnouts. Yoox Net-a-Porter, or YNAP, lost $137 million in the most recent half-year earnings statement; Farfetch is losing hundreds of millions annually, while once path-breaking Matches laid off half its staff in March. Back in 2018, Matches was valued at $6 billion on the New York Stock Exchange. Last December, Frasers Group acquired Matches for £52 million.
 
We asked Kliger how has Mytheresa survived and prospered as a luxury retailer while others have felt like luxury’s answers to the Titanic?
 
“We believe that our clear focus on a specific customer segment allows us to be really the best for those customers which makes us attractive for luxury brands to partner with,” was his explanation.
 
A key target must be expanding margins in the coming years. Which the executive insist can be ensured by continuing to “focus on full price, and on loyal wardrobe-building customers… This will particularly happen when we have fully digested the over-supply of stock in the total markets and the offloading of stock by competitors and brands struggling in the current environment.”
 
In effect, returning to the brand’s roots, and the DNA of Mytheresa. “Our DNA goes back to a physical boutique, therefore a clear customer focus, multi-brand inspiration and excellence in customer service are deeply ingrained in our culture,” he concluded.