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]

Financial Data and Key Metrics Changes - The first quarter of fiscal year 2025 showed net sales growth of 7.6% year-over-year, reaching EUR201.7 million, with a two-year increase of 15.1% and a three-year increase of 28% [45] - Adjusted EBITDA increased by EUR4.1 million to EUR2.9 million, with an adjusted EBITDA margin improvement of 200 basis points to 1.4% [54][55] - Gross profit increased by 11.5% to EUR88.6 million, with a gross margin of 43.9%, reflecting a 150 basis points increase compared to the prior year [48][49] Business Line Data and Key Metrics Changes - GMV (Gross Merchandise Value) increased by 6.3% to EUR216.6 million, with GMV for top customers growing by 18.8% [17][29] - Average order value (AOV) reached a record high of EUR720, up 9.1% year-over-year [33][47] - The adjusted selling, general and administrative (SG&A) costs increased modestly, leading to a decrease in the adjusted SG&A cost ratio by 50 basis points to 14.0% [53] Market Data and Key Metrics Changes - The United States showed strong revenue growth of 13.6%, accounting for 20% of total GMV in Q1 [30] - European markets experienced net sales growth of 9.8%, while results in China and Asia were impacted by ongoing macro headwinds [31] - The number of top customers in the US grew by 21%, with an increase in average spend per top customer of 17% [76] Company Strategy and Development Direction - The company is focused on the acquisition of YNAP to create a global digital luxury platform, expected to close in the first half of calendar year 2025 [7][8] - The strategy emphasizes building strong relationships with high-spending luxury shoppers and enhancing customer experiences through exclusive events [13][19] - The company aims to maintain profitable growth despite macro uncertainties, with a guidance for GMV and net sales growth between 7% and 13% for the full fiscal year 2025 [61] Management's Comments on Operating Environment and Future Outlook - Management noted improvements in market conditions and consumer sentiment, particularly in the US, which is expected to drive continued growth [11][72] - The company remains confident in its ability to deliver profitable growth, citing a strong business model and operational performance [38][39] - Management highlighted the importance of focusing on high-end luxury products and maintaining a full-price selling strategy to improve gross margins [49][78] Other Important Information - The company reported a decrease in inventory levels by 3.6% year-over-year, achieving target inventory levels in relation to top-line performance [43][59] - A strategic partnership with DHL for the GoGreen Plus initiative aims to reduce CO2 emissions associated with shipments by over 27,000 tons over five years [35] - The company published its third Positive Change Report, highlighting progress in ESG commitments, including a 59% representation of women in leadership positions [36][37] Q&A Session Summary Question: Can you speak to the success with lower return rates? - Management noted that decreasing return rates are driven by customers being more selective and the success with existing high-spending customers who know their sizes well [69] Question: Can you provide color around US growth and any potential noise from macro uncertainty? - Management expressed confidence in continued strong growth in the US, attributing it to ongoing customer engagement and successful events [72] Question: How would you characterize the overall health of your core luxury customer? - Management reported strong performance in the US and Europe, with top customers showing excellent spending growth, while Asia remains a lagging region [76] Question: Can you elaborate on the promotional backdrop and inventory levels? - Management indicated that inventory levels have stabilized, leading to improved gross profit margins, and they expect this trend to continue [78] Question: What is your guidance philosophy regarding gross margin and EBITDA margin? - Management confirmed guidance for a 3% to 5% adjusted EBITDA margin for the full fiscal year, with typical seasonal performance expected in Q1 and Q3 [81]

Financial Performance - Gross Merchandise Value (GMV) increased by 6.3% from €203.8 million to €216.6 million[8] - Active customers decreased by 2.7% from 865,000 to 842,000[8] - Net sales rose by 7.6% from €187.5 million to €201.7 million[8] - Adjusted EBITDA improved significantly from €(1.2) million to €2.9 million, a 353.0% increase[8] - Adjusted Net Income turned positive at €5.4 million compared to a loss of €(3.3) million, representing a 265.4% change[13] - Operating loss widened from €(13.5) million to €(30.0) million, a 122.9% increase[8] - The company reported a net loss of €(23.5) million, which is a 93.2% increase compared to the previous year[11] - For the three months ended September 30, 2023, Mytheresa Group reported a net loss of €12,174 thousand, which increased to €23,522 thousand for the same period in 2024, reflecting a 93.5% increase in net loss year-over-year[27] - Adjusted Net Income for the three months ended September 30, 2024, was €5.4 million, a significant improvement from an Adjusted Net Loss of €3.3 million in 2023, resulting in an Adjusted Net Income margin of 2.7%[114] Sales and Orders - Total orders shipped increased by 3.3% from 2,027,000 to 2,095,000[8] - Net sales for the three months ended September 30, 2023, were €187,467 thousand, which rose to €201,701 thousand in 2024, indicating a growth of 7.6%[49] - Net sales increased from €187.5 million in September 2023 to €201.7 million in September 2024, reflecting a growth of approximately 7.1%[114] Profitability Metrics - Gross profit margin improved by 150 basis points from 42.4% to 43.9%[8] - Gross profit for Q3 2024 was €88.6 million, an increase of €9.1 million, or 11.5%, with a gross profit margin improvement from 42.4% to 43.9%[152] - Adjusted EBITDA improved to €2.9 million, with an adjusted EBITDA margin of 1.4%, compared to an adjusted EBITDA loss of €1.2 million and a margin of -0.6% in the prior year[112] Expenses and Losses - Selling, general and administrative expenses surged by €17.6 million, or 45.8%, from €38.4 million to €56.0 million, with the SG&A cost ratio increasing by 700 basis points[156] - Operating loss for Q3 2024 was €30.0 million, compared to a loss of €13.5 million in Q3 2023[147] - Net loss for Q3 2024 was €23.5 million, compared to a net loss of €12.2 million in Q3 2023[147] - General and administrative expenses surged by €14.9 million (202.6%) from €7.4 million in Q3 2023 to €22.3 million in Q3 2024, primarily due to corporate transaction-related expenses[161] Cash Flow and Financial Position - Mytheresa Group's cash and cash equivalents at the end of the period increased from €7,497 thousand in Q3 2023 to €8,960 thousand in Q3 2024, showing an increase of 19.5%[27] - The company reported a net cash used in operating activities of €33,317 thousand for Q3 2023, which improved to €26,655 thousand in Q3 2024, indicating a reduction of 20.1%[27] - Cash and cash equivalents as of September 30, 2024, were €9.0 million, with approximately 83% held in Germany[170] Market and Strategic Developments - The online penetration of luxury personal goods is projected to rise from 21% to 33% from 2021 to 2025, indicating a significant market opportunity for the company[132] - The company launched Mytheresa Kids in 2019 and Mytheresa Men in January 2020 to capture underserved categories, enhancing its product offerings[133] - The company is investing in a new distribution center in Leipzig, Germany, to support its growth and operational efficiency[135] - On October 7, 2024, Mytheresa announced an agreement to acquire YOOX Net-A-Porter Group S.p.A for €555 million in cash, with Richemont Italia Holding S.P.A retaining a 33% stake in Mytheresa[103] Customer Metrics - Active customers decreased to 842 thousand from 865 thousand year-over-year, while total orders shipped increased to 2,095 thousand from 2,027 thousand[112] - Active customers are defined as unique customer accounts making at least one purchase in the preceding twelve months, which is a key growth indicator for the company[117]

Core Viewpoint - Mytheresa has acquired Yoox Net-A-Porter (YNAP) from Richemont, aiming to create a leading multi-brand digital luxury group while enhancing its market position and customer reach [1][3][5]. Financial Overview - Mytheresa reported a 10% increase in annual revenues for fiscal year 2024, with a notable 14% growth in the second half [2]. - The acquisition involves Mytheresa issuing 33% of its fully diluted share capital to Richemont and taking on YNAP's existing cash balances of $604 million (€555 million) without any financial debt [3]. - Richemont anticipates writing off approximately $1.4 billion (€1.3 billion) in YNAP net assets upon the deal's closure [4]. Market Position and Strategy - The acquisition will more than double Mytheresa's size, adding approximately $2.3 billion in YNAP's gross merchandise value, which includes €1.2 billion from Net-A-Porter and Mr Porter, and €0.9 billion from Yoox and Outnet [8]. - Mytheresa will gain access to 1.4 million luxury customers from Net-A-Porter and Mr Porter, along with 2.2 million customers from Yoox and Outnet, significantly expanding its demographic reach [9]. - The combined companies will operate distinct storefronts while sharing backend operations to create synergies and efficiencies [5][11]. Competitive Landscape - Mytheresa's average order value (AOV) is $775, compared to Net-A-Porter's $735 and Yoox and Outnet's $250, indicating a strong positioning in the luxury segment [8]. - The competitive landscape shows that Farfetch's annual traffic is nearly double that of Mytheresa and Net-A-Porter combined, highlighting the need for Mytheresa to enhance its market presence [10]. Future Growth Potential - The digital personal luxury market is projected to grow from $80 billion in 2023 to $200 billion by 2030, presenting significant growth opportunities for Mytheresa [15]. - Mytheresa aims to leverage its strong relationships with over 200 luxury brands to elevate its status in the market post-acquisition [13]. Integration Challenges - Integrating the off-price segment of YNAP may pose challenges, as Yoox and Outnet have struggled under Richemont's ownership [14]. - Successful integration will depend on how quickly Mytheresa can merge YNAP's IT systems and distribution centers, which is critical for operational efficiency [17].

Financial Data and Key Metrics Changes - The company achieved a net sales growth of 13.8% in the second half of fiscal year 2024, with a solid Q4 growth of 9.7% [20][21] - Gross merchandise value (GMV) grew by 7.8% in Q4 of fiscal year 2024 compared to Q4 of fiscal year 2023, leading to a double-digit GMV growth of 11.4% in the second half of fiscal year 2024 [6][7] - The adjusted EBITDA margin improved to 4.3% in the second half of fiscal year 2024, compared to 1.7% in the first half [8][26] Business Line Data and Key Metrics Changes - The average order value (AOV) reached a record high of EUR 703 in Q4 of fiscal year 2024, reflecting a focus on high-end luxury products [17][22] - The top customer base grew by 3.4% in Q4, with average spend per top customer increasing by 4.6% [9][22] - The share of top customers in GMV increased from 32.6% in fiscal year 2021 to 39.2% in fiscal year 2024 [9] Market Data and Key Metrics Changes - The United States was a significant growth driver, with GMV growth of 22.8% in fiscal year 2024 compared to fiscal year 2023 [7] - Europe also experienced net sales growth of 11.2% in Q4 compared to Q4 of fiscal year 2023 [8] - China and Asia faced ongoing macro headwinds, impacting performance [8][40] Company Strategy and Development Direction - The company aims to build a community for luxury enthusiasts and enhance desirability through digital and physical experiences [5][12] - A strategic focus on high-spending top customers is expected to drive growth and market share [4][19] - The company is actively evaluating opportunities to support and accelerate investments in future business growth [19] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macroeconomic environment, expecting normalization in the luxury sector [35][41] - The company anticipates GMV and net sales growth between 7% and 13% for fiscal year 2025, with adjusted EBITDA margins between 3% and 5% [31][32] - Management highlighted the importance of maintaining a focus on top customers and full-price selling [19][48] Other Important Information - The company successfully managed inventory levels, achieving a DIO of 296 days and targeting 260 days by the end of fiscal year 2025 [29][30] - The company closed the fiscal year with no bank debt and a positive operating cash flow of EUR 10 million [28] Q&A Session Summary Question: What is happening with gross margins and inventory levels? - Management acknowledged lower gross margins but expects improved sell-through rates and no further slippage in the upcoming fiscal year [34][36] - Inventory levels are being managed closely, with expectations to reach targeted levels by the end of fiscal year 2025 [37] Question: How do US customers compare to those in Europe and Asia? - US consumer sentiment remains strong, while Europe shows improvement, particularly in southern countries [39][40] - Asia is facing challenges, particularly in China, but there are bright spots in other regions [40] Question: How is sector consolidation influencing the business? - Consolidation is expected to normalize promotional intensity and customer acquisition costs, benefiting quality customer relationships [43][44] Question: What are the expectations for gross profit growth in fiscal 2025? - Gross profit growth is expected to continue, but it will depend on the overall market situation [45] Question: What are the plans for the new Greater China President and the top customers in China? - The company is investing in the Chinese market and focusing on customer engagement, with expectations for recovery in the next 8 to 12 months [54][56]

Financial Performance - Mytheresa reported a 14% Net Sales growth in H2 FY24 compared to the previous year, with a 10% increase in Q4 FY24[6] - Net Sales for FY24 increased to €840.9 million, reflecting a 9.8% growth from €766.0 million in FY23[10] - Net sales rose by 9.7% to €223.2 million for the three months ended June 30, 2024, compared to €203.4 million in 2023[26] - Net sales increased from €203,401 thousand in Q2 2023 to €223,188 thousand in Q2 2024, representing a growth of 9.0%[33] Customer Metrics - The US market experienced a 25% growth in full FY24, expanding its Net Sales share to 20%[6] - Average Order Value (AOV) reached a record high of €703 in full FY24[6] - Active customers decreased by 0.5% to 852,000 for the twelve months ended June 30, 2024, down from 856,000 in 2023[26] - Average order value rose by 7.4% to €703 for the twelve months ended June 30, 2024, up from €654 in 2023[26] - Customer satisfaction was highlighted with a Net Promoter Score of 83.0% in Q4 FY24[6] Profitability and Margins - Adjusted EBITDA margin improved to 4.3% in H2 FY24, up from 1.7% in H1 FY24 and 2.3% in H2 FY23[10] - Adjusted EBITDA increased by 50.7% to €10.6 million for the three months ended June 30, 2024, up from €7.0 million in 2023[28] - Adjusted Net Income surged by 295.3% to €4.5 million for the three months ended June 30, 2024, compared to €1.1 million in 2023[30] - Adjusted Operating Income increased by 68.9% to €6.5 million for the three months ended June 30, 2024, compared to €3.9 million in 2023[30] - Gross profit margin decreased by 150 basis points to 47.4% for the three months ended June 30, 2024, from 48.9% in 2023[26] Operational Metrics - Gross Merchandise Value (GMV) grew by 11.4% in H2 FY24 and 7.8% in Q4 FY24 compared to prior year periods[10] - Total orders shipped increased by 3.9% to 2,090,000 for the twelve months ended June 30, 2024, compared to 2,012,000 in 2023[26] - Gross Merchandise Value (GMV) increased by 7.8% to €239.3 million for the three months ended June 30, 2024, compared to €221.9 million in the same period of 2023[26] Future Outlook - The company plans to achieve GMV and Net Sales growth in the range of 7% to 13% for the upcoming fiscal year[10] - Mytheresa is focusing on exclusive collaborations and pop-up experiences to strengthen its luxury brand positioning[10] Expenses and Financial Position - Marketing expenses decreased from €32,116 thousand in Q2 2023 to €26,461 thousand in Q2 2024, a decrease of 17.6%[33] - Finance costs increased from €972 thousand in Q2 2023 to €1,285 thousand in Q2 2024, an increase of 32.2%[33] - Cash and cash equivalents decreased from €30,136 thousand at the beginning of the period to €15,107 thousand at the end of the period, a decline of 50.0%[39] - Total shareholders' equity decreased from €443,429 thousand in June 2023 to €435,643 thousand in June 2024, a reduction of 1.8%[35] - Total assets remained stable, increasing slightly from €693,970 thousand in June 2023 to €696,511 thousand in June 2024[35] Losses and Improvements - Operating Income loss improved by 39.5% to a loss of €1.6 million for the three months ended June 30, 2024, from a loss of €2.6 million in 2023[30] - Operating loss improved from €2,639 thousand in Q2 2023 to €1,598 thousand in Q2 2024, a reduction of 39.5%[33] - Net loss decreased from €5,353 thousand in Q2 2023 to €3,604 thousand in Q2 2024, reflecting a 32.6% improvement[33]

Financial Performance - In fiscal 2024, the company reported net sales of €840.8 million, representing a growth of 9.8% from fiscal 2023[233]. - The average order value in fiscal 2024 was €703, an increase from €641 in fiscal 2023[230]. - The company experienced a net loss of €24.9 million in fiscal 2024, compared to €17.0 million in fiscal 2023[233]. - Adjusted EBITDA for fiscal 2024 was €25.8 million, down from €38.4 million in fiscal 2023[233]. - Gross profit for FY24 was €384.5 million, a year-over-year increase of €4.6 million or 1.2%[274]. - Operating loss increased to €22.0 million in FY24 from €8.7 million in FY23, with net loss rising to €24.8 million from €17.0 million[274]. - Adjusted EBITDA decreased from €38.4 million in the fiscal year ended June 30, 2023, to €25.8 million in the fiscal year ended June 30, 2024, a decline of 32.8%[332]. - Net loss increased from €17.0 million in the fiscal year ended June 30, 2023, to €24.9 million in the fiscal year ended June 30, 2024, representing a 46.4% increase[332]. - The gross profit margin decreased from 49.6% in the fiscal year ended June 30, 2023, to 45.7% in the fiscal year ended June 30, 2024, a decline of 390 basis points[332]. Customer Metrics - Mytheresa's active customer base has grown at a 25.7% CAGR since fiscal 2016, with 75.5% of net sales in fiscal 2024 coming from existing customers[253]. - The number of active customers decreased slightly from 856,345 in FY23 to 852,223 in FY24, while top customers grew by 5.0%[274]. - The company has achieved an 80% net sales retention rate from prior year cohorts, demonstrating strong customer loyalty[253]. - Customer satisfaction is evidenced by a net promoter score of 75.2% in fiscal 2024[243]. Sales and Market Trends - The personal luxury goods market reached a value of €362 billion in 2023, with expected growth of 4% to 6% in 2024[236]. - The wealth of high net worth individuals (HNWIs) increased at a CAGR of 4.7% from 2016 to 2023, reaching $86.8 trillion as of 2023[237]. - Gross Merchandise Value (GMV) rose from €853.2 million to €913.6 million, reflecting a growth of 7.1%[306]. - The net sales percentage of GMV improved from 89.8% to 92.0%, an increase of 220 basis points[306]. - Net sales for online operations increased from €751.3 million in the fiscal year ended June 30, 2023, to €826.7 million in the fiscal year ended June 30, 2024, a growth of 10.0%[327]. Product and Category Development - The company launched 76 exclusive capsule collections and pre-launch campaigns in fiscal 2024[242]. - Mytheresa's Fine Jewellery and Watches category launched in 2023, with sales from products above €10,000 now making up 25% of the sales mix[260]. - The kidswear segment has expanded from 35 to 57 brands since its launch in January 2019, showing double-digit growth compared to the prior year[259]. - Mytheresa launched new categories including Mytheresa Kids in 2019, Mytheresa Men in January 2020, and Life in May 2023, expanding its luxury offerings[290]. Marketing and Customer Acquisition - Customer acquisition cost (CAC) accounted for approximately 80% of total marketing expenses in FY24, reflecting a focus on efficient customer acquisition strategies[279]. - Marketing expenses decreased from €112.0 million for the fiscal year ended June 30, 2023, to €96.7 million for the fiscal year ended June 30, 2024, with a marketing cost ratio in relation to net sales decreasing by 310 BPs[312][313]. Management and Governance - Michael Kliger has been the CEO since September 2020, previously serving as President and CEO of mytheresa.com GmbH since March 2015[358]. - Dr. Martin Beer has been the CFO since September 2020, with 14 years of experience in CFO and COO roles in e-commerce companies[359]. - The Supervisory Board includes members with extensive experience in finance and management from companies like LEGO Group and Amazon[363][365][367]. - The company is committed to maintaining strong governance with independent directors on the Supervisory Board[363]. - The total compensation for management board members for the year ended June 30, 2024, was €17,481 thousand, a decrease from €26,077 thousand in the previous year[386]. Financial Position and Cash Flow - Cash and cash equivalents as of June 30, 2024, were €15.1 million, with approximately 72% held in Germany[349]. - Net cash inflow from operating activities for the fiscal year ended June 30, 2024, was €10,015 thousand, a significant improvement from a cash outflow of €55,050 thousand in 2023[352]. - Total cash outflow from investing activities decreased to €11,809 thousand in 2024 from €22,758 thousand in 2023, primarily due to lower capital expenditures[353]. Future Outlook and Strategy - The company plans to leverage proprietary data insights to optimize customer experience and enhance inventory management[266]. - The global luxury market is projected to reach €540-580 billion by 2030, more than double its size in 2020[288]. - The company continues to invest in personnel quality to sustain medium and long-term growth strategy while managing expenses prudently[320].

Investor Presentation September 2024 Legal Disclaimer Forward Looking Statements & Industry Information This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this presentation are forward- looking statements. Forward-looking statements give the Company's current expectations and projections relating to its financial condition, results of operatio ...

Financial Performance - Gross Merchandise Value (GMV) increased by 14.7% year-over-year to €252.2 million for the three months ended March 31, 2024[8] - Active customers rose by 2.8% year-over-year, reaching 862,000 for the three months ended March 31, 2024[8] - Net sales grew by 17.6% year-over-year to €233.9 million for the three months ended March 31, 2024[8] - Adjusted EBITDA surged by 183.8% year-over-year to €9.2 million for the three months ended March 31, 2024[12] - Adjusted Operating Income increased significantly by 4675.1% year-over-year to €5.3 million for the three months ended March 31, 2024[12] - Net loss decreased by 41.7% year-over-year to €3.0 million for the three months ended March 31, 2024[14] - Adjusted Net Income rose by 193.9% year-over-year to €4.1 million for the three months ended March 31, 2024[14] - Net sales for the three months ended March 31, 2024, increased to €233,896 thousand, up from €198,883 thousand in the same period of 2023, representing a growth of 17.6%[20] - Gross profit for the three months ended March 31, 2024, was €101,605 thousand, compared to €90,746 thousand in 2023, reflecting an increase of 12.5%[20] - The company reported an operating loss of €1,778 thousand for the three months ended March 31, 2024, compared to an operating loss of €6,419 thousand in the same period of 2023, showing an improvement of 72.3%[20] - Mytheresa Group reported net sales of €233,896 thousand for the three months ended March 31, 2024, representing a 17.6% increase from €198,883 thousand in the same period of 2023[55] - For the nine months ended March 31, 2024, net sales reached €618,703 thousand, up 9.5% from €564,866 thousand in the prior year[57] Cost and Expenses - Gross profit margin declined by 220 basis points to 43.4% for the three months ended March 31, 2024[8] - Operating loss margin improved by 240 basis points to (0.8%) for the three months ended March 31, 2024[8] - Marketing expenses decreased to €23,090 thousand for the three months ended March 31, 2024, down from €25,729 thousand in 2023, a reduction of 10.1%[20] - Cost of sales increased by €24.2 million from €108.1 million in Q1 2023 to €132.3 million in Q1 2024, representing 56.6% of net sales[153] - Shipping and payment costs rose by €7.8 million or 24.8% in Q1 2024, totaling €39.3 million, which is 16.8% of net sales[156] - Selling, general and administrative (SG&A) expenses increased by €0.9 million from €36.2 million in Q1 2023 to €37.1 million in Q1 2024, accounting for 15.9% of net sales[163] - Depreciation and amortization expenses increased from €3.1 million in Q1 2023 to €3.9 million in Q1 2024, due to higher depreciation related to the new warehouse in Leipzig[170] Assets and Liabilities - Total assets decreased from €693,971 thousand as of June 30, 2023, to €680,932 thousand as of March 31, 2024, a decline of 1.6%[24] - Cash and cash equivalents decreased significantly from €30,136 thousand at the beginning of the period to €10,587 thousand at the end of the period, a reduction of 64.8%[30] - The company’s accumulated deficit increased from €83,855 thousand as of June 30, 2023, to €104,123 thousand as of March 31, 2024, an increase of 24.2%[24] - The total current liabilities slightly increased from €193,652 thousand as of June 30, 2023, to €194,262 thousand as of March 31, 2024, an increase of 0.3%[24] - Financial assets as of March 31, 2024, included trade and other receivables of €13,980 thousand and cash and cash equivalents of €10,587 thousand[101] - The Group's non-current financial liabilities included lease liabilities of €42,796 thousand as of March 31, 2024[101] Operational Initiatives - The company plans to establish a new central warehouse in Leipzig, Germany, incurring certain non-recurring expenses related to this initiative[14] - The company is investing in operations and infrastructure, including a new warehouse in Leipzig and a new IT platform, to support growth and enhance customer offerings[135] - The curated platform model (CPM) allows the company to maintain customer relationships and manage order fulfillment, with inventory owned by brand partners until delivery[137] Market and Economic Conditions - Inflationary pressures are affecting customer prices, with expected increases in retail prices from suppliers considered in the pricing strategy[112] - The luxury product market shows resilience to inflation, but macro-economic factors like rising interest rates may negatively impact customer demand[112] - Management anticipates that the ongoing economic uncertainties may continue to pose challenges, but does not expect long-term adverse effects on the business[113] - Online penetration of luxury personal goods is expected to increase from 21% to 33% from 2021 to 2025, with the global luxury market projected to reach €540-580 billion by 2030, more than double its size in 2020[132] Financing Activities - The company has entered into a new Revolving Credit Facility agreement totaling €75.0 million, which will mature in September 2026[63] - Net cash inflow from financing activities for the three months ended March 31, 2024, was €20.5 million, compared to a cash outflow of €3.6 million in the same period of 2023[186] - The new Revolving Credit Facility agreement totals €75.0 million, which replaced the existing facilities and has a maturity until September 2026[177] Share-Based Compensation - A total of 6,478,761 share options were granted to 21 key management members under the Alignment Grant, with a weighted average historical share price of USD 31[71] - 1,875,677 phantom shares were granted to 21 key management members under the Restoration Grant, also based on a weighted average historical share price of USD 31[72] - Share-based compensation expense recognized for the nine months ended March 31, 2024, was €14,321 thousand, down from €25,250 thousand in the previous year[95] - As of March 31, 2024, the number of outstanding share options under the Alignment award was 6,132,628, with a weighted average exercise price of $8.63[97]

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.Luckily, Zack ...