Mytheresa, the German luxury e-tailer, saw both revenue and profit increase for the fiscal year ended June 30, 2022.
While the e-tailer’s net sales increased by 12.7% to 690 million euros, gross profit increased by 23.7% to 355 million euros.
Adjusted EBITDA for this period jumped 20% to €66 million.
Mytheresa, during the year, saw its gross profit increase year-on-year to 51.5%, compared to 46.9% a year ago.
The online retailer attributed the rise in revenue and profits to luxury consumers shifting to online shopping, in addition to the continued consolidation of the digital luxury sector.
For the full year to June 30, 2023, Mytheresa now expects gross merchandise value to increase from €865 million to €910 million, representing growth of 16-22% .
Gross profit should grow between 410 and 435 million euros, or a growth of 16 to 22%.
Founded in 2006, Mytheresa is known for its high-end clothing, shoes, bags and accessories from luxury designer brands such as Bottega Veneta, Burberry, Fendi, Gucci and Moncleramong others.