LuxExperience B.V. · NYSE:LUXE
LuxExperience B.V — Mytheresa — Q2 FY2023 Earnings Presentation
27 slides from LuxExperience B.V's earnings presentation, Feb 23, 2023
Slide 1: Investor Presentation
Investor Presentation February 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 GMV growth > 20% p.a. outpacing differentiated in terms of assortment and customer focus overall online luxury fashion market with high q
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 Q2 FY23
MIYTHERESA Business Highlights Q2 FY23
Slide 6: Our Business Highlights Q2 FY23
Our Business Highlights Q2 FY23 • Solid GMV growth despite significant macro-economic headwinds with +7.8% vs. Q2 FY22 and +13.7% in H1 FY23 vs. H1 Strong FY22 Global • GMV growth in the United States of +12.7% in Q2 FY23 vs. Q2 FY22 and total GMV share of the US expanding to 16.9% Expansion • High-
Slide 7: Solid GMV Growth in Q2 FY23 Despite Macro-Economic Headwinds
Solid GMV Growth in Q2 FY23 Despite An Environment of Macro-Economic Headwinds Gross Merchandise Value (GMV)1 YoY Growth Yo2Y Growth (in %) (in %) +56.6% +20.8% +36.1% +7.8% Q1 FY23 Q2 FY23 Q1 FY23 Q2 FY23 Notes: 1 “Gross Merchandise Value” (“GMV”) is an operative measure and means the total Euro va
Slide 8: Good GMV Growth In The United States With Increasing Share of Global GMV
Good GMV Growth In The United States With Increasing Share of Global GMV GMV1 Development United States YoY Growth US Share of GMV (in %) (in %) +28.5% 15.4% 16.9% +12.7% Q1 FY23 Q2 FY23 Q1 FY23 Q2 FY23 Notes: 1 “Gross Merchandise Value” (“GMV”) is an operative measure and means the total Euro value
Slide 9: Unique Events & Experiences for Top Customers Across the World
Unique Events & Experiences for Top Customers of Mytheresa Across the World In Q2 FY23 Money can‘t buy experiences Style Suites: shopping events with personal shopping Manchester (10/5-7) Warsaw (11/18-19) New York (11/3) Party with Oscar de la Renta Munich (10/6) Munich (10/18) New York (10/13) Man
Slide 10: High-End Luxury Brand Collaborations in Q2 FY23
High-End Luxury Brand Collaborations in Q2 FY23 Underpinning Mytheresa’s Industry Leading Position LORO PIANA ETRO DOLCE GABBANA GIVENCHY Exclusive launch of the Loro Piana Exclusive capsule collection only Exclusive ski capsule collection only Exclusive launch of Givenchy gowns Cocooning collection
Slide 11: Shoppable Video Experience to Launch Moncler Grenoble Exclusive Products
Impactful, Immersive Shoppable Video Experience to Launch Moncler Grenoble Exclusive Products Visibility and Reach Created • Highly impactful shoppable video campaign created by Mytheresa with professional skiers • Shoppable video allowed visitors to dive into the highly energetic ski performance vi
Slide 12: Customer Cohorts Acquired in Q3 FY22 Showed Positive Purchasing Behavior
Customer Cohorts Acquired in Q3 FY22 Showed Positive Purchasing Behavior Up to December vs. the Q3 FY21 Cohorts Percent of Customer Q3 FY21 Repurchasing in Q2 (Nine Months later) Q3 FY22 New Customers Cohort Month October November December January Q3 February March 12
Slide 13: Excellent Growth of Top Customers and Average Spend Per Customer
Excellent Growth of Top Customers as well as Average Spend Per Customer Showing Quality of Customer Acquisitions Growth of Customers GMV1 per Customer Q2 FY23 vs. Q2 FY22 Q2 FY23 vs. Q2 FY22 All Customers +8.8% +1.9% Top Customers +25.3% +1.8% Notes: 1 “Gross Merchandise Value” (“GMV”) is an operati
Slide 14: Mytheresa's Business Model With Consistent Performance
Mytheresa’s Business Model With Consistent Performance Despite Challenging Macro-Environment Q2 FY22 Q2 FY23 Operational Indicators Financial Indicators1 AOV Womenswear Gross Profit +1.4 +5.0% Margin pp In € Return Rate Shipping & Womenswear +3.3 +0.4 Payment Cost pp pp In % Margin CAC Marketing +1.
Slide 15: Financial Highlights Q2 FY23
Financial Highlights Q2 FY23
Slide 16: Solid Top-Line Performance in Q2 FY23 with Strong Profitability Levels
Solid Top-Line Performance in Q2 FY23 with Strong Profitability Levels Q2 FY231 YoY GROWTH H1 FY232 YoY GROWTH Gross Merchandise Value (GMV) (€MM) 215.9 7.8% 413.7 13.7% LTM Active Customers ('000) 814 10.1% 814 10.1% LTM Total Orders Shipped ('000) 1,876 13.3% 1,876 13.3% Net Sales (€MM) 190.1 1.3%
Slide 17: GMV Growth in Q2 FY23 With Visible Net Sales Growth Effect due to CPM
GMV Growth in Q2 FY23 With Visible Net Sales Growth Effect due to CPM Transition Gross Merchandise Value (GMV) (€MM) 7.8% 215.9 13.7% 413.7 Q2 FY23 H1 FY23 200.2 YoY 364.0 YoY Growth Growth Q2 FY22 Q2 FY23 H1 FY22 H1 FY23 Q2 FY231 YoY GROWTH H1 FY232 YoY GROWTH GMV (€MM) 215.9 7.8% 413.7 13.7% LTM A
Slide 18: Consistent Gross Profit Growth and Margin Expansion in Q2 FY23
Consistent Gross Profit Growth and Margin Expansion in Q2 FY23 Gross Profit (€MM) 4.0% 8.2% 192.0 Q2 FY23 H1 FY23 YoY 177.4 YoY Growth 104.2 Growth 100.1 Q2 FY22 Q2 FY23 H1 FY22 H1 FY23 Q2 FY231 YoY GROWTH H1 FY232 YoY GROWTH Gross Profit (€MM) 104.2 4.0% 192.0 8.2% Gross Profit Margin3 54.8% 140 bp
Slide 19: Continuous Strong Profitability Level in Q2 FY23
Continuous Strong Profitability Level in Q2 FY23 Adjusted EBITDA4 Adjusted Operating Income4 (€MM) (€MM) % Margin 15.4% 9.3% 12.6% 8.3% % Margin 14.2% 7.9% 11.3% 6.9% 43.5 39.1 (38.6%) (43.9%) 28.9 30.4 Q2 FY23 Q2 FY23 26.6 25.1 YoY Growth YoY Growth 17.7 14.9 (30.1%) (35.8%) H1 FY23 H1 FY23 YoY Gro
Slide 20: Consistent and Strong Profitability on all Margin Levels
Consistent and Strong Profitability on all Margin Levels LTM Quarterly Performance Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 9.8% 9.7% 10.0% 9.4% 7.8% Adjusted EBITDA Margin1,2 LTM 8.5% 8.4% 8.6% 8.1% 6.4% Adjusted EBIT Margin1,2 LTM Adjusted Net Income Margin1,3 6.0% 6.2% 6.8% 6.4% 5.2% LTM Notes: 1
Slide 21: Confirmed Guidance For FY23 At The Lower End Of The Given Range
Confirmed Guidance For FY23 At The Lower End Of The Given Range For Top-Line and Bottom-Line Assumptions for Full FY23 Guidance for Full FY23 1 Continued above market average growth in GMV including new customer growth and 1 GMV in the range of €865 million to €910 million, representing 16% to 22% g
Slide 22: 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) FY222 Actuals Medium-Term Targets1 GMV €747 % Growth 21% Low-Mid Twenties with stable department AOVs and continued Active Customer Growth Net Sales €690 % Growth 13% Gross Profit Margin I
Slide 23: Mytheresa Offers a Unique Investment Opportunity
Mytheresa Offers a Unique Investment Opportunity NEW 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 Achievi
Slide 24: Appendix
MIY THERESA Appendix
Slide 25: Reconciliation to IFRS Metrics
Reconciliation to IFRS Metrics (€MM) FY21 FY22 Q2 FY22 Q2 FY23 Net Income to Adjusted EBITDA: Net Income (32.6) (7.9) 2.1 (0.5) Finance Expenses, Net (15.1) 1.0 0.2 0.4 Income Tax Expense 15.5 11.7 7.0 3.5 Depreciation & Amortization 8.2 9.1 2.3 2.8 EBITDA (23.9) 13.9 11.5 6.3 IPO Preparation and Tr
Slide 26: Reconciliation to IFRS Metrics
Reconciliation to IFRS Metrics (€MM) FY21 FY22 Q2 FY22 Q2 FY23 Net Income to Adjusted Operating Income: Net Income (32.6) (7.9) 2.1 (0.5) Finance Expenses, Net (15.1) 1.0 0.2 0.4 Income Tax Expense 15.5 11.7 7.0 3.5 Operating Income (32.2) 4.8 9.2 3.5 IPO Preparation and Transaction Costs 7.0 -- --
Slide 27: Reconciliation to IFRS Metrics
Reconciliation to IFRS Metrics (€MM) FY21 FY22 Q2 FY22 Q2 FY23 Net Income to Adjusted Net Income: Net Income (32.6) (7.9) 2.1 (0.5) IPO Preparation and Transaction Costs 7.0 -- -- -- Other transaction-related, certain legal -- 2.5 1.0 1.8 and other expenses Share-based Compensation1 72.1 52.3 16.3 9