LuxExperience Reports Strong Q4 Results for Mytheresa Amid Challenges for YNAP Brands

Published
September 26, 2025

In a significant financial update, LuxExperience, the parent company of Mytheresa and YNAP brands, has announced robust fourth-quarter results for its flagship Mytheresa business. This comes at a time when the luxury retail sector is navigating a complex landscape marked by economic uncertainties and shifting consumer behaviors.

Mytheresa’s Impressive Performance

Mytheresa, once a standalone luxury fashion retailer, has evolved into a key player within the LuxExperience portfolio. The latest financial report reveals that Mytheresa achieved a net sales growth of 11.5% in Q4, reaching €248.9 million. For the entire fiscal year, net sales rose by 8.9%, totaling €916.1 million. This growth is particularly noteworthy given the ongoing macroeconomic challenges that have affected many retailers globally.

CEO Michael Kliger expressed his satisfaction with these results, stating, “We have demonstrated clear operational and financial leadership in digital luxury.” He emphasized that LuxExperience is poised to become the premier destination for luxury enthusiasts worldwide, uniting iconic brands under one digital roof.

Key Financial Metrics

The report highlights several key performance indicators that underscore Mytheresa’s success:

• Gross Merchandise Value (GMV): Mytheresa’s GMV grew by 11.1% in Q4, amounting to €265.9 million. For the fiscal year, GMV increased by 8.2%, reaching €988.5 million.
• Average Order Value (AOV): The AOV for Mytheresa rose by 10% in Q4, reaching €773, indicating a growing willingness among consumers to spend on luxury items.
• Adjusted EBITDA: The adjusted EBITDA for Q4 surged to €16.1 million, a significant increase from €10.6 million in the previous year, reflecting a margin improvement from 4.7% to 6.5%.

These figures not only highlight Mytheresa’s resilience but also its ability to adapt to changing market conditions, a crucial factor in the competitive luxury retail landscape.

Challenges for YNAP Brands

While Mytheresa’s performance shines, the same cannot be said for the YNAP brands, including Net-A-Porter and Mr Porter. The financial report reveals a stark contrast in performance, with YNAP experiencing significant declines across various metrics.

Declining Sales and Customer Engagement

In Q4, YNAP’s GMV fell to €267.4 million, down from €294.2 million, while net sales dropped to €255.3 million from €280.4 million. The adjusted EBITDA for this segment reported a loss of €2.9 million, a stark contrast to the €15.3 million profit recorded in the same quarter the previous year. This decline is compounded by a decrease in active customers and total orders shipped, although the average order value did see an increase from €708 to €811.

For the full fiscal year, YNAP’s GMV decreased to €1.09 billion from €1.23 billion, with net sales also declining to €1.04 billion from €1.17 billion. The adjusted EBITDA for this segment reported a loss of €7.2 million, a significant drop from the previous year’s profit of €22.5 million.

Off-Price Segment Struggles

The Off-Price segment, which includes Yoox and The Outnet, also faced challenges. In Q4, GMV declined to €159.1 million from €197.9 million, with net sales following suit. The adjusted EBITDA for this segment reported a loss of €28.5 million, a notable increase from the previous year’s loss of €12.9 million. For the year, GMV dropped to €808.4 million from €935.8 million, indicating a broader trend of declining performance in this area.

Strategic Reorganization and Future Outlook

In response to these challenges, LuxExperience is undergoing a strategic reorganization aimed at streamlining operations and enhancing efficiency. The company has initiated cost reduction measures and is migrating technology platforms to better serve its luxury clientele.

Focus on Mytheresa’s Growth

Despite the setbacks faced by YNAP, Mytheresa continues to thrive. The brand has launched exclusive capsule collections in collaboration with high-profile designers such as Dolce & Gabbana, Versace, and Bottega Veneta. These initiatives not only enhance brand visibility but also foster customer loyalty through unique experiences, such as exclusive events and private dinners.

Looking Ahead

As LuxExperience moves into the current financial year, which began in July, the company anticipates continued growth for the Luxury/Mytheresa segment. However, the outlook for the Luxury/NAP & MRP segment remains cautious, with expectations of a slight decline in GMV. The Off-Price segment is expected to undergo further restructuring, with a significant decrease in GMV anticipated.

The company projects that LuxExperience will achieve a GMV of approximately €2.5 billion to €2.9 billion in FY26. Given the uncertainties in the market, FY26 is expected to be a transitional year, with profitability levels comparable to those of FY25.

Conclusion

LuxExperience’s latest financial report paints a mixed picture of the luxury retail landscape. While Mytheresa’s strong performance underscores its position as a leader in digital luxury, the challenges faced by YNAP brands highlight the complexities of the current market. As the company navigates these challenges, its strategic focus on innovation and customer engagement will be crucial in determining its future success. The luxury retail sector remains dynamic, and how LuxExperience adapts will be closely watched by industry stakeholders.