LuxExperience B.V. · NYSE:LUXE
LuxExperience B.V — Mytheresa — Q2 2022 Earnings Presentation
30 slides from LuxExperience B.V's earnings presentation, Feb 16, 2022
Slide 1: Investor Presentation
Investor Presentation February 2022
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
New Picture NEW IMAGE Mytheresa Offers a Unique Investment Opportunity ISABEL 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 Uniq
Slide 5: Business Highlights Q2 FY22
MIYTHERESA Business Highlights Q2 FY22
Slide 6: Our Business Highlights Q2 FY22
Our Business Highlights Q2 FY22 Strong • Strong GMV growth across all geographies with +26.2% vs. Q2 FY21 and +67.7% vs. Q2 FY20 Global • Strongest net sales growth again in the US with +74.2% vs. Q2 FY21 as market penetration accelerated Expansion • High-impact top customer events held in Europe, C
Slide 7: Strong GMV Momentum Continuing in Q2 FY22
Strong GMV Momentum Continuing in Q2 FY22 Evidenced by Strong Two-Year Growth Rates Gross Merchandise Value (GMV)1 YoY Growth Yo2Y Growth +65.3% +67.7% +61.5% +36.2% +29.7% +26.2% Full FY21 Q1 FY22 Q2 FY22 Full FY21 Q1 FY22 Q2 FY22 Notes: 1 “Gross Merchandise Value” (“GMV”) is an operative measure a
Slide 8: Strong Growth Momentum in the United States as Market Penetration Accelerated
Strong Growth Momentum in the United States as Market Penetration Accelerated Net Sales Development United States YoY Growth US Share of Net Sales +74.2% +67.5% 16.3% +48.7% 14.4% 12.7% Full FY21 Q1 FY22 Q2 FY22 Full FY21 Q1 FY22 Q2 FY22 8
Slide 9: Unparalleled Line-Up of High-End Luxury Brand Collaborations
Unparalleled Line-Up of High-End Luxury Brand Collaborations in Q2 FY22 Underpinning Our Industry Leading Position TOM FORD ISABEL MARANT GIVENCHY ACNE STUDIOS Exclusive capsule collection only First exclusive snow capsule collection Exclusive pre-launch of key styles Exclusive capsule collection on
Slide 10: Virtual Reality Pop-Up Produced for Moncler Exclusives' Launch
Virtual Reality Pop-Up Produced for Moncler Exclusives’ Launch Created Global Visibility for Mytheresa Visibility and Reach Created • First 360° virtual reality experience in collaboration with Moncler to support the launch of exclusive products only available at Mytheresa • Pop-up allowed visitors
Slide 11: Successful Roll-out of The Curated Platform Model (CPM) to Brands
Successful Roll-out of The Curated Platform Model (CPM) to 6 Brands in Q2 FY22 With Positive Business Impact Curated Platform Model (CPM) Number of Brands on CPM # of brands 6 GMV • Customer Transactions reported the same as under Wholesale 1 • Additional growth opportunities due to access to retail
Slide 12: Customer Cohorts Acquired in Q3 FY21 Show Strong Purchasing Behavior
Customer Cohorts Acquired in Q3 FY21 Continue to Show Strong Purchasing Behavior Nine Months Later in Q2 FY22 Percent of Customer Q3 FY20 Repurchasing in Q2 (Nine Months Later) Q3 FY21 New Customers Cohort Month October November December January Q3 February March 12
Slide 13: Continuous Strong Growth of Active Customer Numbers
Continuous Strong Growth of Active Customer Numbers in Q2 FY22 in Line With Past Performance Active Customers LTM YoY Growth Yo2Y Growth +68.0% +68.1% +66.7% +38.0% +35.2% +30.2% FY21 Q1 FY22 Q2 FY22 FY21 Q1 FY22 Q2 FY22 13
Slide 14: Strong Growth of Top Customer Numbers and GMV per Customer
Strong Growth of Top Customer Numbers in Q2 FY22 and also GMV per Customer Growth of Customers GMV1 per Customer Q2 FY22 vs. Q2 FY21 Q2 FY22 vs. Q2 FY21 All Customers +20.8% +6.4% Top Customers +39.6% +2.3% Notes: 1 “Gross Merchandise Value” (“GMV”) is an operative measure and means the total Euro v
Slide 15: Mytheresa's Business Model Continues to Demonstrate Uniquely Consistent Performance
Mytheresa’s Business Model Continues to Demonstrate Uniquely Consistent Performance in Q2 FY22 Q2 FY21 Q2 FY22 Operational Indicators Financial Indicators1 AOV Womenswear Gross Profit +3.9 +8% Margin pp In € Return Rate Shipping & Womenswear +0.2 +1.5 Payment Cost pp pp In % Margin CAC Marketing -0.
Slide 16: Financial Highlights Q2 FY22
NEW IMAGE ISABEL Financial Highlights Q2 FY22
Slide 17: Mytheresa Has Consistently Delivered Strong Growth and High Profitability
Mytheresa Has Consistently Delivered Strong Growth and High Profitability Gross Merchandise Value (GMV) Gross Profit Margin1 (in €MM) 612 449 47% 47% 47% 47% 379 26.3% 304 Ø 47.0% CAGR FY18 – FY21 FY18 – FY21 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 Active Customers Adjusted EBITDA2 & Adjusted EBITDA
Slide 18: Business Model Gaining Operational Scale, Improving Capital Efficiency
Mytheresa’s business model is gaining operational scale being enhanced with CPM, improving its high capital efficiency Adjusted Return On Capital Employed (ROCE) x1.9 • Return on Capital Employed is defined as Adjusted 25.7% Operating Income divided by Adjusted Capital Employed 19.8% • For Operating
Slide 19: Strong Performance Continuing in Q2 FY22
Strong Performance Continuing in Q2 FY22 Q2 FY221 YoY GROWTH H1 FY222 YoY GROWTH Gross Merchandise Value (GMV) (€MM) 200.2 26.2% 364.0 27.8% LTM Active Customers ('000) 740 30.2% 740 30.2% LTM Total Orders Shipped ('000) 1,656 31.8% 1,656 31.8% Net Sales (€MM) 187.6 18.3% 345.4 21.2% Gross Profit Ma
Slide 20: Continued Strong Business Growth
Continued Strong Business Growth in Q2 FY22 Gross Merchandise Value (GMV) (€MM) 200.2 27.8% 364.0 26.2% H1 FY22 Q2 FY22 285.0 YoY YoY Growth Growth 158.6 Q2 FY21 Q2 FY22 H1 FY21 H1 FY22 Q2 FY221 YoY GROWTH H1 FY222 YoY GROWTH GMV (€MM) 200.2 26.2% 364.0 27.8% LTM Active Customers ('000) 740 30.2% 74
Slide 21: Continued Consistency in Financial Margins
Continued Consistency in Financial Margins in Q2 FY22 Gross Profit (€MM) 100.1 29.3% 177.4 27.4% H1 FY22 78.6 Q2 FY22 137.3 YoY YoY Growth Growth Q2 FY21 Q2 FY22 H1 FY21 H1 FY22 Q2 FY221 YoY GROWTH H1 FY222 YoY GROWTH Gross Profit (€MM) 100.1 27.4% 177.4 29.3% Gross Profit Margin3 53.4% 390 bps 51.4
Slide 22: Strong Profitability
Strong Profitability in Q2 FY22 Adjusted EBITDA3 Adjusted Operating Income3 (€MM) (€MM) 9.6% 8.3% % Margin 14.0% 15.1% 11.4% 12.3% % Margin 12.7% 13.9% 10.0% 11.0% LTM Margin LTM Margin 42.3 32.6 27.8% 37.9 29.6% 28.3 Q2 FY22 28.5 Q2 FY22 26.0 22.1 YoY Growth YoY Growth 20.1 29.9% 32.9% H1 FY22 H1 F
Slide 23: Q2 FY22 Financial Performance: LTM Consistency in Execution
Q2 FY22 Financial Performance Again Evidence for Mytheresa’s Unique LTM Consistency in Execution LTM Quarterly Performance Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 65 59 55 59 51 41 Adjusted EBITDA2 LTM (in €MM) Adjusted EBITDA Margin1,2 9% 10% 10% 9% 9% 10% LTM Adjusted EBIT Margin1,2 7% 8%
Slide 24: Increased Guidance for Full FY22
Increased Guidance for Full FY22 Assumptions for H2 FY22 Guidance for Full FY22 1 Sustained strong new customer quality and existing customer cohort performance 1 GMV in the range of €755 million to €775 million, representing 23% to 26% growth (up from €750 million to €770 million, representing 22%
Slide 25: Continuous Growth and Margin Stability in Our Medium-term Targets
Continuous Growth and Margin Stability in Our Medium-term Targets (€MM) FY212 Actuals FY222 Guidance Medium-Term Targets1 GMV €612 €755 - €775 % Growth 36% +23 - 26% Low-Mid Twenties with stable department AOVs and continued strong Active Customer Growth Net Sales €612 €700 - €720 % Growth 36% +14 -
Slide 26: 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 27: Appendix
NEW IMAGE ISABEL Appendix
Slide 28: Reconciliation to IFRS Metrics
Reconciliation to IFRS Metrics (€MM) 2018 2019 2020 2021 Q2 2021 Q2 2022 Net Income to Adjusted EBITDA: Net Income 5.5 1.7 6.4 (32.6) 15.7 2.1 Finance Expenses, Net 4.8 14.0 11.1 (15.1) (5.0) 0.2 Income Tax Expense 3.5 3.4 3.4 15.5 5.9 7.0 Depreciation & Amortization 6.8 7.7 7.9 8.2 2.0 2.3 EBITDA 2
Slide 29: Reconciliation to IFRS Metrics
Reconciliation to IFRS Metrics (€MM) 2018 2019 2020 2021 Q2 2021 Q2 2022 Net Income to Adjusted Net Income: Net Income 5.5 1.7 6.4 (32.6) 15.7 2.1 One-time US Sales Tax Expenses -- 1.5 1.3 -- -- -- Strategic Investor Sale Preparation Costs -- 2.1 -- -- -- -- IPO Preparation and Transaction Costs --
Slide 30: Reconciliation to Adjusted Return On Capital Employed (ROCE)
Reconciliation to Adjusted Return On Capital Employed (ROCE) (€MM) 2018 2019 2020 2021 Capital Employed to Adjusted Capital Employed: Total Assets 313.6 335.2 385.8 521.9 (-) Cash and Cash Equivalents 3.7 2.1 9.4 76.8 (-) Non-interest Short-term Liabilities 65.7 70.9 98.7 124.4 Capital Employed 244.