Mytheresa lifts margins as YNAP integration stays on track
Bottom Line Impact
If Mytheresa's margin discipline can be scaled across YNAP while arresting off-price declines, LuxExperience can shift from volatile revenue with losses to higher-quality growth with expanding EBITDA margins, strengthening market position with brands and improving long-term brand equity via reduced discounting.
Key Facts
5- Mytheresa Q2 (ended Dec 31, 2025) revenue: 242.7m euros, +8.8% YoY (+11.6% cc).
- Mytheresa gross margin increased to 52.3%; adjusted EBITDA rose to 22.6m euros (vs 16.2m euros prior year).
- Group reported sales: 646.9m euros (vs 223.0m euros prior-year quarter) including acquired YNAP segments; pro-forma group sales +1.1% to 645.1m euros (+5.7% cc).
- Pro-forma luxury segment (Net-A-Porter + Mr Porter) revenue: 277.1m euros, -1% reported (+6% cc); off-price (Yoox) revenue: 125.3m euros, -7.3%.
- FY outlook narrowed: GMV floor raised to 2.50bn euros; adjusted EBITDA margin guided to -1% to +1%; medium-term target reiterated at 4.0bn euros turnover with 7-9% adjusted EBITDA margin.
Time Horizons
Key Roles Affected
Executive Summary
LuxExperience's Q2 shows Mytheresa continuing to deliver profitable growth while management keeps the YNAP integration on schedule, strengthening the investment case that scaled luxury e-commerce can regain margin discipline. However, Yoox/off-price declines and a widening reported net loss underscore uneven earnings quality during the transition, making execution and mix management the decisive value drivers over the next 6-12 months.
Actionable Insights
Immediate Actions (Next 30-90 days)
Renegotiate e-tail partner terms around working-capital protection: expand consignment/drop-ship, shorten payment cycles on full-price, and cap markdown funding exposure with performance-based co-op budgets tied to sell-through and return rates.
Rationale: Group-level reported losses widening despite pro-forma EBITDA signals that cash and accounting profitability can diverge during integration; brands should prevent liquidity drag and ensure promotional funding is ROI-positive.
Role affected:CFO
Urgency level:immediate
Create an integration-watch playbook: monitor assortment changes at Net-A-Porter/Mr Porter (brand roster pruning, category focus) and proactively secure visibility via exclusives, content packages, and clienteling collaborations that fit a more curated full-price proposition.
Rationale: As LuxExperience transfers Mytheresa's model, it will likely reduce long-tail SKUs and prioritize partners that drive full-price conversion; early positioning can protect share as the assortment is rationalised.
Role affected:Chief Commercial Officer
Urgency level:immediate
Short-term Actions (6-12 months)
Reconfirm channel strategy by tiering inventory: allocate full-price capsules, early access, and high-demand replenishment SKUs to partners demonstrating pricing discipline (using LuxExperience's Mytheresa metrics as a benchmark), while ring-fencing off-price leakage to tightly controlled clearance windows.
Rationale: Mytheresa's margin-led growth and the group's push toward a curated model will reward brands that support full-price conversion; misallocation risks accelerated markdown dependency and diluted brand equity across multi-brand e-commerce.
Role affected:CEO
Urgency level:short-term
Strategic Actions
Shift spend toward retention and high-LTV cohorts in markets resilient to discretionary volatility (U.S. top-tier clients, Middle East tourist flows, selected EU capitals), using tighter CRM and private clienteling rather than broad discount-led acquisition.
Rationale: Yoox/off-price softness suggests promo-led demand is less reliable; profitable growth is increasingly driven by top clients and full-price storytelling, aligning with Mytheresa's demonstrated economics.
Role affected:CMO/Chief Client Officer
Urgency level:strategic
Risks & Opportunities
Primary Risks
- Integration risk: platform migration, merchandising process changes, and organisational duplication removal could disrupt service levels, impacting repeat rates and luxury client trust within 1-2 quarters.
- Earnings quality risk: pro-forma adjusted EBITDA profitability (13.2m euros) contrasts with a widening reported net loss (-12.6m euros), implying potential one-offs, amortisation, or restructuring costs that can extend the path to sustainable net profitability.
- Channel conflict risk: tightening curation and reducing markdowns may provoke short-term volume declines, especially in off-price, pushing inventory into alternative discount channels and increasing grey-market visibility.
Primary Opportunities
- Bargaining power uplift: narrowing FY guidance and demonstrating Mytheresa-like margins can improve LuxExperience's leverage with brands on exclusives, allocations, and commercial terms.
- Portfolio simplification: excluding The Outnet post-sale and rebalancing away from structurally weaker off-price can sharpen the brand proposition and improve long-term margin mix.
- Data and clienteling advantage: integrated multi-banner customer insights can enable higher conversion and repeat through better segmentation, private client services, and cross-banner upsell.