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LuxExperience Sets Transitional 2026 Outlook as Mytheresa Extends Profitable Growth

Management frames the year ahead as transitional with plans to apply Mytheresa’s playbook across Net‑a‑Porter plus the off‑price units.

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Overview

  • Mytheresa reported Q4 net sales of €249 million, up 12 percent year over year, with adjusted EBITDA up 52 percent to €16 million and stronger spending from top customers.
  • Net‑a‑Porter and Mr Porter posted a 9 percent sales decline to €255 million in Q4, while Yoox and The Outnet fell 17 percent to €159 million, reflecting past underinvestment in marketing and merchandise.
  • LuxExperience guided to €2.5 billion to €2.9 billion next year and an adjusted EBITDA margin between -4 percent and +1 percent, characterizing 2026 as a transition year.
  • The turnaround plan centers on full‑price selling, deeper focus on top clients, increased marketing and buying of attractive assortments, tighter costs, and leveraging Mytheresa’s tech, logistics, and rapid vendor payments.
  • The group reported roughly €2.7 billion in revenue for fiscal 2025, announced 700 layoffs at YNAP as integration progresses, and saw LuxExperience shares rise more than 17 percent in pre‑market trading after results.