Mytheresa's e-commerce revenues jump 20%
Despite the ongoing health crisis, Mytheresa has managed to report solid and reassuring financial results for its most recent fiscal year. The German luxury e-commerce specialist achieved annual revenues of 450 million euros in the fiscal year ended June 2020, up from 377 million euros in the previous year, growth driven by a 20% rise in the company's e-commerce sales.
"The last months have been very challenging for our customers, brand partners and teams. We are quite proud but remain humble about our continued success under these circumstances," commented Mytheresa CEO Michael Kliger in a release. "We grew within all quarters and even increased our profitability during the pandemic."
This growth is linked to the continuous improvements made by the luxury platform to its digital services and content, explained Kliger, before going on to highlight that the retailer's new menswear offering, which was launched in January, has been a resounding success with consumers.
The situation is not quite so rosy at Mytheresa's parent company, American department store retailer Neiman Marcus, which filed for Chapter 11 bankruptcy in May of this year. According to Kliger, Mytheresa should be able to function as an independent structure and will not, therefore, be affected by the bankruptcy proceedings.
Neiman Marcus received court approval for its restructuring plan on September 4 and hopes to emerge from bankruptcy with a new owner and capital structure before the end of the month.
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