Mytheresa names Christie’s veteran as CEO to accelerate curated growth
Bottom Line Impact
If governance, pricing discipline, and HNW activation are executed, Mytheresa can sustain double-digit growth, expand gross margin 50-100 bps, and strengthen its premium positioning while helping narrow LuxExperience’s EBITDA losses and fortify brand equity.
Key Facts
5- Francis Belin (ex-Christie’s) starts as Mytheresa CEO on Jan 1, reporting to LuxExperience CEO Michael Kliger
- Mytheresa FY2025 revenue reached €988.5m
- Latest period Mytheresa GMV €245.9m (+13.5% YoY); net sales €226.3m (+12.2% YoY)
- Mytheresa gross profit margin 44.6%, up 70 bps YoY
- LuxExperience GMV declined 4.3% to €589m with adjusted EBITDA loss of €28.1m
Time Horizons
Executive Summary
Mytheresa appoints Francis Belin as CEO effective Jan 1 to sustain double-digit growth and sharpen luxury curation within the newly formed LuxExperience group. Strong unit metrics at Mytheresa contrast with group-level GMV declines and losses, making disciplined curation, markdown control, and cross-banner synergies critical to protect margins and accelerate path to profitability.
Actionable Insights
Immediate Actions (Next 30-90 days)
Codify cross-banner category guardrails and SKU exclusivity to achieve 80% non-overlapping core assortment by Q3, with centralized vendor governance and conflict resolution KPIs
Rationale: Prevents margin-eroding cannibalization across banners and reassures brand partners on channel integrity
Role affected:CEO
Urgency level:immediate
Implement unified customer ID and inventory visibility across LuxExperience within 180 days to enable cross-sell and pooled fulfillment; target +100-150 bps conversion and €0.50-1.00 lower delivery cost per order
Rationale: Data and logistics synergies are the fastest path to scale efficiencies without discounting
Role affected:COO/CTO
Urgency level:immediate
Short-term Actions (6-12 months)
Reduce markdown share of GMV by 200-300 bps over next two quarters via tighter buy depth, dynamic allocation, and stricter promo windows; target +50-100 bps gross margin
Rationale: Addresses group-level losses while leveraging Mytheresa’s strong full-price sell-through to expand margin
Role affected:CFO
Urgency level:short-term
Scale private client program with 15-20 invite-only events across top HNW hubs in 2025, targeting €60-80m incremental GMV and +15% AOV uplift
Rationale: Belin’s Christie’s background can unlock HNW networks and experiential selling that drive full-price mix
Role affected:CMO
Urgency level:short-term
Risks & Opportunities
Primary Risks
- Execution drag from integrating operations and governance across four banners leading to assortment conflict and diluted brand equity
- Macro softness in China and US luxury spending increasing promo pressure and returns
- Data privacy and brand-partner sensitivities limiting cross-brand clienteling and shared insights
Primary Opportunities
- Share capture from distressed or restructuring competitors by guaranteeing full-price sell-through and exclusive capsules
- Private client expansion leveraging Belin’s HNW relationships to drive higher AOV and repeat rates
- Logistics and tech stack consolidation to reduce unit economics and accelerate path to EBITDA breakeven