LuxExperience B.V. (LUXE) BofA Securities Consumer and Retail Conference 2025 summary

Investment thesis and growth outlook

• Anticipates closing a major acquisition soon, expanding from a $1B to $3B company and targeting an 8% adjusted EBITDA margin medium term, projecting EBITDA of $240M and a market cap over $3B.

• Current market cap is around $800M, suggesting potential for share price to triple, driven by strong fundamentals and brand partnerships.

• Reports 12% top-line growth last quarter, with healthy customer KPIs, increasing GMV per customer, and improved profitability.

• Acquisition of Yoox Net-A-Porter will create the leading global online multi-brand luxury group, aiming for 8% adjusted EBITDA profitability.

Industry dynamics and performance

• Luxury industry is healthier with less excess inventory and reduced promotional activity, supporting stronger full-price sales and higher sell-through rates.

• Mytheresa outperformed industry peers with double-digit growth while others saw around 2% revenue growth in Q4.

• Top customers show resilience and drive growth, with similar customer mix across regions; Middle East, U.S., Canada, and Singapore are particularly strong.

• Category performance is consistent globally, with a focus on ready-to-wear (over 55% share), while shoes and bags are strong adjacent categories.

Business model and differentiation

• Focuses on true luxury brands and wardrobe-building top customers, resulting in high retention and low promotional needs.

• Maintains a curated platform model, not a pure concession or marketplace, allowing for control over product selection and customer experience.

• Offers both wholesale and curated platform models to brands, with the latter representing a small but growing share, and profitability is comparable between models.

• Net-A-Porter acquisition will keep storefronts and buying teams separate, leveraging backend synergies while maintaining distinct brand identities.