LuxExperience B.V. (LUXE) Q2 2025 earnings summary

Executive summary

• Achieved strong double-digit growth in Q2 FY25, with net sales up 13.4% to €223.0 million and GMV up 11.9%, outpacing the online luxury fashion market.

• US net sales grew 17.6% year-over-year, now representing over 20% of total sales; top customer GMV per customer increased 13.6%.

• Maintained a stable active customer base at 843,000, with around 100,000 new customers in Q2 FY25.

• Announced the expected acquisition of YOOX Net-A-Porter (YNAP), forming the new group LuxExperience.

• Continued focus on high-spending top customers, exclusive collaborations, and unique customer experiences.

Financial highlights

• Q2 FY25 net sales: €223.0M (+13.4% YoY); GMV: €244.7M (+11.9% YoY); H1 FY25 net sales: €424.7M (+10.6% YoY).

• Q2 FY25 gross profit margin: 50.9% (+110bps YoY); adjusted EBITDA margin: 7.3% (+350bps YoY); adjusted EBITDA: €16.2M (+114.8% YoY).

• Adjusted net income in Q2 FY25: €10.6M (4.8% margin, +299.6% YoY).

• Inventory levels decreased 1.3% year-over-year to €404.6M; DIO at 258 days.

• Average order value for the last 12 months increased 9.5% to €736.

Outlook and guidance

• Reaffirmed FY25 guidance: GMV and net sales growth of 7–13%, adjusted EBITDA margin of 3–5%.

• Expect typically weaker Q3 and stronger Q4 due to seasonality.

• Medium-term targets: GMV growth in the low twenties percent, increasing gross margin, and stable or slightly decreasing cost ratios.