The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The German-based online luxury retailer’s first financial results as a public company showed the pandemic’s digital boost is still paying off. Net sales grew to €158.6 million ($194 million) in the quarter ending December 31, as the company drew a record number of first-time shoppers.
In the second half of 2020, net sales increased 30 percent to €285 million, with an adjusted EBITDA of €32.6 million up from €17.2 million during the same period last year. Net income was €25.4 million ($31 million), up from €2 million ($2.4 million) the prior year.
Mytheresa went public in January with a market value of $3.1 billion. The company’s share price was up 0.3 percent on Thursday morning. It has decreased 0.9 percent since first listing.
Local streetwear brands, festivals and stores selling major global labels remain relatively small but the country’s community of hypebeasts and sneakerheads is growing fast.
This week’s round-up of global markets fashion business news also features Senegalese investors, an Indian menswear giant and workers’ rights in Myanmar.
Though e-commerce reshaped retailing in the US and Europe even before the pandemic, a confluence of economic, financial and logistical circumstances kept the South American nation insulated from the trend until later.
This week’s round-up of global markets fashion business news also features Korean shopping app Ably, Kenya’s second-hand clothing trade and the EU’s bid to curb forced labour in Chinese cotton.