LONDON — Munich-based retailer Mytheresa.com posted an increase in revenues in the fiscal year 2019.
According to the company, consolidated revenues — which include the retailer’s e-commerce platform and its Munich brick-and-mortar boutique — reached 377 million euros in fiscal-year 2019, compared to 303 million euros in the prior year. The growth of the online business alone was 24.7 percent.
Michael Kliger, the company’s chief executive officer, attributed the growth to Mytheresa’s ability to offer a tightly curated edit that mainly spotlights the top luxury names in the market.
“Our business is very focused on the top brands and our best brand partnerships. We do over 65 percent of our business with just 30 brands. Our growth has been fueled by brands like Valentino, Gucci, Prada, Fendi as well as Off-White and Balenciaga,” Kliger told WWD, also pointing to the importance of a mobile-first, customer-centric approach. “A key to our success is the relentless focus on our customers and their needs. We offer a very curated assortment because that is what an overwhelmed and time-stressed customer needs. We have completely switched to mobile-first, not only in terms of technology but more importantly in terms of communications. We constantly measure customer satisfaction and a key element of customer drivers continue to be emotional engagement, simplicity and efficiency.”
Kliger believes that there’s further room for growth for the retailer, without having to veer away from this strategy of offering a tight selection of brands and “decluttering the world of fashion.”
“We have still a lot of untapped customer potential that we can serve without compromising our focus to become the best customer experience platform for luxury. Even in Germany, our arguably most mature market, we continue to grow double digits,” he added.
The retailer’s new men’s wear site, which is on target to launch in January with Sneakerboy founder Chris Kyvetos at the helm, is also bound to fuel further growth.
“The launch will of course add a lot of growth potential to our business as the men’s wear market is not only significant in size by itself, but possibly even more dynamic in terms of growth and changes compared to women’s wear,” said Kliger.