LuxExperience’s Q3 Revenues Reflect Turnaround
LuxExperience, owner of Mytheresa, Net-a-Porter, Mr Porter and Yoox, is profitable for the second quarter running.
Reported by Vogue.
The luxury e-commerce shakeup that started when Mytheresa absorbed the long-struggling Yoox Net-a-Porter group is, against reasonable odds, actually working. LuxExperience — the parent entity now housing Mytheresa, Net-a-Porter, Mr Porter, and Yoox — posted flat net sales of €618.4 million for Q3 2026 (ending March 31), marking its second consecutive profitable quarter since forming in April 2025, according to Vogue. CEO Michael Kliger called the results "fully in line" with long-range targets, including a projected $4 billion in revenue at a 7–9% EBITDA margin. For a conglomerate that took on years of YNAP losses almost overnight, flat is quietly triumphant.
The numbers behind the headline tell a more textured story. Adjusted EBITDA landed at €5.7 million with a 0.9% margin, while overhead costs as a share of revenue dropped from 21.9% in Q1 to 18.3% in Q3 — a trajectory CFO Martin Beer says will keep improving. Mytheresa remains the group's clear engine, up 9.9% to €256 million, with US revenues alone surging 34%. Net-a-Porter and Mr Porter combined slipped 5.2% to €243.4 million, Yoox fell 7.4% to €130.7 million after deliberately pulling back from certain overseas markets, and the sale of The Outnet's operating assets closed April 30 — clearing the deck for a leaner Yoox focus.
Winning Customers Back, One Shipping Notification at a Time
Geopolitics complicated Q3: the Middle East conflict hit all four brands, a region Kliger describes as "not a major market, but an equally important one" — particularly given Net-a-Porter's Dubai offices and Mytheresa's loyal UAE and Saudi client base. He's not catastrophizing it. Many of those customers relocated early to London, Paris, and Los Angeles, effectively migrating their spend rather than pausing it. The more structural challenge is experience parity. Net-a-Porter's customer satisfaction score climbed 890 basis points to 68.1 NPS, and Yoox jumped from 36.1 to 48.8 — real movement, but still trailing Mytheresa's benchmark. Kliger is blunt about what needs fixing: "Shipping, communication, response time, photography, product descriptions — zillions of little things."
The group's answer to customer loyalty isn't purely operational — it's experiential. LuxExperience is leaning hard into IRL moments: a Dolce & Gabbana event in Sardinia, a Mr Porter activation in the same region, a Florence pop-up with Khaite, and seasonal hotspot appearances throughout summer. The logic is less "brand awareness campaign" and more community architecture — getting high-value customers in the same room, reinforcing the sense that shopping here is a lifestyle, not just a transaction.
A conglomerate built on a troubled acquisition posting two profitable quarters and growing its best customer cohort isn't a fluke — it's a thesis proving out, slowly and deliberately.
Read the original at Vogue.
