LuxExperience B.V. · NYSE:LUXE
LuxExperience B.V — Mytheresa — Q1 FY2024 Earnings Presentation
26 slides from LuxExperience B.V's earnings presentation, Nov 28, 2023
Slide 1: Investor Presentation November 2023
Investor Presentation November 2023
Slide 2: Legal Disclaimer
Legal Disclaimer Forward Looking Statements & Industry Information This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this presentati
Slide 3: What You Need to Know about Mytheresa
What You Need to Know about Mytheresa A Unique Business … … with Unique Performance Leading curated top luxury fashion digital platform truly Combining consistent double-digit GMV multi-year differentiated in terms of assortment and customer focus growth outpacing overall online luxury fashion marke
Slide 4: Mytheresa Offers a Unique Investment Opportunity
Mytheresa Offers a Unique Investment Opportunity Outstanding Market Fundamentals A Unique and Differentiated Value Given Resilience of Luxury and High Proposition Recognized Both by Growth Potential of Online Brand Partners and Customers A Highly Loyal and Engaged A Unique Business Model Achieving L
Slide 5: Business Highlights Q1 FY24
MIYTHERESA Business Highlights Ql FY24
Slide 6: Our Business Highlights Q1 FY24
Our Business Highlights Q1 FY24 • Global GMV growth with +3.1% vs. Q1 FY23 and +24.5% vs. Q1 FY22 in a challenging macro environment • Strongest regional GMV growth again in the United States with +25.1% vs. Q1 FY23 and increased total GMV share of the Strong US of 18.7% Global • Many high-impact to
Slide 7: Growth in Q1 FY24 Affected By A Very Difficult Macro Environment
Growth in Q1 FY24 Affected By A Very Difficult Macro Environment Gross Merchandise Value (GMV)1 YoY Growth Yo2Y Growth +36.1% +17.8% +33.4% +33.6% +13.0% +24.5% +7.8% +3.1% Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Notes: 1 “Gross Merchandise Value” (“GMV”) is an operative meas
Slide 8: United States Growth in Q1 FY24 Again Far Above Market Trend
United States Growth in Q1 FY24 Again Far Above Market Trend and Increasing Importance of Region for Mytheresa GMV1 Development United States YoY Growth US Share of GMV +40.8% 19.1% 18.7% +27.4% 17.7% +25.1% 16.9% +12.7% Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Notes: 1 “Gross
Slide 9: High-End Luxury Brand Collaborations in Q1 FY24
High-End Luxury Brand Collaborations in Q1 FY24 Underpinning Mytheresa’s Industry Leading Position LOEWE BRUNELLO CUCINELLI LORO PIANA MONCLER Exclusive Runway styles only available Exclusive capsule collection only Exclusive capsule collection only Launch of limited-edition Karakorum at Mytheresa a
Slide 10: Customer Cohorts Acquired in Q1 FY23 Show Stable Purchasing Behavior
Customer Cohorts Acquired in Q1 FY23 Show Stable Purchasing Behavior in Q1 FY24 Percent of Customer Q1 FY22 Repurchasing in Q1 (Twelve Months Later) Q1 FY23 New Customers Cohort Month July August September July Q1 August September 10
Slide 11: Continued Strong Growth Particularly of Top Customers
Continued Strong Growth Particularly of Top Customers in a Challenging Market Environment Growth of Customers GMV1 Share of Top Customers Q1 FY24 vs. Q1 FY23 Q1 FY24 LTM All Customers +5.0% Top Customers +19.0% 39.4% Notes: 1 “Gross Merchandise Value” (“GMV”) is an operative measure and means the to
Slide 12: Second ESG Report Published by Mytheresa
Second ESG Report Published by Mytheresa Highlighting Progress Towards ESG Commitments Key Highlights • Limited our impact on the planet: 92% of electricity from renewable sources, 12% decrease of direct CO2 emissions (scope 1) and indirect emissions from purchased energies (scope 2), decrease of CO
Slide 13: Business Model Continues to Demonstrate Solid Performance in Q1 FY24
Mytheresa’s Business Model Continues to Demonstrate Solid Performance in Q1 FY24 Despite Macro-economic Headwinds Q1 FY23 Q1 FY24 Operational Indicators Financial Indicators1 AOV Womenswear Gross Profit -7.4 +3.0% Margin pp In € Return Rate Shipping & Womenswear +4.0 +1.7 Payment Cost pp pp In % Mar
Slide 14: State-Of-The-Art Distribution Center At Leipzig Airport
State-Of-The-Art Distribution Center At Leipzig Airport Ready For Future Multi-Year Growth And Service Expansion Start of Operations in New Facility as of September 24 The Location • The new 55,000 sqm distribution center at Halle/Leipzig Airport optimizes proximity to a Cargo Airport, enhancing glo
Slide 15: Financial Highlights Q1 FY24
Financial Highlights Q1 FY24
Slide 16: Solid Performance in Q1 FY24 Despite Difficult Macro
Solid Performance in Q1 FY24 Despite Difficult Macro Q1 FY231 Q1 FY242 YoY GROWTH Gross Merchandise Value (GMV) (€MM) 197.9 204.1 3.1% LTM Active Customers ('000) 800 865 8.2% LTM Total Orders Shipped ('000) 1,839 2,027 10.2% Net Sales (€MM) 175.9 187.8 6.8% Gross Profit Margin3 49.9% 42.5% (740bps)
Slide 17: High Single-Digit Net Sales Growth in Q1 FY24
High Single-Digit Net Sales Growth in Q1 FY24 Gross Merchandise Value (GMV) (€MM) 3.1% 204.1 Q1 FY24 YoY Growth 197.9 Q1 FY23 Q1 FY24 Q1 FY231 Q1 FY242 YoY Change Gross Merchandise Value (GMV) (€MM) 197.9 204.1 3.1% LTM Active Customers ('000) 800 865 8.2% LTM Total Orders Shipped ('000) 1,839 2,027
Slide 18: Gross Margins Pressured As Expected Due To Aggressive Competitor Promotions
Gross Margins Pressured As Expected Due To Aggressive Competitor Promotions Gross Profit (€MM) 87.8 (9.1%) Q1 FY24 79.8 YoY Growth Q1 FY23 Q1 FY24 Q1 FY231 Q1 FY242 YoY Change Gross Profit Margin3 49.9% 42.5% (740bps) Shipping & Payment4 12.1% 13.9% (170bps) Marketing4 12.8% 11.6% 120bps SG&A (Adjus
Slide 19: Expected Profitability Levels in Q1 FY24
Expected Profitability Levels in Q1 FY24 Adjusted EBITDA Adjusted Operating Income (€MM) (€MM) % Margin3,4 7.2% (0.4%) % Margin3,4 5.8% (2.3%) 12.7 (106.6%) (141.8%) 10.1 Q1 FY24 Q1 FY24 YoY Growth YoY Growth -4.2 -0.8 Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Q1 FY231 Q1 FY242 YoY Change Adjusted EBITDA4 (€M
Slide 20: Confirmed Guidance At The Lower End Of The Guided Ranges
Confirmed Guidance At The Lower End Of The Guided Ranges Assumptions for Full FY24 Guidance for Full FY24 GMV and Net Sales growth in the 1 Continued above market growth in GMV and Net Sales capturing market share 1 range of 8% to 13% 2 Continued excellent Top Customer growth with increasing Net Sal
Slide 21: Mytheresa Confirms Its Medium-Term Growth and Margin Targets
Mytheresa Confirms Its Medium-Term Growth and Margin Targets Due To Outstanding Business Model Resilience (€MM) FY232 Actuals Medium-Term Targets1 GMV €856 % Growth 15% Low twenties with stable department AOVs and continued Active Customer Growth Net Sales €769 % Growth 11% Gross Profit Margin Incre
Slide 22: Mytheresa Offers a Unique Investment Opportunity
Mytheresa Offers a Unique Investment Opportunity Outstanding Market Fundamentals A Unique and Differentiated Value Given Resilience of Luxury and High Proposition Recognized Both by Growth Potential of Online Brand Partners and Customers A Highly Loyal and Engaged A Unique Business Model Achieving L
Slide 23: Appendix
MIY THERESA Appendix
Slide 24: Reconciliation to IFRS Metrics
Reconciliation to IFRS Metrics (€MM) FY23 Q1 FY23 Q1 FY24 Net Income to Adjusted EBITDA: Net Income (loss) (15.1) (3.8) (11.9) Finance Expenses, Net 2.5 0.4 1.0 Income Tax Expense (benefit) 6.6 2.6 (2.3) Depreciation & Amortization 11.7 2.5 3.4 EBITDA 5.6 1.7 (9.8) Other transaction-related, certain
Slide 25: Reconciliation to IFRS Metrics
Reconciliation to IFRS Metrics (€MM) FY23 Q1 FY23 Q1 FY24 Net Income to Adjusted Operating Income: Net Income (loss) (15.1) (3.8) (11.9) Finance Expenses, Net 2.5 0.4 1.0 Income Tax Expense (benefit) 6.6 2.6 (2.3) Operating Income (loss) (6.1) (0.9) (13.2) Other transaction-related, certain 5.4 1.5
Slide 26: Reconciliation to IFRS Metrics
Reconciliation to IFRS Metrics (€MM) FY23 Q1 FY23 Q1 FY24 Net Income to Adjusted Net Income: Net Income (loss) (15.1) (3.8) (11.9) Other transaction-related, certain 5.4 1.5 2.4 legal and other expenses Share-based Compensation1 30.0 9.5 6.5 Adjusted Net Income 20.3 7.1 (2.9) Adjusted Net Income Mar