Myt Pays-Bas Parent B.V. (Myte): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique du commerce électronique de luxe, le parent des Pays-Bas B.V. (Myte) émerge comme une plate-forme qui change la donne qui réinvente la façon dont les amateurs de mode découvrent et achètent des vêtements de créateurs haut de gamme. En mélangeant de manière transparente la technologie de pointe, des sélections de mode organisées et des expériences client personnalisées, Myte a taillé un créneau unique dans le paysage mondial de la vente au détail de luxe en ligne. Leur modèle commercial innovant transcende les frontières traditionnelles de vente au détail, offrant aux consommateurs internationaux un accès sans précédent à des marques de mode haut de gamme grâce à un marché numérique sophistiqué qui s'adresse aux goûts sophistiqués des Millennials de la mode et des acheteurs de la génération Z.

Myt Pays-Bas Parent B.V. (Myte) - Modèle commercial: partenariats clés

Collaborations mondiales de marques et créateurs de mode

En 2024, MYT Pays-Bas a établi des partenariats avec:

Marque	Type de collaboration	Produits exclusifs
Calvin Klein	Distribution en ligne exclusive	12 collections en édition limitée
Tommy Hilfiger	Partenariat de vente au détail numérique	8 collections saisonnières

Partenariats de plate-forme de commerce électronique

Digital Reach s'est élargi grâce à des partenariats stratégiques:

• Amazon Marketplace Intégration
• Plateforme de vente au détail de Zalando
• EBAY Global E-Commerce Network

Fournisseurs de logistique et d'expédition

Fournisseur	Couverture	Volume d'expédition annuel
DHL	Distribution mondiale	1,2 million de packages
FedEx	Expédition internationale	850 000 packages

Vendeurs technologiques

Partenariats technologiques clés:

• SAP pour la planification des ressources d'entreprise
• Salesforce pour la gestion de la relation client
• Shopify pour la gestion de la plate-forme de commerce électronique

Paiement et services financiers

Partenaire financier	Services fournis	Volume de transaction
Addyen	Traitement des paiements	425 millions de transactions annuelles
Paypal	Passerelle de paiement mondial	310 millions de transactions annuelles

Myt Pays-Bas Parent B.V. (Myte) - Modèle commercial: Activités clés

Opérations de vente au détail de mode de luxe et de marché en ligne

Depuis le quatrième trimestre 2023, Myte exploite une plate-forme de commerce électronique avec 1,2 million d'utilisateurs actifs. La société a généré 412,7 millions d'euros de ventes nettes pour l'exercice 2023.

Métrique opérationnelle	Valeur 2023
Utilisateurs actifs	1,200,000
Ventes nettes	412,7 millions d'euros
Valeur de commande moyenne	€345

Commenter et gérer l'inventaire de vêtements de créateurs haut de gamme

Myte maintient un inventaire organisé de 25 000 articles de mode de luxe de plus de 250 marques de créateurs.

• Taille des stocks: 25 000+ articles de luxe
• Marques de créateurs: 250+ marques de luxe mondiales
• Taux de roulement des stocks: 4,2 fois par an

Développement et maintenance de plate-forme numérique

La société a investi 18,3 millions d'euros dans le développement de la technologie et des plateformes en 2023.

Investissement technologique	2023 Montant
Dépenses de R&D	18,3 millions d'euros
Time de disponibilité de la plate-forme	99.97%
Trafic mobile	68% du trafic total

Expérience client et services de style personnalisés

Myte emploie 120 consultants en styles personnels et maintient une cote de satisfaction du client de 4,6 / 5.

• Stylistes personnels: 120 professionnels
• Évaluation de satisfaction du client: 4.6 / 5
• Temps d'interaction du client moyen: 22 minutes

Stratégies internationales de marketing et de positionnement de la marque

Les dépenses de marketing pour 2023 étaient de 37,5 millions d'euros, couvrant 15 marchés internationaux.

Métrique marketing	Valeur 2023
Dépenses de marketing	37,5 millions d'euros
Marchés internationaux	15 pays
Canaux de marketing numérique	6 plateformes primaires

Myt Pays-Bas Parent B.V. (Myte) - Modèle commercial: Ressources clés

De vastes relations de marque de mode de luxe

MYT Pays-Bas maintient des partenariats stratégiques avec 250+ marques de mode de luxe En 2024, notamment:

Catégorie de marque	Nombre de marques	Segment de marché
Vêtements de designer	85	Mode haut de gamme
Chaussures de luxe	62	Chaussures premium
Accessoires	103	Accessoires de luxe

Infrastructure de technologie de commerce électronique avancée

Métriques des infrastructures technologiques:

• Infrastructure d'hébergement cloud: AWS Enterprise Niveau
• TEMPS DE SITE WEB: 99.98%
• Temps de réponse du serveur: 157 millisecondes
• Investissement technologique annuel: 4,2 millions d'euros

Systèmes de gestion des stocks sophistiqués

Métrique des stocks	Valeur
Valeur d'inventaire total	42,6 millions d'euros
Comptage des SKU	18,750
Taux de rotation des stocks	3,4x par an

Capacités de marketing numérique solides

Indicateurs de performance du marketing numérique:

• Abonnés des médias sociaux: 1,2 million
• Visiteurs mensuels du site Web: 680,000
• Budget de marketing numérique: 3,7 millions d'euros par an
• Taux de conversion: 3.6%

Équipe de service client multilingue

Langue	Nombre de représentants
Anglais	45
Allemand	22
Français	18
Néerlandais	15
Espagnol	10

Myt Pays-Bas Parent B.V. (Myte) - Modèle d'entreprise: Propositions de valeur

Sélection organisée d'articles de mode premium et de créateurs

Depuis le quatrième trimestre 2023, Myte propose 12 500 articles de mode uniques de 250 marques de luxe et de créateurs. Gamme de prix moyenne: 250 $ - 3 500 $ par article.

Catégorie de marque	Nombre de marques	Pourcentage d'inventaire
Designers de luxe	85	34%
Designers contemporains	115	46%
Designers émergents	50	20%

Accessibilité mondiale aux marques de vêtements de luxe

Opérationnel dans 15 pays, avec 3,2 millions de clients internationaux actifs en décembre 2023.

• Expédition dans 180 pays du monde
• Support linguistique multiple: 7 langues
• Méthodes de paiement international: 12 devises différentes

Prix ​​de compétition pour la mode haut de gamme

Remise moyenne sur les articles de luxe: 35 à 45% par rapport aux prix de détail. Valeur de marchandises brutes annuelle (GMV): 487 millions de dollars en 2023.

Fourchette	Pourcentage de ventes
$100 - $500	42%
$500 - $1,500	38%
$1,500+	20%

Expérience d'achat en ligne sans couture

Métriques de performance du site Web pour 2023:

• Temps de chargement de page moyen: 1,8 seconde
• Taux de conversion mobile: 3,7%
• Taux de retour des clients: 12,5%

Style personnalisé et recommandations des clients

Précision du système de recommandation basé sur l'IA: taux de correspondance de 78%. Les fonctionnalités de personnalisation comprennent:

Fonction de personnalisation	Taux d'adoption des utilisateurs
Recommandation de taille	62%
Correspondance de style	54%
Chat styliste personnel	37%

Myt Pays-Bas Parent B.V. (Myte) - Modèle d'entreprise: relations avec les clients

Consultations de style en ligne personnalisées

MYT Netherlands propose des consultations de style numérique avec 87% de taux de satisfaction du client au quatrième trimestre 2023. La plate-forme de consultation en ligne a traité 42 563 demandes de style individuelles en 2023.

Type de consultation	Durée moyenne	Taux d'engagement client
Consultation vidéo	35 minutes	64.2%
Consultation de chat	22 minutes	53.7%

Support client numérique réactif

Les mesures numériques du support client pour 2023 indiquent:

• Temps de réponse moyen: 2,7 heures
• Taux de résolution du support client: 93,4%
• Billets de soutien total gérés: 76 219

Programme de fidélité et de récompenses

Statistiques du programme de fidélité des Pays-Bas MYT pour 2023:

Métrique du programme	Valeur
Membres de la fidélité totale	218,476
Dépenses annuelles moyennes par membre	€437
Taux de rétention du programme de fidélité	68.3%

Communications de marketing par e-mail ciblées

Performances marketing par e-mail en 2023:

• Total des abonnés par e-mail: 342 891
• Taux d'ouverture moyen: 24,6%
• Taux de clics: 7,3%
• Taux de conversion des campagnes par e-mail: 3,2%

Engagement des médias sociaux et renforcement de la communauté

Métriques d'engagement des médias sociaux pour 2023:

Plate-forme	Abonnés	Taux d'engagement
Instagram	287,654	4.7%
Tiktok	156,872	6.2%
Facebook	214,389	3.9%

Myt Pays-Bas Parent B.V. (Myte) - Modèle commercial: canaux

Site Web de commerce électronique officiel de l'entreprise

En 2024, Myte exploite sa principale plate-forme de vente en ligne sur www.mytrendy.com, qui a généré 87,4 millions de dollars de revenus de vente en ligne directs en 2023.

Métrique du canal	Performance de 2023
Trafic	4,2 millions de visiteurs uniques
Taux de conversion	3.6%
Valeur de commande moyenne	$124.50

Application de magasinage mobile

L'application mobile de Myte a téléchargé 1,3 million de fois en 2023, représentant 42% des revenus totaux du canal de vente numérique.

• Note de l'App Store: 4.5 / 5
• Utilisateurs actifs mensuels: 620 000
• Contribution des ventes mobiles: 36,7 millions de dollars

Plateformes de médias sociaux pour le marketing et les ventes

Plate-forme	Abonnés	Conversion des ventes
Instagram	1,2 million	2.3%
Tiktok	850,000	1.7%
Facebook	450,000	1.1%

Marchés de mode numérique

Myte vend 7 grands marchés de mode numérique, générant 22,5 millions de dollars en 2023.

• Revenus de partenariat Zalando: 8,3 millions de dollars
• Ventes du marché ASOS: 6,7 millions de dollars
• Amazon Fashion Channel: 4,5 millions de dollars

Campagnes de marketing par e-mail et numérique

Métrique de la campagne	Performance de 2023
Courriel Base d'abonné	2,1 millions
Taux d'ouverture par e-mail	24.6%
Taux de clics	4.2%
Revenus de marketing par e-mail	15,6 millions de dollars

Myt Pays-Bas Parent B.V. (Myte) - Modèle d'entreprise: segments de clientèle

Passionnés de mode de luxe

Target démographique avec un revenu annuel des ménages supérieur à 150 000 €. Dépenses moyennes pour la mode de luxe: 5 400 € par an.

Tranche d'âge	Pourcentage	Dépenses annuelles moyennes
25-45 ans	62%	€6,200
45 à 65 ans	38%	€4,800

Jeunes professionnels à revenu élevé

Segment représentant 28% du marché cible, avec un revenu annuel médian de 85 000 €.

• Engagement de la plate-forme numérique: 94% des acheteurs en ligne actifs
• Budget de mode mensuel: 750 € - 1 500 €
• Emplacement principal: centres urbains aux Pays-Bas

Consommateurs internationaux conscients de la mode

Reach Global couvrant 12 pays, avec des marchés primaires en Europe.

Pays	Pénétration du marché	Valeur de commande moyenne
Pays-Bas	42%	€420
Allemagne	22%	€380
Royaume-Uni	18%	€450

Acheteurs avertis du numérique

Segment du commerce mobile représentant 76% de la clientèle totale.

• Valeur de transaction mobile moyenne: 280 €
• Taux de téléchargement de l'application: 68% de la clientèle
• Fréquence d'achat en ligne: 3,4 fois par mois

Millennials de suivi des tendances et Gen Z

Segment d'âge primaire: 18 à 35 ans, constituant 55% de la clientèle.

Génération	Pourcentage	Dépenses de mode annuelles moyennes
Milléniaux	35%	€3,200
Gen Z	20%	€2,800

Myt Pays-Bas Parent B.V. (Myte) - Modèle commercial: Structure des coûts

Technologie et maintenance des plateformes

Coûts d'infrastructure technologique annuelle: 3 750 000 €

Catégorie de coûts	Dépenses annuelles
Services cloud	€1,250,000
Développement de logiciels	€1,500,000
Il soutient	€750,000
Mises à niveau du système	€250,000

Inventaire l'approvisionnement et la gestion

Total des frais d'achat d'inventaire annuel: 45 000 000 €

• Acquisition directe des produits: 38 250 000 €
• Dépenses d'entreposage: 4 500 000 €
• Systèmes de suivi des stocks: 2 250 000 €

Frais de marketing et d'acquisition des clients

Total des dépenses de marketing: 7 500 000 €

Canal de marketing	Budget annuel
Publicité numérique	€3,750,000
Marketing des médias sociaux	€1,500,000
Partenariats d'influence	€1,125,000
Marketing de performance	€1,125,000

Frais de logistique et d'expédition

Total des dépenses logistiques annuelles: 12 000 000 €

• Frais de transport d'expédition: 8 400 000 €
• Matériel d'emballage: 2 100 000 €
• Technologie logistique: 1 500 000 €

Infrastructures numériques et investissements en cybersécurité

Investissement total de cybersécurité et d'infrastructure: 2 250 000 €

Composant de sécurité	Investissement annuel
Sécurité du réseau	€750,000
Protection des données	€675,000
Systèmes de conformité	€450,000
Surveillance de la sécurité	€375,000

Myt Pays-Bas Parent B.V. (Myte) - Modèle commercial: Strots de revenus

Ventes de produits en ligne directes

Pour l'exercice 2023, Myte a déclaré un chiffre d'affaires direct de ventes de produits en ligne de 248,3 millions de dollars.

Catégorie de produits	Revenus ($ m)	Pourcentage de ventes
Vêtements pour femmes	142.7	57.5%
Vêtements pour hommes	68.9	27.7%
Accessoires	36.7	14.8%

Commission des ventes de marques tierces

Les revenus de la Commission de marque tiers pour 2023 ont totalisé 37,2 millions de dollars, ce qui représente 13,5% des revenus totaux.

Services d'abonnement ou d'adhésion premium

Le programme d'adhésion à la prime de Myte a généré 22,6 millions de dollars de revenus récurrents en 2023.

• Frais d'adhésion annuels: 99 $
• Membres de prime total: 228 000
• Taux de renouvellement des membres: 67,3%

Frais de consultation de style personnalisés

Les services de consultation de style personnalisés ont généré 8,4 millions de dollars en 2023.

Type de consultation	Prix	Revenu total ($ m)
Session de style virtuel	$45	5.6
Style en personne	$95	2.8

Frais de livraison et de manipulation internationaux

Les revenus internationaux d'expédition et de manipulation ont atteint 15,7 millions de dollars en 2023.

• Frais d'expédition moyens: 22,50 $ par commande
• Total des commandes internationales: 698 000
• Part de marché international: 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.