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In a year marked by significant changes in luxury retail, Michael Kliger, CEO of Mytheresa, has managed to lead remarkable growth and transformative moves. Mytheresa, a luxury fashion e-tailer, has bucked the industry trend of slowing sales, reporting consistent growth each quarter in 2024.
In the fiscal year ending September 30 2024, Mytheresa saw a net sales increase of 9.8% to €840.9 million ($889.5 million), a testament to Kliger’s focus on high-end clienteling and exclusive experiences.
“Our core clients — the wardrobe builders and big spenders — pulled us through,” Kliger said.
One of Mytheresa’s pivotal milestones this year came in October 2024, when the company announced its acquisition of Net-a-Porter, Yoox, The Outnet and Mr Porter owner Yoox Net-a-Porter. The YNAP deal is currently subject of approval by regulators. Among other benefits, the deal is meant to bring YNAP’s advanced logistics and digital capabilities under the Mytheresa umbrella, enhancing the company’s operational and customer service capabilities. For example, with the new setup, Mytheresa could offer its customers across regions expedited and increasingly seamless deliveries.
“It’s about merging the best of both worlds,” said Kliger, describing the acquisition as “transformative.”
Mytheresa has increasingly leaned into clienteling, which Kliger called the company’s “word of the year,” based on what is working for the company’s VIP customers. Rather than scaling back in the rocky year for luxury, Mytheresa doubled down on high-touch customer experiences, hosting exclusive events like private fashion workshops and personalized shopping consultations.
But, in its fiscal 2024, Mytheresa’s gross profit margin slightly declined, to 45.7% from 49.6%, reflecting wider industry pressures.
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Kliger said he’s confident Mytheresa’s high-end clienteling and operational excellence will continue to translate to success.
“Knowing that a client loves art or has a son training to become an athlete allows us to make their experience truly bespoke,” he said, pointing to Mytheresa’s ultra-personalized service, which is facilitated by “big data and small data” alike.
