The Tamesis
LuxExperience (owner of Mytheresa, Net-a-Porter, Mr Porter and Yoox) reported flat net sales growth of €618.4 million at constant currencies for the third quarter of 2026, which ended March 31. This is the group’s second profitable quarter since its establishment in April 2025, following Mytheresa’s acquisition of Yoox Net-a-Porter (YNAP) Group.
“We showed profitability as a group in the second quarter despite our takeover of YNAP, which has clearly been losing money for years,” LuxExperience CEO Michael Kliger said. fashion business ahead of Tuesday’s earnings call. “All of this is fully in line with our expectations and guidance for the full fiscal year. And even longer term, fully in line with our guidance to hit $4 billion and 7-9% EBITDA margin. So we’re very pleased.”
The group’s adjusted EBITDA in the third quarter was 5.7 million euros, with a profit margin of 0.9%. The adjusted SG&A cost ratio, which shows administrative expenses such as daily operating costs as a percentage of revenue, fell to 18.3% in the third quarter from 21.9% in the first quarter. Chief Financial Officer Martin Beer said on a conference call that the group expected the situation to continue to improve.
By retailer, Mytheresa’s third-quarter revenue increased 9.9% to 256 million euros. “We are very pleased with the Mytheresa business, which continues to grow [positive] Kliger said: “Our performance record is very good and we are fully in line with double-digit growth for the full financial year.” Net-a-Porter and Mr Porter’s combined revenue fell 5.2% to 243.4 million euros, which Kliger said was in line with the group’s plans, while Yoox’s revenue fell 7.4% to 130.7 million euros after reducing its overseas market operations.
The war in the Middle East affected all LuxExperience brands this quarter. “[The Middle East] While not a major market, it is an equally important market for Mytheresa and Net-a-Porter,” Kliger said before the call, referring to Net-a-Porter’s Dubai office and personal shopping team, as well as Mytheresa’s strong customer base in the UAE and Saudi Arabia. “It’s a very resilient customer base and they will be moving in June anyway to avoid the hot weather. So a lot of them did that earlier. He added that in recent weeks, lost sales in the Middle East had begun to shift to other locations, such as London, Paris and Los Angeles.
The U.S. remains a bright spot for Mytheresa, with third-quarter revenue rising 34%. Europe was a bright spot for Yoox, which rose 7%, thanks in part to activity in Milan and Berlin – even as the discount retailer’s overall revenue fell. Europe and the U.S. have also been good for Net-a-Porter, while Asia has been a drag on the retailer’s partnership with Alibaba (which ended before Mytheresa (now LuxExperience) acquired YNAP).
Kliger confirmed on the call that the group had completed the sale of the assets that power The Outnet on April 30. “Following the binding agreement announced last October, we are very confident that we have found a suitable new home for The Outnet and we are now able to focus on operating the Yoox business,” he told investors.
As in past quarters, Kliger continues to put its customers first. Mytheresa’s top customers increased significantly in the third quarter, he said. Both Net-a-Porter and Yoox’s Net Promoter Score (NPS, a measure of customer satisfaction) increased year-on-year: Net-a-porter rose 890 basis points to 68.1 NPS; Yoox rose from 36.1 NPS to 48.8 basis points. But there’s still a lot that needs to be improved in order to make the experience consistent with that of Mytheresa. “There are countless little things you need to do better, [such as] “Response time in terms of shipping, communication and customer service, photography and product descriptions,” he said. “This is an ongoing focus for Mr Porter, Net-a-Porter and Yoox to really win over customers again.”
Events will play a key role in this strategy. During the summer, LuxExperience will host a major event in Sardinia this week with Dolce & Gabbana, followed by a Mr Porter event in the same region, a Florence event with Khaite, and pop-ups in seasonal hotspots. “We see the benefit not only of being a transaction site, but also of creating moments, building community, and allowing these customers to meet other customers,” Krieger said.
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