LuxExperience reported accelerating fourth-quarter momentum across Mytheresa, NET-A-PORTER, MR PORTER and YOOX as the luxury e-commerce group progresses with its post-acquisition transformation.
Fourth-quarter net sales increased 7.6% on a constant-currency basis and 6.1% on a reported basis to €653.6 million. Adjusted EBITDA margin improved to 2.1%, marking LuxExperience’s third consecutive quarter of positive adjusted EBITDA.
All three major business segments reported improving top-line performance.
Mytheresa net sales increased 10.2% excluding currency effects, while combined NET-A-PORTER and MR PORTER sales rose 5.6%. YOOX increased 6.6%.
NET-A-PORTER and MR PORTER also achieved positive adjusted EBITDA in the fourth quarter for the first time since LuxExperience acquired the businesses, reflecting increased full-price selling, tighter cost controls and a greater focus on high-value customers.
The company’s broader transformation is also reducing overhead.
LuxExperience’s adjusted SG&A cost ratio declined from 21.9% in the first quarter to 17.6% in the fourth quarter. Acquisition-adjusted SG&A expenses declined €55 million, or 9.9%, for the full year.
Customer economics remained a major part of the strategy. Top customers represented only 4.8% of Mytheresa customers and 4.3% of NET-A-PORTER and MR PORTER customers during fiscal 2026, but generated 48.4% and 49.1% of GMV, respectively.
LuxExperience ended June with €442.7 million of cash and cash investments and no bank debt on its balance sheet. The company also received authorization in September for an ADR repurchase program of up to $50 million.
Management expects further acceleration during fiscal 2027.
LuxExperience is guiding for net sales growth in the mid-single-digit to high-single-digit range and an adjusted EBITDA margin of approximately 2% to 3%.
Longer term, management continues to target approximately €4 billion of group net sales and a 7% to 9% adjusted EBITDA margin.
The results suggest LuxExperience’s strategy is beginning to stabilize the businesses acquired from Richemont while preserving Mytheresa’s stronger growth and profitability profile.
KEY QUOTES:
“The results of Q4 FY26 underline the tremendous progress we have achieved in our transformation plan in just the last 12 months.”
“Mytheresa again set the gold standard in the fourth quarter in terms of high growth and profitability. NET-A-PORTER and MR PORTER combined achieved a clear turnaround, also delivering topline growth and profitability.”
Michael Kliger, CEO of LuxExperience
