LuxExperience (LUXE) Goldman Sachs Global Consumer and Retail Conference summary

Market trends and digital luxury growth

• Digital luxury is expanding at 8%-10% CAGR, outpacing the broader luxury market and providing strong tailwinds for online-focused players.

• The top customer segment is highly resilient, driving double-digit growth and higher average order values (AOV) due to their preference for curated, full-price luxury experiences.

• U.S. and South Korea are standout growth markets, while China remains challenging and Europe shows dynamic growth, especially in underserved regions.

• The multi-brand digital model allows for flexibility, balancing growth across 133 countries and adapting to regional opportunities.

• Fine jewelry, menswear, and kidswear are key growth categories, with ongoing expansion into new luxury segments.

Business model and competitive positioning

• Focus on top customers results in higher AOV, less discounting, and a stable, profitable business model.

• The company is now the leading global multi-brand digital luxury player, benefiting from reduced competition and stronger brand partnerships.

• High Net Promoter Scores and strong operational execution reinforce its reputation among both customers and luxury brands.

• Strategic discipline in discounting has led to a smaller but more valuable customer base, with over 4% of customers generating more than 40% of revenue.

• Collaboration with brands has intensified, with more exclusives and early deliveries, as brands value the access to high-end, multi-brand customers.

Asset integration and profitability roadmap

• Mytheresa sets the profitability benchmark, while NET-A-PORTER and MR PORTER are targeted to reach break-even in fiscal 2026 and profitability in 2027.

• YOOX is undergoing restructuring, aiming for profitability by fiscal 2028, with a focus on operational improvements and market refocus.

• Distinct commercial teams and brand positioning minimize customer overlap between assets, preserving unique value propositions.

• Backend synergies in IT, operations, and finance are being leveraged, while front-end differentiation is maintained.

• The group targets €4 billion in net sales with 7%-9% adjusted EBITDA, presenting significant upside potential.