Mytheresa has solidified its role as the key growth driver for the German luxury e-commerce group LuxExperience BV, showcasing remarkable performance in the first quarter (Q1) of fiscal 2026 (FY26), which concluded on September 30, 2025. While the group’s gross merchandise value (GMV) decreased by 4.3% year-on-year (YoY) to €589 million (approximately $677.35 million), Mytheresa achieved impressive GMV growth of 13.5%, reaching a total of €245.9 million (around $282.79 million).
For the group, net sales fell by 4.2%, amounting to €557.2 million (roughly $640.78 million). However, the Luxury | Mytheresa segment reported a net sales increase of 12.2%, rising to €226.3 million.
Despite the overall revenue decline, the group managed to improve its gross profit margin to 44.1%, an enhancement of 190 basis points. Additionally, an 8.2% reduction in Selling, General, and Administrative (SG&A) expenses indicated early success from the company’s cost-efficiency efforts. The adjusted EBITDA was noted at -€28.1 million, reflecting a margin of -5%.
The customer economics at Mytheresa were particularly strong, with GMV from top customers rising by 15% and the average order value increasing to €797. Adjusted EBITDA more than doubled to €7.9 million, leading to improved margins of 3.5% compared to 1.4% in Q1 FY25. The engagement was further boosted by exclusive capsule collections from prestigious brands including Brunello Cucinelli, Loewe, and Calvin Klein, along with high-profile events for key customers in New York, Connecticut, and Turin.
The Luxury | Net-A-Porter (NAP) and Mr. Porter (MRP) segments showed promising early signs of recovery after experiencing prolonged declines. Although GMV and net sales fell by 10.8%, the segment achieved a gross margin increase of 120 basis points to 47.8%. This improvement was attributed to tighter inventory control, effective markdown strategies, and lower capitalized expenses. SG&A expenses were down by 9.7% YoY, while renewed brand collaborations with names like Nili Lotan and Jimmy Choo began to restore commercial momentum. Nonetheless, the segment still recorded a negative adjusted EBITDA of €14.6 million.
On the other hand, the Off-price | Yoox segment continued its strategic transformation. GMV declined by 19.3%, and net sales fell by 16.6%, reflecting a focus on a more profitable core selection and reduced discount-driven volume. However, gross margin expanded by an impressive 390 basis points to 36.5% as the business adjusted to healthier pricing strategies. SG&A expenses decreased by 15.5%, even with the integration of fixed costs reallocated from The Outnet, leading to an adjusted EBITDA of -€21.4 million.
Throughout the group, the quality of customers improved significantly, with average order values for the last twelve months (LTM) rising across all segments: Mytheresa increased by 10.7% to €797; NAP and MRP rose by 15.5% to €836; and Yoox boosted by 18% to €256. The U.S. market remained a crucial growth driver, accounting for 31.6% of total net sales and underscoring LuxExperience’s expanding global reach.
With its reorganization nearly complete and cost-reduction measures advancing across all non-YNAP operations, LuxExperience enters the remainder of FY26 with a more streamlined and defined structure.
The company now anticipates a full-year GMV between €2.4 billion and €2.7 billion (approximately $2.8-$3.1 billion) and expects an adjusted EBITDA margin ranging from -2% to +1%.
