German luxury brand LuxExperience Group’s Mytheresa business has delivered strong profitable growth in the third quarter (Q3) of fiscal 2026 (FY26), helping the luxury multi-brand digital platform report positive adjusted EBITDA profitability at group level for the second consecutive quarter.
Mytheresa’s net sales rose 9.9 per cent on a constant currency basis and 5.6 per cent on a reported basis year on year (YoY) to €256 million (~$296.96 million) in the quarter ended March 31, 2026. Its gross merchandise value (GMV) increased 11.3 per cent at constant currency and 7 per cent reported to €279.6 million.
“We are very pleased with the results of the third quarter. LuxExperience achieved positive Adjusted EBITDA profitability as a group for the second consecutive quarter,” said Michael Kliger, CEO of LuxExperience.
He further said that Mytheresa achieved a strong profitable growth despite geopolitical headwinds in March. “Net-A-Porter and Mr Porter as well as YOOX showed further sequential improvements, fully in line with our ongoing transformation plan for both segments,” added Kliger.
Mytheresa’s gross profit margin improved by 240 basis points (bps) to 47.1 per cent, while adjusted EBITDA increased 50.4 per cent to €14.1 million from €9.3 million in Q3 FY25. It adjusted EBITDA margin rose to 5.5 per cent, compared with 3.9 per cent in the prior-year period.
The strong performance came despite geopolitical headwinds in March and was supported by exclusive capsule collections and pre-launches with luxury brands including Alaia, Balenciaga, Bottega Veneta, Chloe, Gucci, Loewe, Saint Laurent and Phoebe Philo. Mytheresa also hosted customer events with Khaite in New York, Gianvito Rossi in Florence, and an industry cocktail in Shanghai, LuxExperience said in a press release.
LuxExperience strengthens cost discipline
At group level, LuxExperience has reported net sales of €618.4 million (~$717.34 million), stable on a constant currency basis but down 5.2 per cent on a reported basis compared with Q3 FY25. The gross merchandise value (GMV) stood at €653.7 million (~$758.29 million), up 0.3 per cent at constant currency and down 4.9 per cent reported.
Basic and diluted loss per share stood at €0.06 in Q3 FY26, narrowing from €0.25 in Q3 FY25.
The group recorded adjusted EBITDA of €5.7 million, representing an adjusted EBITDA margin of 0.9 per cent. Its adjusted selling, general and administrative (SG&A) cost ratio improved to 18.3 per cent in Q3 FY26, compared with 21.9 per cent in Q1 and 19.1 per cent in Q2, reflecting progress under its transformation plan.
Net-A-Porter and Mr Porter improve margins
The Net-A-Porter and Mr Porter segment reported net sales of €231.6 million, down 5.1 per cent at constant currency and 11.7 per cent on a reported basis. GMV declined 5.2 per cent at constant currency and 11.8 per cent reported to €243.4 million.
However, gross profit margin improved by 700 basis points to 48.5 per cent from 41.6 per cent in Q3 FY25. Adjusted EBITDA was slightly negative at €1.1 million, with an adjusted EBITDA margin of minus 0.5 per cent, improving from minus 1.7 per cent in the prior-year period.
Average order value increased 7.9 per cent to €865, while net promoter score rose by 890 basis points to 68.1.
YOOX narrows losses
The off-price YOOX business reported net sales of €130.7 million, down 7.4 per cent at constant currency and 11.4 per cent on a reported basis. GMV also stood at €130.7 million, declining 8.9 per cent at constant currency and 12.9 per cent reported.
Gross profit margin improved by 620 basis points to 37.5 per cent from 31.3 per cent in the prior-year period. Adjusted EBITDA improved to minus €7.2 million, with an adjusted EBITDA margin of minus 5.5 per cent, compared with minus 17.3 per cent in Q3 FY25.
LuxExperience said the partial workforce reduction linked to its transformation plan across several sites has been completed. The commerce platform migration for Net-A-Porter and Mr Porter remains on track, while the separation of the former YNAP luxury and off-price businesses is almost fully completed.
FY26 outlook remains unchanged
For full FY26 ending June 30, 2026, LuxExperience confirmed its guidance for GMV of €2.5 billion to €2.7 billion and an adjusted EBITDA margin between minus 1 per cent and plus 1 per cent.
The company also reiterated its medium-term targets of €4 billion in net sales and an adjusted EBITDA margin of 7-9 per cent.
“We are fully on track to achieve our guided results for the full fiscal year 2026,” said Kliger.
Fibre2Fashion News Desk (SG)
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