Mytheresa's Q2 2025 Earnings Call: Contradictions in Luxury Market Health, Margins, and Marketing Strategies

These are the key contradictions discussed in MYT Netherlands Parent B.V.'s latest 2025Q2 earnings call, specifically including: Digital Luxury Landscape Health and Momentum, EBITDA Margin Expectations, Technology Optimization and Integration, Gross Margin Expectations, Inventory and Promotional Landscape, and Marketing Spend Trends:



Revenue and GMV Growth:
- Mytheresa achieved a 13.4% increase in net sales and a 11.9% growth in GMV for Q2 fiscal year 2025 compared to the same period last year.
- This growth was driven by strong performance in the United States and Europe, as well as a focus on high-spending, wardrobe-building top customers.

Gross Profit Margin Increase:
- The company saw an improvement in the gross profit margin by 110 basis points to 50.9% in Q2 2025.
- This increase was due to a focus on full price selling, targeting high-end luxury products, and stable return rates.

Top Customer Growth:
- GMV with top customers grew by 9.1% compared to Q2 of fiscal year 2024, driven by a 13.6% increase in the average spend per top customer.
- The growth in top customer spending is attributed to a focus on exclusive product launches and digital experiences, enhancing Mytheresa's community for luxury enthusiasts.

Strong Performance in the United States:
- The United States accounted for 20.6% of total net sales in Q2 2025, with a 17.6% increase in net sales year-over-year.
- This growth is due to the strong resonance of Mytheresa's highly curated luxury brands among the big-spending U.S. luxury shoppers.