LuxExperience (LUXE) TD Cowen 10th Annual Future of the Consumer Conference summary

Business overview and transformation

• Focus on top luxury customers, with 4% of customers generating 40% of revenues; Mytheresa leads in profitability and loyalty, supported by high average order value and minimal discounting.

• Acquisition of YNAP (NET-A-PORTER, MR PORTER, YOOX) expanded the platform, with only 10% customer overlap, enabling broader market reach.

• Transformation centers on IT re-platforming (to complete by early 2028), SG&A reduction, warehouse consolidation, and operational streamlining.

• Fiscal year 2026 is a transformation year, targeting group break-even and shifting focus to growth thereafter.

• Group revenues at EUR 2.5 billion, with a strong cash position (EUR 436 million) and no debt, fully funding the multi-year plan.

Growth strategy and market dynamics

• Growth expected across all brands in the coming quarters, with U.S. and parts of Europe (Italy, Spain, Portugal, Greece, Eastern Europe) showing strong performance.

• Mytheresa achieved 10% constant currency growth and 18% top customer growth, with U.S. revenues up 33%.

• Rest of world, including Korea, Singapore, Australia, and Canada, also performing well; China remains challenging.

• Brand collaborations and exclusive events drive customer engagement and differentiation, with increasing inbound interest from luxury brands.

• Physical retail is approached through pop-up events and experiential marketing, not traditional stores, to amplify service and discovery.

Financial guidance and profitability

• Fiscal year 2026 guidance targets stability in revenues and break-even profitability, with segment-specific strategies (Mytheresa, NET-A-PORTER/MR PORTER, YOOX).

• Mytheresa at 6% adjusted EBITDA margin on EUR 1 billion revenues; similar profitability targeted for NET-A-PORTER/MR PORTER, while YOOX undergoes restructuring.

• Medium-term goal: EUR 4 billion revenues and 7%-9% adjusted EBITDA margin by fiscal year 2030.

• Marketing spend is shifting toward experiential events, with a 30% increase planned, focusing on high-value customer acquisition.