Luxury fashion retailer Mytheresa reported profitable growth in its fourth quarter, supported by the ongoing turnaround of Yoox-Net-a-Porter (YNAP).
Net revenues increased 12% year-on-year to US $ 272 million for the three months ended June. Gross merchandise volume from the company’s highest-spending customers rose 16% during the same period.
The update follows Mytheresa’s acquisition of YNAP in April. Net-a-Porter and Mr Porter recorded a 9% decline in revenues to US $ 278 million for the quarter, while Yoox and The Outnet saw sales fall 17% to US $ 173 million.
Michael Kliger, Chief Executive Officer of LuxExperience, the parent company, said the revenue decline at Net-a-Porter and Mr Porter was linked to limited marketing expenditure in previous periods and insufficient investment in new merchandise.
He added that LuxExperience was well placed to become the leading destination for luxury enthusiasts globally by bringing together iconic brands on a single digital platform.
Earlier in September, LuxExperience announced 700 job cuts at YNAP as part of its integration efforts. The layoffs are expected to affect staff across the UK, Italy and the United States.
