Mytheresa pointed to “record growth” of first-time buyers again for the 3-month period ending on March 31, 2021, as the e-commerce company reported an “exceptional” 47.5 percent increase in net sales on a year-over-year basis (and 66 percent compared to the same period in 2019) to €164.8 million ($201 million). With growth in active customers up by 34 percent over the past 12 months for a total of 621,000 customers, the Munich, Germany-based retailer says that its “luxury online fashion business continued to benefit from the shift in consumer shopping behavior towards digital offerings,” which, in turn, “shaped the strong results of the quarter.”
Doubling-down on its attention to new customers, Mytheresa revealed that it surpassed Q2’s “record” of over 100,000 new customers for the January to late March Q3 period, and that “growth in the average net sales per customers across first-time buyers” helped it achieve a 10 percent year-over-year rise in average net sales per customer “across all customer groups.” The company – which made its IPO on the NYSE in January – further asserted that not only is it welcoming significant numbers of new customers each quarter, the repurchase rates among these newly acquired customers are growing, as well, resulting in “a clear positive trend.”
In addition to the strength of newly-acquired consumers, Mytheresa CEO Michael Kliger stated on Tuesday that the company is “seeing a strongly increased spend from our top customers” – a pool of approximately 3 percent of Mytheresa’s active users (some 18,600 people), who account for 30 percent of the company’s total business, per WWD – “as they begin to resume pre-pandemic activities, such as social events and vacation.” Citing an improvement in “consumer sentiment,” he noted that Mytheresa “grew strongly in almost all geographies, especially in the U.S., where we saw net sales growth of 75.8 percent.”
Still yet, Mytheresa cited a stable gross margin of 43.9 percent, which it says is driven by its “continued price integrity” and its “ability to drive full price sell-throughs,” and “strong profitability” above expectations, with adjusted net profits amounting to €4.5 million ($5.5 million).
In a statement, Kliger asserted that “even when we adjust for the relatively low comparables of the third quarter in 2020, it is very clear that our positioning as a curated, multi-brand luxury platform gives us both strategically and financially a fantastic position to capitalize both on the short-term as well long-term growth opportunities in the market.” He further held that the company’s success “continues to be based on a sharp luxury customer focus, strong brand partnerships and an execution-driven and profit-making business model,” and as a result of the “extraordinary results of the third quarter, [which] demonstrate our strong position as the leading curated platform for luxury fashion … we have raised our guidance for the full fiscal year 2021.”
For the full fiscal year ending June 30, 2021, Mytheresa expects net sales to be in the range of €600 million ($732 million) to €605 million ($738 million), representing 33 percent to 35 percent growth. The boosted outlook comes as Bain & Co. revealed on Monday that luxury goods sales could return to 2019 levels by the end of this year after taking a striking 23 percent hit in 2020 as a result of the impact of the COVID-19 pandemic.
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