Online luxury fashion retailer Mytheresa halts downhill slide as high spenders splash out

Sales are soaring at Mytheresa as high-spending customers splash out. The German online luxury fashion retailer said sales in the last three months of 2021 hit £157m, up 18.3pc from a year earlier. 

Profit in the same period was £66m, a 27.4pc jump from a year ago. Mytheresa started life as a boutique in Munich, but in 2006 its married founders Susanne and Christoph Botschen decided to take the shop online. 

The retailer, which sells brands such as Gucci, Jimmy Choo and Burberry, listed on the New York Stock Exchange last year. Sales in the run up to Christmas were lifted by a 40pc increase in the number of high spending customers shopping on its website. 

Mytheresa said its fastest growth was in the US, where sales rose 75pc from a year earlier. The retailer said it saw little disruption from the Omicron variant of Covid and is pressing ahead with a new German warehouse at Leipzig Airport, which will significantly reduce delivery times. 

Mytheresa said sales will continue growing and in the 12 months to June 30 will be between £585m and £600m, up from £512m the year earlier. And it boosted its profit forecast for the year to between £292m and £305m, up from £240m last year. 

Shares in New York were up more than 9pc on the announcement. But it comes after a devastating few months with shares having fallen 47pc, and the firm worth just half its IPO value of £1.6bn. However, chief executive Michael Kliger said it is emerging as ‘one of the few winners’ among online luxury retailers.