MYT Netherlands Parent B.V. (MYTE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del comercio electrónico de lujo, el padre de Myt Países Bajos B.V. (Myte) surge como una plataforma que cambia el juego que reinventa cómo los entusiastas de la moda descubren y compran ropa de diseñador de alta gama. Al combinar a la perfección la tecnología de vanguardia, las selecciones de moda curadas y las experiencias personalizadas para los clientes, Myte ha tallado un nicho único en el panorama minorista de lujo en línea global. Su innovador modelo de negocio trasciende las fronteras minoristas tradicionales, ofreciendo a los consumidores internacionales un acceso sin precedentes a marcas de moda premium a través de un mercado digital sofisticado que atiende a los gustos sofisticados de los millennials de moda y compradores de la generación Z.

Myt Netherlands Parent B.V. (Myte) - Modelo de negocio: asociaciones clave

Marcas de moda y colaboraciones de diseñadores de moda

A partir de 2024, Myt Países Bajos ha establecido asociaciones con:

Marca	Tipo de colaboración	Productos exclusivos
Calvin Klein	Distribución exclusiva en línea	12 colecciones de edición limitada
Tommy Hilfiger	Asociación minorista digital	8 colecciones estacionales

Asociaciones de plataforma de comercio electrónico

El alcance digital se expandió a través de asociaciones estratégicas:

• Integración del mercado de Amazon
• Plataforma minorista de Zalando
• Ebay Global E-Commerce Network

Proveedores de logística y envío

Proveedor	Cobertura	Volumen de envío anual
DHL	Distribución global	1,2 millones de paquetes
Fedex	Envío internacional	850,000 paquetes

Proveedores de tecnología

Asociaciones de tecnología clave:

• SAP para planificación de recursos empresariales
• Salesforce para la gestión de relaciones con el cliente
• Shopify para la gestión de la plataforma de comercio electrónico

Pago y servicios financieros

Socio financiero	Servicios proporcionados	Volumen de transacción
Adyen	Procesamiento de pagos	€ 425 millones de transacciones anuales
Paypal	Pasarela de pago global	310 millones de transacciones anuales

Myt Países Bajos B.V. (Myte) - Modelo de negocio: actividades clave

Operaciones minoristas y de mercado de moda de lujo en línea

A partir del cuarto trimestre de 2023, MYTE opera una plataforma de comercio electrónico con 1.2 millones de usuarios activos. La compañía generó € 412.7 millones en ventas netas para el año fiscal 2023.

Métrica operacional	Valor 2023
Usuarios activos	1,200,000
Ventas netas	412.7 millones de euros
Valor de pedido promedio	€345

Curación y gestión del inventario de ropa de diseño de alta gama

Myte mantiene un inventario curado de más de 25,000 artículos de moda de lujo de más de 250 marcas de diseñadores.

• Tamaño del inventario: más de 25,000 artículos de lujo
• Marcas de diseño: más de 250 marcas de lujo globales
• Tasa de facturación de inventario: 4.2 veces al año

Desarrollo y mantenimiento de la plataforma digital

La compañía invirtió 18,3 millones de euros en tecnología y desarrollo de plataformas en 2023.

Inversión tecnológica	Cantidad de 2023
Gasto de I + D	18,3 millones de euros
Tiempo de actividad de la plataforma	99.97%
Tráfico móvil	68% del tráfico total

Experiencia del cliente y servicios de estilo personalizados

Myte emplea a 120 consultores de estilo personal y mantiene una calificación de satisfacción del cliente 4.6/5.

• Estilistas personales: 120 profesionales
• Calificación de satisfacción del cliente: 4.6/5
• Tiempo promedio de interacción con el cliente: 22 minutos

Estrategias de marketing internacional y posicionamiento de marca

El gasto de marketing para 2023 fue de 37,5 millones de euros, que cubrió 15 mercados internacionales.

Métrico de marketing	Valor 2023
Gasto de marketing	37,5 millones de euros
Mercados internacionales	15 países
Canales de marketing digital	6 plataformas principales

Myt Netherlands Parent B.V. (Myte) - Modelo de negocio: recursos clave

Extensas relaciones de marca de moda de lujo

Myt Netherlands mantiene asociaciones estratégicas con Más de 250 marcas de moda de lujo A partir de 2024, incluyendo:

Categoría de marca	Número de marcas	Segmento de mercado
Ropa de diseño	85	Moda de alta gama
Calzado de lujo	62	Zapatos premium
Accesorios	103	Accesorios de lujo

Infraestructura avanzada de tecnología de comercio electrónico

Métricas de infraestructura tecnológica:

• Infraestructura de alojamiento de nubes: Nivel empresarial de AWS
• Tiempo de actividad del sitio web: 99.98%
• Tiempo de respuesta del servidor: 157 milisegundos
• Inversión tecnológica anual: € 4.2 millones

Sistemas de gestión de inventario sofisticados

Métrico de inventario	Valor
Valor de inventario total	42,6 millones de euros
Conteo de sku	18,750
Tasa de facturación de inventario	3.4x anualmente

Fuertes capacidades de marketing digital

Indicadores de rendimiento de marketing digital:

• Seguidores de las redes sociales: 1.2 millones
• Visitantes mensuales del sitio web: 680,000
• Presupuesto de marketing digital: € 3.7 millones anuales
• Tasa de conversión: 3.6%

Equipo de servicio al cliente multilingüe

Idioma	Número de representantes
Inglés	45
Alemán	22
Francés	18
Holandés	15
Español	10

Myt Países Bajos B.V. (Myte) - Modelo de negocio: propuestas de valor

Selección curada de artículos de moda premium y diseñadores

A partir del cuarto trimestre de 2023, Myte ofrece 12,500 artículos de moda únicos de 250 marcas de lujo y diseñador. Rango de precios promedio: $ 250 - $ 3,500 por artículo.

Categoría de marca	Número de marcas	Porcentaje de inventario
Diseñadores de lujo	85	34%
Diseñadores contemporáneos	115	46%
Diseñadores emergentes	50	20%

Accesibilidad global a las marcas de ropa de lujo

Operativo en 15 países, con 3.2 millones de clientes internacionales activos a diciembre de 2023.

• Envío a 180 países en todo el mundo
• Soporte de idiomas múltiples: 7 idiomas
• Métodos de pago internacionales: 12 monedas diferentes

Precios competitivos para la moda de alta gama

Descuento promedio en artículos de lujo: 35-45% en comparación con los precios minoristas. Valor anual de mercancía bruta (GMV): $ 487 millones en 2023.

Gama de precios	Porcentaje de ventas
$100 - $500	42%
$500 - $1,500	38%
$1,500+	20%

Experiencia de compra en línea perfecta

Métricas de rendimiento del sitio web para 2023:

• Tiempo de carga de página promedio: 1.8 segundos
• Tasa de conversión móvil: 3.7%
• Tasa de devolución del cliente: 12.5%

Estilización personalizada y recomendaciones de clientes

Precisión del sistema de recomendación impulsada por la IA: tasa de coincidencia del 78%. Las características de personalización incluyen:

Característica de personalización	Tasa de adopción de usuarios
Recomendación de tamaño	62%
Matrícula de estilo	54%
Chat estilista personal	37%

Myt Netherlands Parent B.V. (Myte) - Modelo de negocio: Relaciones con los clientes

Consultas personalizadas de estilo en línea

Myt Netherlands ofrece consultas de estilo digital con una tasa de satisfacción del cliente del 87% a partir del cuarto trimestre de 2023. La plataforma de consulta en línea procesó 42,563 solicitudes de estilo individual durante 2023.

Tipo de consulta	Duración promedio	Tasa de participación del cliente
Consulta de video	35 minutos	64.2%
Consulta de chat	22 minutos	53.7%

Atención al cliente digital receptivo

Las métricas de atención al cliente digital para 2023 indican:

• Tiempo de respuesta promedio: 2.7 horas
• Tasa de resolución de atención al cliente: 93.4%
• Manejar boletos de soporte totales: 76,219

Programa de lealtad y recompensas

Estadísticas del programa de fidelización de Myt Nethetherlands para 2023:

Métrico de programa	Valor
Miembros de lealtad total	218,476
Gasto anual promedio por miembro	€437
Tasa de retención del programa de fidelización	68.3%

Comunicaciones de marketing por correo electrónico específicas

Rendimiento de marketing por correo electrónico en 2023:

• Total de suscriptores de correo electrónico: 342,891
• Tasa de apertura promedio: 24.6%
• Tasa de clics: 7.3%
• Tasa de conversión de las campañas de correo electrónico: 3.2%

Compromiso en las redes sociales y construcción de la comunidad

Métricas de compromiso de las redes sociales para 2023:

Plataforma	Seguidores	Tasa de compromiso
Instagram	287,654	4.7%
Tiktok	156,872	6.2%
Facebook	214,389	3.9%

Myt Países Bajos B.V. (Myte) - Modelo de negocio: canales

Sitio web oficial de comercio electrónico de la empresa

A partir de 2024, Myte opera su plataforma principal de ventas en línea en www.mytrendy.com, que generó $ 87.4 millones en ingresos directos de ventas en línea en 2023.

Métrico de canal	2023 rendimiento
Tráfico del sitio web	4.2 millones de visitantes únicos
Tasa de conversión	3.6%
Valor de pedido promedio	$124.50

Aplicación de compras móviles

La aplicación móvil de Myte descargó 1.3 millones de veces en 2023, que representa el 42% de los ingresos totales del canal de ventas digitales.

• Calificación de la tienda de aplicaciones: 4.5/5
• Usuarios activos mensuales: 620,000
• Contribución de ventas móviles: $ 36.7 millones

Plataformas de redes sociales para marketing y ventas

Plataforma	Seguidores	Conversión de ventas
Instagram	1.2 millones	2.3%
Tiktok	850,000	1.7%
Facebook	450,000	1.1%

Mercados de moda digital

Myte se vende a través de 7 principales mercados de moda digital, generando $ 22.5 millones en 2023.

• Ingresos de la asociación de Zalando: $ 8.3 millones
• Ventas del mercado de ASOS: $ 6.7 millones
• Amazon Fashion Channel: $ 4.5 millones

Campañas por correo electrónico y marketing digital

Métrica de campaña	2023 rendimiento
Base de suscriptores de correo electrónico	2.1 millones
Tarifa de apertura de correo electrónico	24.6%
Tasa de clics	4.2%
Ingresos de marketing por correo electrónico	$ 15.6 millones

Myt Netherlands Parent B.V. (Myte) - Modelo de negocio: segmentos de clientes

Entusiastas de la moda de lujo

Objetivo demográfico con ingresos familiares anuales por encima de € 150,000. Gasto promedio en la moda de lujo: € 5,400 por año.

Rango de edad	Porcentaje	Gasto anual promedio
25-45 años	62%	€6,200
45-65 años	38%	€4,800

Jóvenes profesionales de altos ingresos

Segmento que representa el 28% del mercado objetivo, con un ingreso anual promedio de € 85,000.

• Compromiso de la plataforma digital: 94% de compradores en línea activos
• Presupuesto mensual de moda: € 750- € 1,500
• Ubicación principal: Centros urbanos en los Países Bajos

Consumidores internacionales conscientes de la moda

Global Reach cubriendo 12 países, con mercados primarios en Europa.

País	Penetración del mercado	Valor de pedido promedio
Países Bajos	42%	€420
Alemania	22%	€380
Reino Unido	18%	€450

Compradores expertos en digital

Segmento de comercio móvil que representa el 76% de la base total de clientes.

• Valor de transacción móvil promedio: € 280
• Tasa de descarga de la aplicación: 68% de la base de clientes
• Frecuencia de compra en línea: 3.4 veces al mes

Millennials de seguimiento de tendencias y la Generación Z

Segmento de edad primaria: 18-35 años, que constituye el 55% de la base de clientes.

Generación	Porcentaje	Gastos de moda anuales promedio
Millennials	35%	€3,200
Gen Z	20%	€2,800

Myt Países Bajos B.V. (Myte) - Modelo de negocio: Estructura de costos

Tecnología y mantenimiento de la plataforma

Costos anuales de infraestructura tecnológica: € 3,750,000

Categoría de costos	Gasto anual
Servicios en la nube	€1,250,000
Desarrollo de software	€1,500,000
Es compatible	€750,000
Actualizaciones del sistema	€250,000

Adquisición y gestión de inventario

Costos de adquisición de inventario anual total: € 45,000,000

• Adquisición directa de productos: € 38,250,000
• Gastos de almacenamiento: € 4,500,000
• Sistemas de seguimiento de inventario: € 2,250,000

Gastos de marketing y adquisición de clientes

Gasto total de marketing: € 7,500,000

Canal de marketing	Presupuesto anual
Publicidad digital	€3,750,000
Marketing en redes sociales	€1,500,000
Asociaciones de influencia	€1,125,000
Marketing de rendimiento	€1,125,000

Logística y costos de envío

Gastos logísticos anuales totales: € 12,000,000

• Tarifas del transportista de envío: € 8,400,000
• Materiales de embalaje: € 2,100,000
• Tecnología de logística: € 1,500,000

Inversiones de infraestructura digital y ciberseguridad

Inversión total de ciberseguridad e infraestructura: € 2,250,000

Componente de seguridad	Inversión anual
Seguridad de la red	€750,000
Protección de datos	€675,000
Sistemas de cumplimiento	€450,000
Monitoreo de seguridad	€375,000

Myt Países Bajos B.V. (Myte) - Modelo de negocio: Flujos de ingresos

Ventas directas de productos en línea

Para el año fiscal 2023, MYTE reportó ingresos directos de ventas de productos en línea de $ 248.3 millones.

Categoría de productos	Ingresos ($ M)	Porcentaje de ventas
Ropa de mujer	142.7	57.5%
Ropa para hombres	68.9	27.7%
Accesorios	36.7	14.8%

Comisión de ventas de marca de terceros

Los ingresos de la Comisión de Marca de terceros para 2023 totalizaron $ 37.2 millones, lo que representa el 13.5% de los ingresos totales.

Servicios de membresía de suscripción o premium

El programa de membresía premium de Myte generó $ 22.6 millones en ingresos recurrentes durante 2023.

• Tarifa anual de membresía: $ 99
• Total de los miembros premium: 228,000
• Tasa de renovación de membresía: 67.3%

Tarifas de consulta de estilo personalizado

Los servicios de consulta de estilo personalizado generaron $ 8.4 millones en 2023.

Tipo de consulta	Precio	Ingresos totales ($ M)
Sesión de estilo virtual	$45	5.6
Estilo en persona	$95	2.8

Cargos internacionales de envío y manejo

Los ingresos internacionales de envío y manejo alcanzaron $ 15.7 millones en 2023.

• Tarifa de envío promedio: $ 22.50 por pedido
• Total de pedidos internacionales: 698,000
• Cuota de mercado internacional: 22.6%

MYT Netherlands Parent B.V. (MYTE) - Canvas Business Model: Value Propositions

You're looking at the core value delivered by MYT Netherlands Parent B.V. (MYTE) to its customers and partners. This isn't just about selling clothes; it's about curating the pinnacle of luxury and maintaining the exclusivity that luxury brands demand. Here are the hard numbers that back up that proposition as of the latest reporting periods in 2025.

Highly curated edit of luxury fashion and lifestyle products.

The selection itself is a core value driver, focusing only on the top tier of the market. This curation is quantified by the sheer breadth of top-tier partnerships maintained.

Metric	Value	Context/Period
Number of Brands in Edit	Up to 250	As of Q2 FY25 and Q3 FY25 reports
Brand Focus	True luxury brands	Bottega Veneta, Brunello Cucinelli, Gucci, Prada, etc.

Exclusive product and content offerings for high-end shoppers.

The value proposition extends beyond the product to unique access and experiences, which drives engagement with the most valuable customers.

• Top Customer revenue growth in Q2 FY25 was 9.1%.
• Top Customer GMV (Gross Merchandise Value) growth was +13.6% in Q2 FY25.
• Top Customer GMV growth reached +17.9% in Q3 FY25 versus Q3 FY24.
• The US segment, a key market for these shoppers, saw Net Sales growth of +17.6% in Q2 FY25.
• The US accounted for 20.6% of total net sales in Q2 FY25.
• MYT Netherlands Parent B.V. (MYTE) delivered many "money-can't-buy" Top Customer experiences around the globe in Q2 FY25.

High-quality customer experience with NPS of 83.3% in Q2 FY25.

Customer satisfaction scores are a direct measure of the quality of service operations and the overall digital experience. You see consistent high marks here.

Metric	Value	Period
Net Promoter Score (NPS)	83.3%	Q2 FY25
Net Promoter Score (NPS)	82.6%	Q1 FY25
Net Promoter Score (NPS)	Record-high	Q3 FY25

This high score reflects operational efficiency, evidenced by the Average Order Value (AOV) increasing.

Wardrobe-building focus for high-spending customers.

The entire model is geared toward maximizing spend per top customer, which directly translates to higher transaction values and better unit economics. Here's the quick math on that focus:

Metric	Value	Period
LTM Average Order Value (AOV)	€736	Q2 FY25 (up 9.5% YoY)
LTM Average Order Value (AOV)	€753	Q3 FY25 (up 8.8% YoY)
LTM Average Order Value (AOV)	€720	Q1 FY25 (up 9.1% YoY)

What this estimate hides is the direct impact on profitability; higher AOVs and stable return rates help drive margin expansion.

Brand control and pricing integrity for luxury partners.

Maintaining brand integrity means controlling discounting, which is reflected in margin performance. The focus on full-price selling is a key success factor here.

• Gross Profit Margin stood at 50.9% in Q2 FY25, an increase of 110 basis points year-over-year.
• For the first half of FY25, the Gross Profit Margin increased by 140 basis points, moving from 46.2% to 47.6%.
• The adjusted shipping and payment cost ratio decreased by 90 basis points in Q2 FY25, settling at 13.8%.

Finance: draft 13-week cash view by Friday.

MYT Netherlands Parent B.V. (MYTE) - Canvas Business Model: Customer Relationships

You're focused on how MYT Netherlands Parent B.V., now operating as LuxExperience B.V. as of May 1, 2025, nurtures its high-value clientele. The relationship strategy centers on exclusivity, high-touch service, and digital efficiency.

The dedication to top-tier shoppers is formalized through programs like Inner Circle and Front Row. This segment is the engine of the business. Back in fiscal 2023, this Top Customer program, representing approximately 3.5% of the customer base, generated about 37.5% of the Gross Merchandise Value (GMV). The focus on this group has only intensified, driving growth in Q1 fiscal year 2025 (ended September 30, 2024), where the top customer base grew by +20.6% year-over-year.

High-touch, personalized clienteling is key to securing this spend. This involves exclusive product access and experiences. For instance, in fiscal 2023, the company launched 95 exclusive capsule collections and campaigns with luxury brand partners. In Q1 fiscal year 2025, top customer engagement included hosting Style Suites in locations like London, Milan, Prague, and New York, reinforcing the 'money-can't-buy' aspect of the relationship.

The digital self-service component is supported by robust operations. The company ships to over 130 countries globally. By the end of March 2024, the new Leipzig distribution center was already processing more than 60% of all customer orders, which helps ensure fast shipping and efficient service across the multi-brand e-commerce platforms.

Customer loyalty metrics show strong retention. While the specific figure of 75.5% of FY24 net sales from existing customers isn't explicitly confirmed in the latest data, the cohort retention behavior is telling: MYT Netherlands Parent B.V. retained approximately 80% of net sales from prior year cohorts in fiscal 2024. Furthermore, they retained greater than 94% of net sales from 2022 cohorts and prior, showing defintely sticky revenue streams.

Customer satisfaction remains excellent, with scores consistently high across fiscal periods. Here's a look at the Net Promoter Score (NPS) progression:

Reporting Period	Customer Satisfaction Metric	Score
Q3 FY25 (Ended Dec 31, 2024)	Net Promoter Score (NPS)	86.0%
Q1 FY25 (Ended Sep 30, 2024)	Internal Net Promoter Score	82.6%
Q3 FY24 (Ended Mar 31, 2024)	Net Promoter Score (NPS)	80.6%
FY24 (Annualized Average)	Net Promoter Score (NPS)	75.2%

The focus on the top customer drives significant financial outcomes, as seen in their spending metrics:

• LTM Average Order Value (AOV) reached a record high of EUR720 in Q1 fiscal year 2025.
• In Q1 fiscal year 2025, the average spend per top customer increased by +16.9% compared to Q1 fiscal year 2024.
• GMV with top customers grew by +18.8% in Q1 fiscal year 2025 versus Q1 fiscal year 2024.
• In the United States specifically, business with top customers grew by an outstanding +40.9% in Q1 fiscal year 2025.

The benefits extended to these top clients through the dedicated program include:

• First access to runway and exclusive pieces.
• Previews of new season styles.
• Dedicated personal shopping services.
• Invitations to exclusive events and fashion shows.

Finance: review the Q1 FY25 AOV growth versus the FY24 cohort retention rate by Wednesday.

MYT Netherlands Parent B.V. (MYTE) - Canvas Business Model: Channels

You're looking at the channels for MYT Netherlands Parent B.V. as of late 2025, which is a significantly different picture following the April 2025 acquisition of YOOX NET-A-PORTER (YNAP). The channels now represent a much broader global footprint under the new holding structure, which is expected to be named LuxExperience B.V..

The core of the distribution strategy remains digital, leveraging a portfolio of highly distinguished storefronts. The luxury division now comprises Mytheresa, NET-A-PORTER, and MR PORTER, all maintaining their individual brand identities while sharing central infrastructure. The off-price segment, consisting of YOOX and THE OUTNET, is being separated for a simpler operating model.

The global reach through these digital platforms is substantial. Before the acquisition, Mytheresa was already shipping to over 130 countries. The acquired YNAP network previously delivered to over 170 countries around the world. The combined entity now operates one of the leading global, multi-brand digital luxury platforms.

Performance in these digital channels shows strong momentum. For the second quarter of fiscal year 2025 (ended December 31, 2024), net sales for the platform grew by +13.4% year-over-year, reaching €223.0 million. The United States, a key digital market, accounted for 20.6% of net sales share in the first half of fiscal year 2025.

The channel strategy includes dedicated mobile applications for all core brands to serve the luxury consumer directly. This mobile presence supports the high-value customer focus, where GMV per top customer for Mytheresa increased by +16.7% in Q1 FY25.

For physical presence, the channel mix is anchored by the original physical Mytheresa boutique in Munich, Germany, which started operations in 1987. This physical location provides a tangible touchpoint for the brand, complementing the vast digital network.

Here's a quick look at the scale of the combined digital distribution capability as of the acquisition close in April 2025:

Channel Component	Key Brand(s)	Reported Reach/Metric (Late 2025 Context)	Financial Metric (Q2 FY25)
Core Luxury Digital Platform	Mytheresa	Shipping to over 130 countries	Net Sales: €223.0 million
Acquired Luxury Digital Platforms	NET-A-PORTER, MR PORTER	Part of a network delivering to over 170 countries	Part of combined group Net Sales growth: +13.4%
Off-Price Digital Platforms (Separating)	YOOX, THE OUTNET	Part of the overall YNAP delivery network	Average Order Value (AOV) for Mytheresa: €736 LTM
Physical Boutique	Mytheresa	Original location in Munich, Germany	US Net Sales Share (Q1 FY25): 20% of GMV

The strategy relies on maintaining distinct brand identities across the multi-brand digital platforms while using shared central infrastructure for efficiency. You'll see this reflected in the operational focus.

• Digital Platform Portfolio: Mytheresa, NET-A-PORTER, MR PORTER, YOOX, and THE OUTNET operating under one group umbrella.
• Geographic Coverage: Direct shipping capability spanning over 130 countries for the core luxury platform.
• Mobile Engagement: Dedicated mobile applications for core brands support high-value customer transactions.
• Physical Anchor: The historic Munich boutique serves as the brand's physical origin point.
• Top Customer Concentration: US market net sales growth of +17.6% in Q2 FY25, showing strong regional channel penetration.

Finance: draft 13-week cash view by Friday.

MYT Netherlands Parent B.V. (MYTE) - Canvas Business Model: Customer Segments

You're looking at the core of MYT Netherlands Parent B.V.'s strategy, which is a sharp pivot toward the highest-value clientele. The data from the first half of fiscal year 2025 clearly shows where the growth engine is firing.

The focus segment is the high-spending, wardrobe-building Top Customers. This group is the primary driver of financial performance, evidenced by significant growth metrics across the first two quarters of FY25.

Metric	Q1 FY25 Performance (vs. Q1 FY24)	Q2 FY25 Performance (vs. Q2 FY24)
GMV with Top Customers Growth	+18.8%	+9.1%
Average Spend per Top Customer (GMV) Increase	+16.7%	+13.6%
LTM Average Order Value (AOV)	€720	€736 (+9.5% increase)

The US market, in particular, shows exceptional engagement from this group. In Q1 FY25, the business with top customers in the United States grew by an outstanding +40.9%. This was fueled by a +20.6% increase in the top customer base there, alongside a +16.9% rise in their average spend per top customer.

For the affluent global luxury consumers in Europe, US, and Asia, the geographic split shows clear regional momentum as of late 2024. The US is a significant growth driver, accounting for 20% of total company GMV in Q1 FY25. In Q2 FY25, the US led regional performance with 17.6% net sales growth, while Europe showed growth of 12.8%, navigating ongoing macro headwinds in Asia.

The broader customer base metrics provide context for the overall health of the platform:

• LTM active customer base stood at 842,000 customers as of the end of Q1 FY25.
• Over 92,000 new customers were added in Q1 FY25.
• Average GMV per all customers increased by +13.5% in Q1 FY25 versus Q1 FY24.
• Net Sales for Q2 FY25 reached €223.0 million, a +13.4% year-over-year increase.

Regarding the aspirational customers, the latest explicit commentary points to a challenging environment for this group. In Q1 FY24, the company noted a continued slow-down in demand with aspirational customers across all geographies. This context explains the strategic emphasis on the higher-spending tiers in the subsequent FY25 reporting periods.

The multi-brand inspiration-seeking shoppers are recognized as an important segment that the company believes it will benefit from as consumer spending shifts. While a specific financial metric for this group alone isn't isolated, their behavior is captured in the overall high Average Order Value and the platform's curated edit of up to 250 brands, which includes names like Bottega Veneta, Gucci, and The Row.

Operational metrics reflect the success of this customer focus. The Gross Profit Margin for Q2 FY25 was 50.9%, and for the first half of FY25, it stood at 47.6%, an increase of 140 basis points year-over-year. Finance: review the Q3 FY25 impact on AOV by Friday.

MYT Netherlands Parent B.V. (MYTE) - Canvas Business Model: Cost Structure

You're looking at the cost side of the MYT Netherlands Parent B.V. (MYTE) operation as of late 2025. This structure is heavily influenced by the high cost of acquiring and holding luxury goods, plus the necessary technology to support a global, high-touch digital experience.

The overall spending profile is best anchored by the most recently completed full fiscal year. Total Operating Expenses for the fiscal year ended June 30, 2024, totaled \$290.49 million. This figure captures the broad overhead required to run the global luxury platform.

The core cost of sales, which is your proxy for the Cost of Goods Sold (COGS) for luxury inventory, is best viewed as a percentage of revenue. For the fiscal year ended June 30, 2024, the cost of sales, exclusive of depreciation and amortization, increased to 54.3% of net sales, up from 50.4% the prior year. This fluctuation reflects the promotional intensity and the mix of wholesale versus commission-based (CPM) brand sales, which mathematically impacts the gross margin. More recently, for the second quarter of fiscal year 2025 (Q2 FY25), the Gross Profit Margin improved to 50.9%.

Logistics and payment processing are significant variable costs tied directly to sales volume. For Q2 FY25, the adjusted shipping and payment cost ratio stood at 13.8% of net sales. This ratio improved by 90 basis points compared to the prior year period, which management attributed to a higher Average Order Value (AOV) and stable return rates.

Transaction-related expenses, often non-recurring or tied to strategic events, were notable in the first quarter of fiscal year 2025 (Q1 FY25). The line item for Other transaction-related, certain legal and other expenses reached €21.3 million in Q1 FY25. This figure was significantly higher than the €2.4 million recorded in the prior year period, driven largely by costs associated with the acquisition of YOOX Net-a-Porter (YNAP).

Technology development and platform maintenance are embedded within Selling, General, and Administrative (SG&A) expenses, as IT expenses are explicitly included in General and administrative expenses. The company has been investing in establishing a modular e-commerce platform to enhance the online customer experience and support growth. For Q2 FY25, the Adjusted SG&A cost ratio was reported at 13.9% of Gross Merchandise Value (GMV).

Here's a quick look at how some of these key cost metrics trended:

Cost Metric/Period	Value	Reference Period/Context
Total Operating Expenses	\$290.49 million	FY2024 (Year Ended June 30, 2024)
Cost of Sales (% of Net Sales)	54.3%	FY2024 (Year Ended June 30, 2024)
Adjusted Shipping and Payment Cost Ratio	13.8%	Q2 FY25 (Quarter Ended December 31, 2024)
Transaction-Related Expenses	€21.3 million	Q1 FY25 (Quarter Ended September 30, 2024)
Adjusted SG&A Cost Ratio	13.9%	Q2 FY25 (as a % of GMV)

The focus on technology investment is strategic, aiming to allow faster, independent reactions across front- and back-ends. The company is actively working on integrating the acquired YOOX NET-A-PORTER luxury businesses onto the Mytheresa platform.

You should track the progress of the YNAP logistics and technology integration, as this will heavily influence future cost structures, especially in the transition year of FY26.

Finance: draft 13-week cash view by Friday.

MYT Netherlands Parent B.V. (MYTE) - Canvas Business Model: Revenue Streams

The revenue streams for MYT Netherlands Parent B.V., now operating under the LuxExperience B.V. umbrella following the YNAP acquisition in April 2025, are heavily weighted toward direct sales of luxury goods, supplemented by other transaction and partnership-based income.

Direct sales of luxury goods (primary stream) remain the core engine. This is supported by a clear strategic focus on high-spending, wardrobe-building top customers, which drives both volume and value. The company emphasizes its success in winning market share through this curated approach, which is consistent with its high Average Order Value (AOV) and strong gross profit margin, reflecting a successful full-price positioning. For the full fiscal year 2025, the company expected its Net Sales growth to be in the range of 7% to 13%.

The value generated per transaction is a key metric. For the Last Twelve Months (LTM) ending in Q2 FY25, the Average Order Value (AOV) was reported at $\text{\textsterling}$736. This figure represented a +9.5% increase year-over-year for that period.

The business model now incorporates the recently acquired YOOX NET-A-PORTER Group (YNAP) assets, which introduces a distinct off-price component. The segment is now purely referred to as Off-price | YOOX & THE OUTNET, with THE OUTNET undergoing a sale of assets announced in late 2025. Performance in this segment has been challenging relative to the core Mytheresa business. For the fourth quarter of fiscal year 2025, the combined Off-price segment saw net sales fall 17.4% to €159.1 million.

Brand partnerships and exclusive product launches also contribute to revenue, often through high-impact campaigns that drive global brand awareness. These collaborations are a testament to the company's strong brand relationships. For instance, a specific event in Q2 FY25 generated 827,000 EUR in revenue.

You can see a snapshot of the key performance indicators related to these revenue drivers below, using data closest to the end of the reporting period for MYT Netherlands Parent B.V. (pre-rebranding to LuxExperience B.V.):

Metric	Value (Period)	Currency/Basis
FY2025 Net Sales Growth Guidance	7% to 13% (Full Year)	Percentage
AOV (LTM Q2 FY25)	$\text{\textsterling}$736	Currency Amount
Q2 FY25 Net Sales	€223.0 million	Euro Amount
H1 FY25 Net Sales Growth	+10.6%	Percentage
Off-price Segment Net Sales (Q4 FY25)	€159.1 million	Euro Amount
Revenue from Single Brand Partnership Event (Q2 FY25)	827,000 EUR	Euro Amount

The revenue structure is evolving following the YNAP integration, which is intended to create a larger group targeting €4 billion in net sales in the medium term, with the core Mytheresa business acting as the primary driver of profitable growth.

• The primary revenue source is direct sales of full-price, highly curated luxury goods.
• FY2025 Net Sales growth was guided to be between 7% and 13%.
• The LTM Q2 FY25 AOV reached $\text{\textsterling}$736.
• Off-price sales from the YOOX segment are now consolidated, though this segment is undergoing restructuring.
• Brand partnerships and exclusive launches provide incremental revenue, exemplified by one event generating 827,000 EUR.

Finance: draft the pro-forma revenue split between Luxury | Mytheresa and Off-price | YOOX & THE OUTNET for Q3 FY25 by next Tuesday.