LuxExperience Sees Significant Q1 Loss of $85 Million as Mytheresa Thrives

LuxExperience down despite the brilliance of MyTheresa. The luxury digital group, born after the merger of MyTheresa and Yoox Net-a-Porter (Ynap), is starting the year at two speeds. Despite the fact that the results of the giant as a whole have been down in the first three months of the year, MyTheresa has reinforced its good positioning and continues to grow.

Specifically, aggregate sales of LuxExperience, which includes MyTheresa, Net-a-Porter and an off-price segment with Yoox, for the first quarter (period ended September 30th), came in at €573.5 million, down 8% year-on-year. Gross profit, meanwhile, remained flat at €250.7 million, compared with €253 million in the same period of 2024.

Gross operating profit (ebitda) did go down, plunging from €22.9 million negative to record more than €70 million negative. The European digital luxury group has soared net losses, closing the quarter in the red by up to €85.4 million, compared to the 23.5 million it lost in the first quarter of a year ago.

LuxExperience has only increased sales through MyTheresa

LuxExperience was officially formalized in the middle of this year, the result of the merger of Mytheresa and Yoox Net-a-Porter (Ynap), and has set out a strategic plan to reach €4 billion in annual sales by 2030, with the challenge of reversing the poor Ynap results.

The concept, in fact, has weighed down part of the group’s business, which, through Ynap, had a turnover of €212.3 million, almost 11% less than in the same period a year ago. In the segment dedicated to off-price, where LuxExperience accounts for sales through Yoox, the group has invoiced another €118.6 million, also 16.6% less than in 2024. Until the end of October, the company also operated The Outnet, which it sold for $30 million at the end of last month.

MyTheresa, however, did close the period up. Specifically, through the German luxury platform, LuxExperience sold 12.2% more at the close of the first quarter. The company’s sales with MyTheresa stood at €226.3 million, with an ebitda margin of 3.5%, up from 1.4% a year ago.

“MyTheresa continues to demonstrate our ability to grow and gain profitability in a complex macroeconomic environment,“ said Michael Kliger, group CEO of the LuxExperience flagship. Regarding the other two lines of business, the executive also expressed confidence that the Ynap business is starting to show the first signs of the recovery plan, while in the off-price segment, Kliger assured that “we are continuing with the planned transformation”.