The Tamesis
LuxExperience (owner of Mytheresa, Net-a-Porter, Mr Porter and Yoox) reported net sales rose 5.7% in constant currency terms to €645.1 million in the second quarter 2026 ended December 31, 2025. These include the revival of the former Yoox Net-a-Porter (YNAP) brand, which the group acquired in April 2025 and has since turned a profit.
“We are very pleased with our second quarter results,” LuxExperience CEO Michael Kliger said in a statement. “Our ability to deliver profitable growth at Mytheresa has been proven and will now be applied to the newly acquired business with extremely dedicated and experienced new management. [team]. As a team, we truly have the secret sauce for digital luxury. “
In November 2025, Kliger resigned as CEO of Mytheresa to focus on the entire group, and Francis Belin was appointed to replace him. The company has also hired a string of senior executives including Net-a-Porter and Mr Porter.
LuxExperience narrowed its full-year guidance following the results. Gross merchandise value (GMV) narrowed to a range of €2.5 billion to €2.7 billion (from €2.4 billion to €2.7 billion), while adjusted EBITDA margin narrowed to a range of -1% to +1% (from -2% to +1%). The group also confirmed its medium-term target (over the next four to six years) of net sales of €4 billion and an adjusted EBITDA margin of 7% to 9%.
In the second quarter, GMV grew 4.7% at constant exchange rates to €684.8 million as the company returned to profitability. Adjusted EBITDA was €13.2 million, with a profit margin of 2%. Adjusted SG&A cost ratio (selling, general and administrative expenses, including overhead expenses such as daily operating costs and marketing, as a percentage of revenue) fell to 19.1% in the current quarter from 20.9% in the second quarter of 2025, thanks to the preliminary results of the LuxExperience transformation plan. The strategy includes some layoffs, consolidating infrastructure such as reducing warehouse footprint and studio production facilities, and renegotiating contracts with third-party providers such as payment services.
In addition to cost reductions, Krieger attributes much of the company’s financial success to its focus on customer service. Net Promoter Scores (which measure customer loyalty, satisfaction and likelihood to recommend a brand on a scale of -100 to +100) increased for all brands: Net-a-Porter and Mr Porter increased 12% to 65.3; Yoox increased 20.3% to 50.2; Mytheresa increased 0.4% to 83.7.
This is primarily driven by changes in company culture. “On the one hand, not much has changed technically – the website is still not new, for example. But we told [employees] Customer satisfaction is our top priority, so we do give our customer service center the autonomy to resolve issues and listen to our customers,” said Kliger fashion business Before investor presentation. “We’ve started to change attitudes and that’s how customers feel.”
Mytheresa’s net sales in the second quarter increased 11.6% year-on-year to 242.7 million euros. GMV for top customers increased by 12.5%, and average order value increased by 12%. At the same time, Kliger said, the top customer base grew by 30%, with high-spending groups attracted by the products, curation, discovery and services Mytheresa offers.
LuxExperience reported that Net-a-Porter and Mr Porter’s net sales increased by 6% to 277.1 million euros. According to the report, the improvement was significant: from 10.8% in the previous quarter to 1% in the second quarter. The adjusted SG&A cost ratio improved significantly to 22.7% in the second quarter from 27.6% in the previous quarter. Kliger said Net-a-Porter and Mr Porter benefited from a “strengthened editorial aspect”, demonstrating relevance and authority to clients.
