Mytheresa cemented its status as the star performer of German luxury e-commerce group LuxExperience BV, driving the only strong growth in an otherwise moderating first quarter (Q1) of fiscal 2026 (FY26) ended September 30, 2025. While the group’s gross merchandise value (GMV) slipped 4.3 per cent year on year (YoY) to €589 million (~$677.35 million), Mytheresa delivered stand-out GMV growth of 13.5 per cent to €245.9 million (~$282.79 million).

The net sales of the group declined 4.2 per cent to €557.2 million (~$640.78 million), even as the Luxury | Mytheresa segment recorded a 12.2 per cent net sales growth to reach €226.3 million.

Despite the decline in revenue, the group posted a stronger gross profit margin of 44.1 per cent—up 190 basis points—along with an 8.2 per cent reduction in SG&A highlighted the early gains from the company’s cost-efficiency programme. Adjusted EBITDA stood at -€28.1 million with a margin of -5 per cent.

Mytheresa powered LuxExperience’s Q1 FY26, with GMV up 13.5 per cent to €245.9 million (~$282.79 million), offsetting group-wide declines as total GMV fell 4.3 per cent and net sales slipped 4.2 per cent.
Strong margins, lower SG&A and improving customer economics supported results.
NAP, MRP and Yoox showed early stabilisation.
The group now targets FY26 GMV of €2.4–2.7 billion (~$2.8-3.1 billion).

Mytheresa’s customer economics were exceptionally strong, with top-customer GMV rising 15 per cent and average order value increasing to €797. Adjusted EBITDA more than doubled to €7.9 million, improving margins to 3.5 per cent from 1.4 per cent in Q1 FY25. Exclusive capsule collections with Brunello Cucinelli, Loewe, Calvin Klein Collection and others, alongside high-profile top-customer events in New York, Connecticut and Turin, further lifted engagement, LuxExperience said in a press release.

Luxury | Net-A-Porter (NAP) and Mr Porter (MRP) showed encouraging early signs of recovery after years of decline. Although GMV and net sales fell 10.8 per cent, the segment posted a 120-basis-point (bps) expansion in gross margin to 47.8 per cent, supported by tighter buying, healthier markdown management and lower capitalised expenses. SG&A was down 9.7 per cent YoY. Renewed brand collaborations—including Nili Lotan, Chloe, Jimmy Choo and Aime Leon Dore—along with revitalised EIP events began restoring commercial momentum. The segment reported a negative adjusted EBITDA of €14.6 million.

Off-price | Yoox segment continued on its deliberate transformation path. GMV fell 19.3 per cent and net sales dropped 16.6 per cent, reflecting the company’s focus on a more profitable core assortment and reduced discount-driven volume. Gross margin expanded by a strong 390 basis points to 36.5 per cent as the business recalibrated towards healthier pricing. SG&A declined 15.5 per cent despite the absorption of fixed costs reallocated from The Outnet, and adjusted EBITDA stood at –€21.4 million.

Across the group, customer quality improved markedly, with average order value for last twelve month (LTM) rising across all segments: Mytheresa +10.7 per cent to €797; NAP and MRP +15.5 per cent to €836; and Yoox +18 per cent to €256. The US remained a key growth engine, contributing 31.6 per cent of total net sales, reinforcing LuxExperience’s expanding global footprint.

With reorganisation efforts almost complete and cost-reduction initiatives progressing across all non-YNAP businesses, LuxExperience enters the remainder of FY26 with a clearer, streamlined structure, added the release.

The company now forecasts full-year GMV between €2.4 billion and €2.7 billion (~$2.8-3.1 billion) and an adjusted EBITDA margin ranging from -2 per cent to +1 per cent.

Fibre2Fashion News Desk (SG)