The German “luxury Zalando” benefits from the European effect
New York is apparently good for the Munich online boutique Mytheresa. CEO Michael Kliger is more than satisfied with the first balance sheet after the IPO in the US metropolis. Unlike the competition, the Munich-based company has no delivery problems.
UYou should invest 30 to 50 dollars for a wine from the House of Wölffer in the Hamptons east of New York. But it can also be 100 dollars. Exactly the right price range for the buyers of Mytheresa, the German online platform for luxury fashion.
And that’s exactly why Mytheresa recently organized an analog image event there for the spoiled audience. The actresses Emma Watson (Hermione from Harry Potter) and Drew Barrymore (“ET”, “Charlie’s Angels”) gave the event additional shine through their presence.
Such exclusive events for wealthy customers in New York, Paris or Beijing are part of the business concept that the Munich-based company Mytheresa has made into one of the fastest growing young German companies, sometimes referred to as “Zalando of luxury fashion”.
With the IPO in New York in January, Mytheresa raised capital for further development. Now CEO Michael Kliger presented the fresh shareholders for the first time with a balance sheet for the financial year that ended at the end of June and spoke of “excellent results”.
Last but not least, the move to the American stock market itself contributed to the brand’s awareness. “We expanded our US customer base 133 percent year over year in the fourth quarter. The IPO in New York made us better known there, ”said Kliger WELT.
The luxury segment has hardly any problems with delivery bottlenecks
He sees Mytheresa on the way to a leading position as a platform for luxury brands such as Gucci, Prada, Burberry or Yves Saint Laurent: “In our market, the online luxury business, we are growing significantly faster than the competition.”
According to the figures published before the start of the US stock market, net sales were a good 36 percent higher than a year ago at 612.1 million euros. Compared to the pre-Corona year 2019, the plus is a good 60 percent.
Unlike many start-up companies, who initially throw all financial and human resources on growth, Mytheresa also generates significant profits. The adjusted operating result rose by a good 20 million to almost 55 million euros. Net income soared to 32.1 million.
The problems currently occurring in the supply chains in many areas of the economy are not relevant in this segment, said Kliger: “Since luxury fashion is almost exclusively manufactured in Europe, we hardly have any problems with delivery bottlenecks.” wanted to make sure that costumes worn once or twice do not have to be disposed of immediately.
Mytheresa is meeting this need through a cooperation with Vestiaire Collective, a platform for upscale second-hand goods. There, Mytheresa customers can offer their good pieces via a separate online access for secondary marketing. “Our cooperation with Vestiaire Collective has been well received by our customers,” says Kliger. “Initially it relates to bags, but in September we will expand the range to include shoes and clothing.”
Eventful history in Munich
The corona pandemic only affects business insofar as the reorientation of customers towards digital offers has “significantly accelerated”. The trend will probably continue even after the epidemic has subsided and enable growth rates as before the pandemic, but then at the higher level.
Sales and customer numbers – currently there are 671,000 – are expected to increase by 22 to 25 percent in the current year, the profit hardly less strongly.
Mytheresa has had an eventful history. Founded as a boutique in the late 1980s, it reinvented itself in 2006 and started selling online. The US luxury department store group Neiman Marcus took over the German company in 2014, but had to apply for bankruptcy protection in 2020 after bad years.
Mytheresa managed to get out of the wake of the bankruptcy of the parent company and to position it again with the IPO. Despite the growing importance of American business, the stock exchange listing in New York and although the parent company is located in the Netherlands to save taxes, the operational headquarters should not be changed. “We are staying in Germany and we are staying in Munich,” the CEO assures WELT.
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