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MYTHERESA(MYTE) - 2025 Q3 - Quarterly Report
2025-05-14 10:11
Exhibit 99.1 INTERIM REPORT For the three and nine months ended March 31, 2025 LuxExperience B.V. (formerly known as MYT Netherlands Parent B.V.) Einsteinring 9 85609 Aschheim/Munich Germany INDEX | FINANCIAL RESULTS AND KEY OPERATING METRICS | 3 | | --- | --- | | UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 6 | | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF | 26 | | OPERATIONS | | | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 42 | | LEGAL PR ...
MYT Netherlands Parent B.V. ("Mytheresa") and Richemont announce the successful completion of Mytheresa's acquisition of YOOX NET-A-PORTER ("YNAP")
Globenewswire· 2025-04-24 06:35
Core Viewpoint - Mytheresa has successfully completed the acquisition of YOOX NET-A-PORTER (YNAP) from Richemont, marking a significant milestone in its growth strategy within the digital luxury retail sector [1][4]. Company Overview - Mytheresa is now the sole shareholder of YNAP, which will be fully consolidated under MYT Netherlands Parent B.V. and renamed "LuxExperience B.V." The company will continue to be listed on the New York Stock Exchange with the new ticker symbol "LUXE" effective May 1, 2025 [2][12]. - In exchange for all shares of YNAP, Richemont received 49,741,342 shares in Mytheresa, representing 33% of Mytheresa's fully diluted share capital post-issuance of the consideration shares [3]. Strategic Implications - The acquisition is expected to enhance Mytheresa's position in the digital luxury market by integrating several well-known retail brands, including Mytheresa, NET-A-PORTER, MR PORTER, YOOX, and THE OUTNET, which will benefit from shared infrastructure and operational efficiencies [4]. - The off-price division, consisting of YOOX and THE OUTNET, will be separated from the luxury division to streamline operations under the new structure [4]. Financial Position - Richemont's cash position of €555 million and the absence of financial debt in YNAP were key factors in the acquisition, providing Mytheresa with a strong financial foundation for future growth [3]. Market Context - Mytheresa reported €913.6 million in Gross Merchandise Value (GMV) for fiscal year 2024, reflecting a 7% increase compared to fiscal year 2023, indicating a positive growth trajectory in the luxury e-commerce sector [11].
MYT Netherlands Parent B.V. (“Mytheresa”) receives final regulatory clearance to acquire YOOX NET-A-PORTER (“YNAP”) from Richemont, with closing planned for 23 April 2025
GlobeNewswire News Room· 2025-04-11 13:33
Core Viewpoint - Mytheresa has received final regulatory clearance to acquire YOOX NET-A-PORTER from Richemont, with the transaction expected to close on April 23, 2025 [1][5]. Group 1: Acquisition Details - Mytheresa signed binding agreements on October 7, 2024, to acquire 100% of YNAP's share capital from Richemont, aiming to create a leading global multi-brand digital luxury group [2]. - The combined entity will operate under the name "LuxExperience B.V." and will include brands such as Mytheresa, NET-A-PORTER, MR PORTER, YOOX, and THE OUTNET [2][4]. - At closing, Mytheresa will issue new shares to Richemont representing 33% of Mytheresa's fully diluted share capital, and Richemont will sell YNAP with a cash position of €555 million and no financial debt [3]. Group 2: Financial Projections and Goals - The acquisition aligns with Mytheresa's ambition to build a leading online luxury group with an estimated Gross Merchandise Value (GMV) of around €3 billion per annum [3]. - The medium-term goal for LuxExperience is to grow to a €4 billion GMV per annum business with an adjusted EBITDA margin exceeding 8% [3]. - The restructuring of YNAP is expected to take 24 to 36 months, with Mytheresa well-funded for this transformation due to a net cash position of €555 million at closing [3]. Group 3: Operational Strategy - Mytheresa, NET-A-PORTER, and MR PORTER will maintain their distinct brand identities while sharing central infrastructure resources [4]. - The off-price division, consisting of YOOX and THE OUTNET, will be separated from the luxury division to create a more efficient operating model [4].
MYT Netherlands Parent B.V. (“Mytheresa”) receives final regulatory clearance to acquire YOOX NET-A-PORTER (“YNAP”) from Richemont, with closing planned for 23 April 2025
Globenewswire· 2025-04-11 13:33
Core Viewpoint - Mytheresa has received final regulatory clearance to acquire YOOX NET-A-PORTER (YNAP) from Richemont, with the transaction expected to close on April 23, 2025, marking a significant step towards creating a leading global multi-brand digital luxury group [1][2][5]. Group 1: Acquisition Details - Mytheresa signed binding agreements on October 7, 2024, to acquire 100% of YNAP's share capital from Richemont, aiming to establish a prominent digital luxury platform under the name "LuxExperience B.V." [2][5]. - The combined entity will include brands such as Mytheresa, NET-A-PORTER, MR PORTER, YOOX, and THE OUTNET, offering a curated selection of luxury brands to customers [2][4]. Group 2: Financial Projections and Strategy - Mytheresa aims to achieve a Gross Merchandise Value (GMV) of approximately €3 billion annually post-acquisition, with a medium-term goal of reaching €4 billion GMV and an adjusted EBITDA margin exceeding 8% [3][5]. - The acquisition is expected to initially dilute Mytheresa's EBITDA margin, but the company is prepared for a transformation to return YNAP to profitability within 24 to 36 months, supported by a net cash position of €555 million at closing [3][5]. Group 3: Leadership and Governance - Upon closing, Mytheresa will issue new shares to Richemont, representing 33% of Mytheresa's fully diluted share capital, and Richemont will provide a €100 million revolving credit facility to YNAP [3][5]. - Burkhart Grund, CFO of Richemont, will join Mytheresa's Supervisory Board as a new member following the transaction [3]. Group 4: Operational Structure - Mytheresa, NET-A-PORTER, and MR PORTER will maintain their distinct brand identities while sharing central infrastructure resources, while YOOX and THE OUTNET will operate separately from the luxury division for improved efficiency [4].
Strength Seen in MYT Netherlands Parent (MYTE): Can Its 7.5% Jump Turn into More Strength?
ZACKS· 2025-04-09 15:45
Group 1: MYT Netherlands Parent B.V. (MYTE) - MYT Netherlands shares increased by 7.5% to close at $7.05, supported by high trading volume, despite a 30.7% loss over the past four weeks [1] - The company is experiencing growth due to increased average order value, high customer satisfaction, and exclusive luxury brand partnerships [1] - The consensus EPS estimate for the upcoming quarterly report is $0.03, reflecting a year-over-year decline of 40%, while revenues are projected at $259.44 million, a 2.2% increase from the previous year [2] Group 2: Earnings and Stock Performance - The consensus EPS estimate for MYT Netherlands has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without earnings estimate revisions [3] - MYT Netherlands holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [3] - In comparison, eBay (EBAY) has also maintained a Zacks Rank of 3, with an unchanged EPS estimate of $1.34, representing a 7.2% increase year-over-year [4]
MYTE Looks To Expand Luxury Offering Breadth Through YNAP Acquisition
Seeking Alpha· 2025-02-14 17:58
Group 1 - Building Benjamins is a free stock picking and market commentary investment newsletter published by Tradition Investment Management, LLC [1] - Benjamin Halliburton, the founder, has a notable background in investment, having founded Tradition Capital Management in 2000 and received multiple accolades for his performance [1] - Halliburton has extensive experience in the investment field, starting his career at Merrill Lynch in 1986 and earning an MBA with a focus on finance from Duke's Fuqua School of Business in 1990 [1] Group 2 - Halliburton was recognized as "PSN Manager of the Decade" for All-Cap in the 2000s and for Dividend Value in the 2010s, highlighting his successful investment strategies [1] - He achieved the Chartered Financial Analyst designation in 1994 and was the top-performing portfolio manager at Brundage, Story and Rose during the 1990s bull market [1] - Halliburton was noted as the youngest partner at his firm and received high praise from senior managing partners for his investment acumen [1]
MYTHERESA(MYTE) - 2025 Q2 - Earnings Call Transcript
2025-02-11 17:19
Financial Data and Key Metrics Changes - In Q2 of fiscal year 2025, the company achieved a net sales growth of 13.4% compared to Q2 of fiscal year 2024, with gross profit increasing by 16% to €113.6 million [38][44] - The adjusted EBITDA margin improved by 350 basis points to 7.3% compared to 3.8% in the prior year quarter [49] - Average order value (AOV) increased by 9.5% to €736, reflecting a successful focus on high-end luxury products [42][16] Business Line Data and Key Metrics Changes - The company's GMV (Gross Merchandise Value) grew by 11.9% in Q2 of fiscal year 2025 compared to the same period last year, driven by a 13.6% increase in GMV per top customer [12][41] - The business with top customers in the U.S. saw a significant GMV growth of 34.7% in Q2 of fiscal year 2025 [15][43] Market Data and Key Metrics Changes - The U.S. market accounted for 20.6% of total net sales, with a net sales growth of 17.6% in Q2 of fiscal year 2025 [13][43] - Europe, including Germany and the UK, experienced a net sales growth of 12.8% in the same quarter [14] Company Strategy and Development Direction - The company is focused on high-spending, wardrobe-building customers, which is a fundamental driver of its success [15][10] - The expected acquisition of YNAP is seen as a strategic move to create a global digital luxury platform, enhancing the company's market position [9][29] - The new group will be branded as LuxExperience, emphasizing a focus on luxury experiences and customer engagement [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the luxury market's recovery, despite ongoing macroeconomic uncertainties [7][78] - The company is confident in achieving its fiscal year 2025 targets, supported by strong performance in the first half of the year [59][57] Other Important Information - The company reported stable return rates and improving cost ratios, indicating operational efficiency [17][45] - The marketing cost ratio increased to 12.3% in Q2, reflecting a strategic investment in customer acquisition [46][94] Q&A Session Summary Question: Thoughts on technology stack and integration opportunities with YNAP - Management indicated a strategy to integrate YNAP's luxury businesses onto the Mytheresa platform, expecting a re-platforming duration of 24 to 36 months [65][66] Question: Current health of the digital luxury backdrop and acceleration in demand - Management noted strong demand from big spenders, particularly in the U.S. and Europe, while acknowledging challenges in Greater China [76][78] Question: Timeline for return to historical high single-digit EBITDA margins - Management expects to return to higher single-digit margins in the medium term, driven by improvements in gross margins [82] Question: Trends of aspirational customers and marketing spend - Management observed growth in aspirational customers, particularly in the U.S. and Europe, and indicated a return to normal marketing spend levels [87][94] Question: Insights on price points and luxury market dynamics - Management confirmed that their business is driven by high-priced items and noted a pause on further price increases [98][100] Question: Top customer profile by region - Management shared that top customers account for close to 40% of revenue, with higher average order values in Greater China and the Arabic Peninsula [112][113]
MYTHERESA(MYTE) - 2025 Q2 - Earnings Call Presentation
2025-02-11 15:07
Business Performance - Mytheresa's GMV增长强劲,Q2 FY25同比增长+11.9%[14],H1 FY25同比增长+9.2%[14] - 美国市场GMV增长显著,Q2 FY25同比增长+17.1%[14],美国市场GMV占比扩大至20.1%[14] - LTM活跃客户数量稳定在843,000[14] - Q2 FY25顶级客户的GMV持续增长,同比增长+13.6%[14] - Q2 FY25净推荐值(NPS)高达83.3%[14] Financial Highlights - Q2 FY25 GMV达到2.447亿欧元,同比增长11.9%[41] - Q2 FY25净销售额为2.23亿欧元,同比增长13.4%[41] - Q2 FY25毛利率为50.9%,增长110个基点[41] - Q2 FY25调整后EBITDA为1620万欧元,同比增长114.8%,调整后EBITDA利润率为7.3%[41] - Q2 FY25调整后运营收入为1220万欧元,同比增长232.0%,调整后运营收入利润率为5.5%[41] - Q2 FY25调整后净利润为1060万欧元,同比增长299.6%,调整后净利润率为4.8%[41] Strategic Initiatives - 预计完成YOOX NET-A-PORTER (YNAP) 收购后,新集团名称将更名为 "LuxExperience"[14] - Mytheresa与Bemelmans Bar合作在阿斯彭推出为期两周的沉浸式滑雪后体验[14] - 与Khaite, Alaia, Saint Laurent, Loewe, Gucci, Miu Miu, Moncler, Bottega Veneta等品牌合作推出独家胶囊系列和预发布[14]
MYTHERESA(MYTE) - 2025 Q2 - Quarterly Report
2025-02-11 11:01
Table of Contents Exhibit 99.1 INTERIM REPORT For the three and six months ended December 31, 2024 MYT Netherlands Parent B.V. Einsteinring 9 85609 Aschheim/Munich Germany Table of Contents INDEX | FINANCIAL RESULTS AND KEY OPERATING METRICS | 3 | | --- | --- | | UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 6 | | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF | | | OPERATIONS | 26 | | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 41 | | LEGAL PRO ...
MYT Netherlands Parent: Solid Growth Momentum
Seeking Alpha· 2024-11-28 11:17
Group 1 - The investment approach focuses on long-term investments while incorporating short-term shorts to uncover alpha opportunities [1] - The analysis is based on bottom-up evaluation, emphasizing the fundamental strengths and weaknesses of individual companies [1] - The goal is to identify companies with solid fundamentals, sustainable competitive advantages, and growth potential [1]