LuxExperience — the parent company of Mytheresa and Yoox Net-a-Porter — said net sales declined 4.2% to €557.2 million in the first quarter of fiscal 2026, ended September 30, 2025.
LuxExperience is in the process of turning around the businesses previously under Yoox Net-a-Porter (YNAP) Group, which LuxExperience (previously Mytheresa) acquired in April. LuxExperience expects gross merchandise value (GMV) to reach between €2.4 billion and €2.7 billion in fiscal 2026. Its prior forecast of between €2.5 and €2.9 billion included The Outnet, which it announced in October it is selling (the current guidance is just above this previous guidance, excluding The Outnet). Adjusted EBITDA is expected to land between -2% and 1% by the end of the fiscal year, compared to prior expectations of -4% to 1%.
“Fiscal 2026 will be our key transition year,” CEO Michael Kliger said during a call with investors on Wednesday.
Gross profit margin increased 1.9% to 22.1% in the first quarter. Adjusted EBITDA was -€28.1 million for the quarter, with a margin of -5%.
Mytheresa’s net sales were up 12.2% year-on-year to €216.6 million. “Mytheresa continues to demonstrate our unique ability to deliver strong growth and profitability, despite ongoing macro headwinds,” said Kliger. Mytheresa has weathered the storms of the luxury downturn, with its curated brand mix and focus on top-spending customers. Kliger noted, however, that this quarter, growth was driven not just by the bigger spend of these clients, but also by the growth in top customer numbers.
LuxExperience reports Net-a-Porter and Mr Porter together. Sales declined 10.8% to €238.1 million. “Net-a-Porter and Mr Porter clearly show the first signs of the commercial turnaround, which will drive unique growth and profitability after years of decline,” Kliger said. LuxExperience expects Net-a-Porter and Mr Porter to break even on its adjusted EBITDA margin in fiscal 2027. Kliger’s strategy is to focus on the customer, offering more engaging marketing, editorial content and online shopping experiences.
LuxExperience’s transformation is “well on track”, according to the company. Cost-reduction actions have started across all YNAP businesses. The sale of The Outnet to The O Group is expected to finalise in Q1 of the 2026 calendar year. Currently, LuxExperience is focusing its off-price resources on Yoox, which is a bigger business than The Outnet. Yoox’s sales dropped 16.6% to €118.6 million in Q1. Kliger’s turnaround strategy for Yoox is to tap into a younger audience using social media (especially TikTok) and improve brand marketing campaigns (the company recently hired a brand director, a newly created role).
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