What: Mytheresa focuses on tailor-made relationships with top customers to boost its results and sales
Why it is important: What money can’t buy is increasingly in demand by the wealthy and famous, and all department stores need to adapt.

In a robust third-quarter performance, Mytheresa, a luxury e-commerce platform, achieved a 17.6% increase in net sales, reaching €233 million. This growth comes amidst a challenging environment for luxury retailers, characterized by economic pressures on aspirational consumers and stagnation in key markets like China. Mytheresa distinguished itself through increased customer counts, higher average order values, successful engagement with top customers, and reduced acquisition costs.

CEO Michael Kliger attributes Mytheresa’s success primarily to the steady return of high-income luxury shoppers, particularly in the U.S., which has emerged as the company’s largest market, representing 22.3% of its gross merchandise value. The U.S. market's growth rate accelerated to 41.6% compared to the previous year. Mytheresa has been proactive in the U.S., hosting pop-ups and local events, and it has also enhanced its logistics with a new 600,000-square-foot distribution center to improve the efficiency of merchandise handling.

The company’s strategy includes exclusive partnerships and activations with high-end brands like Gucci and Bottega Veneta, and unique customer experiences, such as a 24-hour event in Shanghai and a cutting-edge shopping app designed for Apple Vision Pro. These initiatives not only underscore Mytheresa's commitment to providing exclusive, experience-driven luxury shopping but also cater to its top-spending customers, who generate 40% of its revenues. This focus on premium, full-price strategies without competing on price leverages unique access to products and events to reinforce customer loyalty and drive online success.

Mytheresa attributes its resilience to money-can’t-buy experiences