Home Entertainment Mytheresa to conquer the US and China with exclusive products and experiences

Mytheresa to conquer the US and China with exclusive products and experiences

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The key points

  • Mytheresa is a luxury e-store for women, men and children founded in Munich as a physical boutique
  • On January 21, 2021, it debuted on the stock exchange in New York. The US is the most promising market at the moment, while China is the most attractive in the long run
  • The winning formula includes high-end brands, exclusive experiences for top clients and more flexible collaborations with brands

“Our focus has always been and continues to be high-end luxury. We do not want to be the platform with the best selection of sneakers, even if the luxury public is younger and younger: we intercept maturing consumers, offering them products of the highest quality and, above all, inspirations “. If having clear ideas, in a time of great change and general confusion, is considered a strength, Michael Kliger, CEO of Mytheresa, leaves no doubts about the identity and objectives of the company. Born as a physical boutique in Munich in the late 1980s, Mytheresa has been a women’s, men’s and children’s fashion e-store since 2006 with 705,000 international consumers (Q1 2022 figure). In fiscal year 2021 it recorded net sales of 612.1 million euros, up 36.2% on 2020 and 61.5% on 2019, adjusted Ebitda to 54.9 million euros against 35.4 million of 2020. After a positive start to the fiscal year 2022, the closing forecasts speak of Gmv between 750 and 770 million euros and gross profits between 345 and 355 million (+21 -24 percent).

2021 was not only a year of exponential growth, but also that of the debut on the stock market, which took place on January 21 at the NYSE. Was going public during the pandemic the right choice?

Yes, we did it in January 2021 after the bankruptcy of our “sister company” Neiman Marcus (the group had taken over Mytheresa in 2014, editor’s note): being listed and profitable in such a “dynamic” moment is important, but it is also important to be stable. Our clients want to work with companies without financial problems.

How has the pandemic affected your business?

It accelerated a phenomenon already underway: the growth in the percentage of online purchases of luxury goods. In 2015, when I came to the helm of Mytheresa, online absorbed 4% of the luxury market. It is now 20 percent.

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