LuxExperience B.V. · NYSE:LUXE
LuxExperience B.V — Mytheresa — Q2 FY2021 Earnings Presentation
24 slides from LuxExperience B.V's earnings presentation, Feb 25, 2021
Slide 1: Investor Presentation
Investor Presentation February 2021
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 net sales growth > 20% p.a. differentiated in terms of assortment and customer focus outpacing overall online luxury fashion market with
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 Costumers A Highly Loyal and Engaged A Unique Business Model Achieving L
Slide 5: The Luxury Fashion Market is Growing Driven by High Net Worth Individuals
The Luxury Fashion Market is Growing Driven by the Growth of High Net Worth Individuals and Rapidly Adopting Online Online Luxury Fashion Market Expected to Nearly Triple Population of Wealthy Consumers is Increasing, Generating in Size by 2025 Significant Demand (2) Personal Luxury Fashion Market (
Slide 6: Mytheresa is Uniquely Positioned to Serve the Top Tier
Mytheresa is Uniquely Positioned to Serve the Top Tier Wardrobe-Building Luxury Consumers with its Curation and Focus Focus • “Jet-set” global lifestyle High-End Luxury • High-frequency purchaser Represent TOP LUXURY • Important to have in-season, exclusive pieces the largest wallet share • Demands
Slide 7: The Mytheresa Value Proposition is Highly Valued by Customers and Brand Partners
The Mytheresa Value Proposition is Highly Valued by Both Customers and Brand Partners Our Customers Our Brand Partners 1 1 Curated assortment of the most coveted brands makes it Online visibility to highly coveted global luxury easy to find the best pieces customers gives access to shopping occasion
Slide 8: Mytheresa Focuses On a Unique High Value Customer Base
Mytheresa Focuses On and Continuously Builds Up a Unique High Value and Difficult to Access Customer Base Top Customers Drive Our Business (1) We Truly Focus on Top Customers Inner Circle & Front Row Customers 30% 1 Best understand the needs of of 2020 Gross Sales the Top Customers were generated by
Slide 9: Customer Cohorts Show Strong Sales Retention
Mytheresa Customer Cohorts Show a Consistent Pattern of Strong Sales Retention Not Driven by Marketing Spend Annual Net Sales by Customer Cohort (1)(2) (€MM) 80% Net Sales Retention from 2019 Cohorts & prior 98% Net Sales Retention from 2018 Cohorts & prior 2016 2017 2018 2019 2020 2015 Cohort and P
Slide 10: Business Model Combines Strong Growth with Consistent Financial Performance
Mytheresa’s Business Model Uniquely Combines Strong Growth with Consistent Financial Performance Strong Growth Consistent Financials Active Customers Profitability Margins (‘000) 486 (%) 400 299 47.1 46.9 46.7 Gross Profit 2018 2019 2020 Shipped Orders (‘000) 1,092 905 15.7 704 14.7 14.8 SG&A 13.9 M
Slide 11: Growth of Online Luxury Market Provides Headroom for Future Growth
The Growth of the Online Luxury Fashion Market Provides for Significant Headroom for Future Growth of Mytheresa Market Size Strong Continued Growth Through Multiple Levers PROFITABLY ACQUIRE NEW CUSTOMERS • Strong projected growth in the luxury goods market • Demonstrated playbook for localizing new
Slide 12: Business Highlights Q2 FY21
MIY THERESA Business Highlights Q2 FY21
Slide 13: Business Highlights Q2 FY21
Business Highlights Q2 FY21 • Continued tailwinds in the US and Europe due to COVID • Growth of active customers by 28.2% year-over-year to 569,000 (LTM) Strong Customer • Record high of first time buyers (over 100,000 new customers) in Q2, FY 2021 Growth • Further decreased customer acquisition cos
Slide 14: Financial Highlights Q2 FY21
Financial Highlights Q2 FY21
Slide 15: Strong Performance Continuing in Q2 FY21
Strong Performance Continuing in Q2 FY21 Q2 FY21 (1) YoY GROWTH H1 FY21 (2) YoY GROWTH LTM Active Customers ('000) 569 28.2% 569 28.2% LTM Total Orders Shipped ('000) 1,256 24.4% 1,256 24.4% Net Sales (€MM) 158.6 32.9% 285.0 30.4% Gross Profit Margin 49.5% 63 bps 48.2% 23 bps Operating Income (€MM)
Slide 16: Strong Business Growth in Q2 FY21
Strong Business Growth in Q2 FY21 Net Sales (€MM) 158.6 285.0 32.9% 30.4% 218.5 H1’21 119.4 Q2’21 YoY YoY Growth Growth Q2-FY20 Q2-FY21 H1-FY20 H1-FY21 Q2 FY21 (1) YoY GROWTH H1 FY21 (2) YoY GROWTH LTM Active Customers ('000) 569 28.2% 569 28.2% LTM Total Orders Shipped ('000) 1,256 24.4% 1,256 24.4
Slide 17: Continued Consistency in Financial Performance in Q2 FY21
Continued Consistency in Financial Performance in Q2 FY21 Consistent Gross Margin (%) 158.6 285.0 32.9% 30.4% H1’21 119.4 Q2’21 218.5 YoY YoY Growth Growth Q2-FY20 Q2-FY21 H1-FY20 H1-FY21 (% of Net Sales) Q2 FY21 (1) YoY GROWTH H1 FY21 (2) YoY GROWTH Gross Profit 49.5% 63 bps 48.2% 23 bps Shipping &
Slide 18: Strong Profitability in Q2 FY21 Above Longer-Term Expectations
Strong Profitability in Q2 FY21 Above Longer-Term Expectations Adjusted EBITDA (2) Adjusted Operating Income (3) (€MM) (€MM) 9.8% 8.3% % Margin 10.8% 14.0% 7.9% 11.4% % Margin 9,1% 12.7% 6.1% 10.0% LTM Margin LTM Margin 32.6 72.1% 28.5 84.7% 22.1 Q2’21 Q2’21 YoY Growth 20.1 YoY Growth 17.2 12.9 13.4
Slide 19: Outlook and Guidance
Outlook and Guidance Assumptions for Full Year Fiscal 2021 Guidance for Full Year Fiscal 2021 1 Flattening of above expectations top-line COVID growth tailwinds in Q3 and 1 Net sales in the range of 565€ million to 580€ million, representing 26% to 29% growth especially in Q4 with store reopenings 2
Slide 20: We Have Clearly Defined Our Long-Term Targets
We Have Clearly Defined Our Long-Term Targets (1) (€MM) FY2018 (2) FY2019 (2) FY2020 (2) Long-Term Target €304 €379 €449 Low-Mid Twenties with stable AOVs and Revenue % Growth 24% 25% 19% continued strong Active Customer Growth Gross Profit Margin 47.1% 46.9% 46.7% Stable Gross Margin Continuing pri
Slide 21: 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 Costumers A Highly Loyal and Engaged A Unique Business Model Achieving L
Slide 22: Appendix
MY THERESA Appendix
Slide 23: Reconciliation to IFRS Metrics
Reconciliation to IFRS Metrics (€MM) 2018 2019 2020 Q2 2020 Q2 2021 Net Income to Adjusted EBITDA: Net Income 5.5 1.7 6.4 6.3 15.7 Finance Expenses, Net 4.8 14.0 11.1 (3.4) (5.0) Income Tax Expense 3.5 3.4 3.4 4.4 5.9 Depreciation & Amortization (1) 6.8 7.7 7.9 2.0 2.0 EBITDA 20.6 26.8 28.8 9.3 18.7
Slide 24: Reconciliation to IFRS Metrics
Reconciliation to IFRS Metrics (€MM) 2018 2019 2020 Q2 2020 Q2 2021 Net Income to Adjusted Net Income: Net Income 5.5 1.7 6.4 6.3 15.7 United States Sales Tax -- 1.5 1.3 0.8 0.0 Strategic Investor Sale Preparation Costs -- 2.1 -- -- -- IPO Preparation and Transaction Costs -- -- 5.2 2.7 3.5 Share-ba