LuxExperience B.V. · NYSE:LUXE
LuxExperience B.V — Mytheresa — Merger or Acquisition (October 2024)
18 slides from LuxExperience B.V's merger presentation, Oct 7, 2024
Slide 1: To acquire YOOX NET-A-PORTER
To acquire YOOX NET-A-PORTER Uniting two of the leading voices in online luxury
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: Mytheresa to acquire YOOX NET-A-PORTER
Mytheresa to acquire YOOX NET-A-PORTER • The digital luxury market presents a massive growth opportunity and is expected to more than double in size by 2030(1) Market opportunity • Mytheresa is an industry leader in the online luxury market and possesses technical infrastructure, resources and exper
Slide 4: Transaction summary
Transaction summary • MYTE to acquire 100% of the share capital of YOOX Net-A-Porter Group S.p.A. • Richemont to own shares to be issued by Mytheresa representing 33% of Mytheresa’s fully diluted(1) share capital at closing following issuance of the consideration shares Terms • YOOX Net-A-Porter Gro
Slide 5: The digital luxury market presents a massive growth opportunity
The digital luxury market presents a massive growth opportunity and is expected to more than double in size by 2030 Personal Luxury Fashion Market (€bn) (1) ’23-’30 €540–580 CAGR €349 €362 4.1% Total Market Size €281 219 30-33% 13.6% 5% 21% 20% 12% 2014 2019 2022 2023E 2030F Online Luxury Fashion Ma
Slide 6: Mytheresa is an industry leader in the online luxury market
Mytheresa is an industry leader in the online luxury market €914mm +19% 7% >8% FY24 GMV FY19-FY24 FY19-FY24 Medium-term GMV CAGR Average Adj. Adj. EBITDA EBITDA margin margin target 39% 852K €703 +7% of GMV from Top Active Average Order YoY Customers Customers Value (AOV) AOV Growth in FY24(1) in FY
Slide 7: Mytheresa possesses technical infrastructure, resources and expertise
Mytheresa possesses technical infrastructure, resources and expertise from which YOOX NET-A-PORTER will benefit Proprietary tailored luxury e-commerce tech stack suitable to onboard further luxury front ends, with a highly scalable web stack Successfully completed large scale IT migration to a futur
Slide 8: Creating a leading online luxury group with ~€3bn+ GMV
Acquisition of YOOX NET-A-PORTER by Mytheresa fulfills ambition of creating a leading online luxury group with ~€3bn+ GMV today Mytheresa, NET-A-PORTER and MR PORTER will offer Off-price to be separated from luxury differentiated, but complementary, multi-brand offering for to allow for a simpler an
Slide 9: Clearly differentiated but complementary multi-brand offerings
MYTHERESA, NET-A-PORTER and MR PORTER stand for clearly differentiated but complementary multi-brand offerings for luxury customers worldwide Luxury brand strategy Curated luxury including accessible Brand positioning Broader, accessible luxury brands Customer focus High net worth individuals and Ul
Slide 10: Shared central infrastructure while maintaining brand identities
MYTHERESA, NET-A-PORTER and MR PORTER will share central infrastructure while maintaining their own brand’s identities Luxury organizational set-up Separate operations at each storefront: • Buying & merchandising • Brand & performance marketing Streamlined centralized operations will coordinate for
Slide 11: Off-price business strategy
The vision for off-price is a highly simplified business driving higher growth and profitability Off-price business strategy Off-price Elevating brand Streamlining operating Simplifying technology portfolio model stack 11
Slide 12: Strategic rationale for the acquisition of YOOX NET-A-PORTER
Strategic rationale for the acquisition of YOOX NET-A-PORTER 1 Creates a global, digital luxury platform across multiple distinguished brands Multiple brands allows us to cover the market with differentiated positionings including brand 2 portfolio, customer and geographical focus Makes for a strong
Slide 13: NET-A-PORTER and MR PORTER brand equity and customer base
NET-A-PORTER and MR PORTER possess exceptional brand equity and high-end customer base with an authoritative editorial voice and pioneering industry role €1.2bn 297mm GMV(1) Site Visits(2) 1.4mm €669 Average Order Value Active Customers(2) (AOV)(2) MENA 6% Europe APAC / RoW 12% 36% EIPs(4) are ~3% o
Slide 14: YOOX and THE OUTNET in off-price
YOOX and THE OUTNET are very valuable properties in off-price with almost 25 years of pioneering expertise €0.9bn 493mm GMV(1) Site Visits(2) 2.2mm €236 Average Order Value Active Customers(2) (AOV)(2) MENA 8% APAC Europe 16% / RoW 51% Geographic One of the world largest offerings of Online destinat
Slide 15: The integration of YNAP will leverage Mytheresa's operational excellence
The integration of YNAP will leverage Mytheresa’s operational excellence, proprietary technology and proven ability to execute large-scale projects Mytheresa has demonstrated its ability to Mytheresa’s operational excellence seamlessly execute large-scale projects Mytheresa’s propriety technology pl
Slide 16: Summary
Summary • This transaction is a unique opportunity to shape the future of online luxury • Combination creates one of the leading global multi-brand luxury groups • Aspiration to build a €4bn GMV business with >8% Adj. EBITDA margins in the medium term • Creates significant value upside for all stake
Slide 17: Appendix
MIY THERESA Appendix
Slide 18: Reconciliation to IFRS Metrics
Reconciliation to IFRS Metrics (€MM) FY 19 FY 20 FY 21 FY 22 FY23 FY24 Net Income to Adjusted EBITDA: Net Income (loss) 1.7 6.4 (32.6) (7.9) (17.0) (24.9) Finance Expenses, Net 14.0 11.1 (15.1) 1.0 2.5 4.8 Income Tax Expense (benefit) 3.4 3.4 15.5 11.7 5.9 (1.8) Depreciation & Amortization 7.7 7.9 8