Core Insights - LuxExperience B.V. reported a return to profitability with overall growth in Q2 FY26, driven by improvements across all segments, confirming its transformation plan targeting €4 billion in net sales and a 7-9% adjusted EBITDA margin [1][2] Financial Highlights - Net sales decreased by 1.0% year-over-year to €277.1 million, but showed significant sequential improvement from a 10.8% decline in Q1 FY26 [3] - Net sales for the Luxury | Mytheresa segment increased by 8.8% year-over-year to €242.7 million, with a gross profit margin of 52.3%, up 140 basis points [4] - The Off-Price | YOOX segment experienced a net sales decrease of 7.3% to €125.3 million, but showed a strong sequential recovery from a 16.5% decline in Q1 FY26 [8] Segment Performance - Mytheresa demonstrated strong GMV growth of 9.9% to €268.9 million, with adjusted EBITDA increasing to €22.6 million, reflecting a margin of 9.3% [4] - The Luxury | NAP & MRP segment reported a net sales decrease of 1.0% to €277.1 million, with a gross profit margin of 46.1% [33] - The Off-Price | YOOX segment's GMV decreased by 12.1% to €125.3 million, with an adjusted EBITDA margin of -6.0%, although it showed sequential improvement from -18.1% in Q1 FY26 [8][36] Strategic Initiatives - The company is focusing on enhancing customer engagement through exclusive events and collaborations with luxury brands, aiming to strengthen relationships with both brand partners and customers [2][8] - A significant asset sale of THE OUTNET is underway, allowing LuxExperience to concentrate resources on its YOOX business and accelerate its transformation plan [10][12] Guidance and Future Outlook - LuxExperience has narrowed its guidance for FY26, expecting GMV between €2.5 billion to €2.7 billion and an adjusted EBITDA margin between -1% to +1% [13]

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].

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].