LuxExperience B.V. (LUXE) Q1 2025 earnings summary

Executive summary

• Announced acquisition of YOOX NET-A-PORTER (YNAP) to create a leading global digital luxury group, expected to close in H1 2025, with Richemont to own 33% post-transaction.

• Maintained strong business momentum with net sales up 7.6%-8% year-over-year to €201.7 million, led by robust U.S. growth and record average order value.

• Adjusted EBITDA margin improved to 1.4% from -0.6% in Q1 FY24, reflecting enhanced profitability.

• Focused on top customers, exclusive events, and unique experiences, driving high engagement and loyalty.

• Launched WeChat Mini Program in China, enhancing local presence and customer experience.

Financial highlights

• Net sales increased by 7.6%-8% year-over-year to €201.7 million in Q1 FY25; GMV rose 6.3% to €216.6 million.

• Gross profit margin improved by 150bps to 43.9%; gross profit up 11.5% to €88.6 million.

• Adjusted EBITDA turned positive at €2.9 million (1.4% margin) vs. -€1.2 million (-0.6%) in Q1 FY24.

• Adjusted Net Income turned positive at €5.4 million, up from a €3.3 million loss.

• US market net sales share expanded to 20% with 13.6%-14% growth.

Outlook and guidance

• FY25 guidance: GMV and net sales growth of 7%-13%; adjusted EBITDA margin of 3%-5%.

• Confident in medium- and long-term growth, supported by YNAP acquisition and improving market conditions.

• Medium-term targets include GMV growth in low twenties percent, increasing gross margin, and stable or declining cost ratios.