Group net sales decreased 4.2 percent to €557.2 million (~$640.78 million), even as Luxury | The Mytheresa segment recorded net sales growth of 12.2 percent to €226.3 million.
Despite the decline in revenue, the group recorded a stronger gross profit margin of 44.1 percent (an increase of 190 basis points) along with an 8.2 percent reduction in SG&A expenses that highlighted the first gains from the company's profitability program. Adjusted EBITDA stood at -28.1 million euros with a margin of -5 percent.
Mytheresa boosted LuxExperience's FY26 Q1, with GMV rising 13.5 percent to €245.9 million (~$282.79 million), offsetting declines across the group as total GMV fell 4.3 percent and net sales fell 4.2 percent. Strong margins, lower SG&A expenses and improving customer economics supported results. NAP, MRP and Yoox showed early stabilization. The group is now targeting FY26 GMV of €2.4-2.7 billion (~$2.8-$3.1 billion).
Mytheresa's customer economics were exceptionally strong: top customers' GMV increased by 15 percent and average order value increased to €797. Adjusted EBITDA more than doubled to €7.9 million, improving margins to 3.5 percent from 1.4 percent in the first quarter of FY25. Exclusive capsule collections with Brunello Cucinelli, Loewe, Calvin Klein Collection and others, along with high-profile events for major clients in New York, Connecticut and Turin, further drove engagement, LuxExperience said in a press release.
Luxury | Net-A-Porter (NAP) and Mr Porter (MRP) showed early encouraging signs of recovery after years of decline. Although GMV and net sales fell 10.8 percent, the segment recorded a 120 basis point (bp) expansion in gross margin to 47.8 percent, supported by tighter purchasing, healthier markdown management and lower capitalized expenses. Selling, general and administrative expenses decreased 9.7 percent year-on-year. Collaborations from refreshed brands, including Nili Lotan, Chloe, Jimmy Choo and Aime Leon Dore, along with revitalized EIP events began to restore business momentum. The segment recorded a negative adjusted EBITDA of 14.6 million euros.
Out of price | The Yoox segment continued its path of deliberate transformation. GMV fell 19.3 percent and net sales fell 16.6 percent, reflecting the company's focus on a more profitable core assortment and reduced volume driven by discounts. Gross margin expanded by 390 basis points to 36.5 percent as the business recalibrated toward healthier pricing. Selling, general and administrative expenses decreased by 15.5 percent despite the absorption of reallocated fixed costs from The Outnet, and adjusted EBITDA stood at –21.4 million euros.
Across the group, customer quality improved markedly, with average trailing twelve month (LTM) order value increasing across all segments: Mytheresa +10.7 percent to €797; NAP and MRP +15.5 percent to 836 euros; and Yoox +18 percent to 256 euros. The United States remained a key growth driver, contributing 31.6 percent of total net sales, reinforcing LuxExperience's growing global footprint.
With reorganization efforts nearly complete and cost reduction initiatives advancing across all non-YNAP businesses, LuxExperience enters the remainder of FY26 with a clearer and more streamlined structure, the statement added.
The company now forecasts full-year GMV of between €2.4 billion and €2.7 billion ($2.8 billion to $3.1 billion) and an adjusted EBITDA margin of between -2 percent and +1 percent.
Fiber2Fashion News Desk (SG)
