Even when times are tough and budgets are tight, shoppers are willing to splurge if they find an item they think will give them a boost of confidence — and maybe even make other people just a little bit jealous. And these days, you don’t have to go to the store to find that luxury accessory.
Mytheresa rode that wave with its its multi-brand digital platform, which reported top-line growth and continued profitability in its fiscal 2022 third-quarter earnings report Tuesday (May 10) that included a net sales growth of 4.7 million euros ($4.8 million) to 169.5 million euros ($175.7 million) year over year, a 2.9% increase.
“Our business has shown excellent strength despite the impact of many external challenges in the third quarter,” Mytheresa Chief Executive Officer Michael Kliger said in the company press release.
“We grew our GMV double-digit, we expanded our customer base healthily, our top customer base has become even stronger and all this against an extraordinary growth of 47% in last year’s quarter. We continued to see strong growth in the United States, where we again had the highest growth for Mytheresa, with outsized growth in warmer weather states like Florida and Texas,” he said.
Shoppers’ move to increased online shopping for their luxury purchases “is continuing and driving growth,” said Kliger.
Related: The RealReal Says Luxury Is ‘Tremendously Resilient’, Inflation Driving ‘Strong Year’
Earlier this week, The RealReal said rising prices and tight supply for designer goods are pushing more buyers and sellers into the secondhand luxury market. The San Francisco-based platform operator said its first quarter gross merchandise value rose 31%, while its revenues jumped 48% for the three months ended March 31.
While active buyers rose 21% to 828,000 and orders rose 27% to 878,000 versus a year ago, the company said its $487 average order value was up just 3%. The RealReal told analysts that its second-quarter revenues will be up more than 50%.
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