LuxExperience swings to profit for its fourth quarter and full fiscal year
Chief executive Michael Kliger says the group already expects a further margin jump this year, with adjusted EBITDA rising to 2% to 3%.
LuxExperience swung to profit in its fiscal fourth quarter and for the full year, the Munich-based digital luxury group said, as Mytheresa's growth continued and Net-a-Porter and Mr Porter turned profitable for the first time since their 2025 acquisition. Yoox halved its annual loss.
Adjusted net income for the quarter reached 7.8 million euros, against a loss of 2.4 million euros a year earlier. For the fiscal year ended 30 June, adjusted earnings before interest, taxes, depreciation and amortisation came to 11 million euros, a swing of 64 million euros from the prior year's loss.
Chief executive Michael Kliger said the group achieved a 2.1% positive adjusted EBITDA margin in the last quarter and 0.4% for the full fiscal year. Net sales in the quarter rose 7.6% at current exchange rates to 653.6 million euros, and full-year sales rose 3.2% to just over 2.47 billion euros.
How each division performed
Mytheresa delivered what Kliger called gold standard performance, growing 10.2% in the quarter and 11.5% across the fiscal year. Its adjusted EBITDA margin was 6.6% in the quarter and 6.3% for the year, producing an adjusted EBITDA profit of 62 million euros, up 40% on the year before.
Net-a-Porter, the curated luxury fashion platform, and Mr Porter, its menswear counterpart, combined for 5.6% growth in the quarter with a 2.7% profitable EBITDA margin. Kliger called it the first quarter of growth and profitability since the acquisition, adding: "We now really see ourselves on that trajectory."
For the full year, Net-a-Porter and Mr Porter still averaged just 0.5% sales growth and a minus 0.6% EBITDA margin, though performance improved steadily from the first half to the second. Net-a-Porter offers a broad selection of designer clothing and beauty across a wider audience than Mytheresa's most affluent shoppers, while Mr Porter focuses on luxury menswear for discerning clients.
Yoox, the off-price designer arm, grew 6.6% in the quarter, its first quarterly growth since LuxExperience acquired the business, though it still declined 5.8% for the full year. Europe, its most profitable region, grew 23% in the quarter, and the annual loss halved to 45.5 million euros from almost 80 million euros.
What LuxExperience expects next
For the fiscal year that began in July, LuxExperience expects mid-single to high-single-digit net sales growth and an adjusted EBITDA margin of 2% to 3%, both improvements on the year just closed. Kliger said the group has performed very well so far in the first quarter, which runs through September.
Kliger pointed to positive trends in fine jewellery, gowns and expensive ready-to-wear, and said the second half of the calendar year should bring continued strength in the United States alongside continued momentum at Mytheresa and Net-a-Porter, driven by focus on the biggest-spending clients.
Recent additions to the roster include Fendi, Bulgari and Piaget joining Mytheresa, and Jessica McCormack joining Net-a-Porter. Best-performing brands across the platform included Pieter Mulier, Brunello Cucinelli, Phoebe Philo, Khaite, Dolce & Gabbana and Zegna, Kliger said.
Asked whether disruption at Exemplar Luxury Group, which operates Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman, had boosted LuxExperience's numbers, Kliger said it played a role because Exemplar's operational challenges left it short of stock, but that the United States would have been strong for LuxExperience regardless.
How the deal came together
LuxExperience purchased Yoox Net-a-Porter from Richemont in April 2025, creating what the group has called a digital luxury powerhouse spanning Mytheresa, Net-a-Porter, Mr Porter and Yoox. The turnaround Kliger described this quarter is the clearest sign yet that the combined group is working as intended.
The result places LuxExperience among a run of retailers we have covered turning back to profit this year, including Harrods, which returned to profit but stayed cautious on its outlook, and Signet Jewelers, which raised full-year guidance after swinging back into the black.
Victoria Beckham posted its first operating profit as sales surged, and Coty closed out its fiscal year in positive territory while naming a new chief financial officer, both moves we tracked as evidence that turnarounds across the luxury sector are gathering pace this year.
The scale of the swing is worth stating plainly: a group that lost money across the prior fiscal year has moved to an 11 million euro adjusted EBITDA profit within twelve months, without a change of ownership or leadership.
LuxExperience has not disclosed what its next fiscal year will mean for further brand additions or store-level changes at Net-a-Porter or Mr Porter, though Kliger's guidance of 2% to 3% adjusted EBITDA margin gives investors a concrete marker to measure the coming year against.
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Images: LuxExperience; Courtesy of Yoox and Mytheresa