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 luxury e-commerce retailer said net sales rose 24.9 percent year-over-year to €157.8 million ($180.6 million), and gross merchandise value increased 29.7 percent for the first quarter ended Sept. 30 2021. Net income was €8.2 million ($9.4 million), up from €5.4 million in the prior year period. Mytheresa confirmed its full year guidance, but raised expectations for net sales to be between €700 million and €750 million.
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Mytheresa’s New Model for Working With Brands
The German online luxury retailer is introducing a new model that will see it hold inventory from brands without buying it and still get to carefully curate its offering to shoppers.
Joan Kennedy is Editorial Associate at The Business of Fashion. She is based in New York and covers beauty and marketing.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.
As the French luxury group attempts to get back on track, investors, former insiders and industry observers say the group needs a far more drastic overhaul than it has planned, reports Bloomberg.