MYT Netherlands Parent B.V. (MYTE): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the strategy behind the newly formed global digital luxury powerhouse, the entity that absorbed the YNAP assets following that major acquisition. After a decade analyzing these moves from the inside, I can tell you this isn't just about adding websites; it's a calculated pivot toward owning the entire high-net-worth wardrobe lifecycle, balancing full-price curation with pre-loved resale. With a customer retention rate hitting 75.5% of FY24 net sales from existing clients and guidance pointing toward 7% to 13% net sales growth for FY2025, the underlying model is fascinatingly complex. Dive into the nine blocks below to see exactly how they structure value across curated buying, top-tier clienteling, and massive global fulfillment.

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

You're looking at the structure that supports the combined digital luxury entity post-YNAP integration. The key partnerships are the backbone, especially now that the company is operating under the new LuxExperience B.V. umbrella effective May 1, 2025.

The relationship with Richemont S.A. is now formalized as a major equity partnership following the acquisition of YOOX NET-A-PORTER (YNAP) which closed around April 23, 2025. Richemont now holds a significant minority stake in the parent company.

The inventory strategy relies heavily on relationships with top-tier designers. The highly curated edit focuses on a specific number of luxury houses.

To address circularity, MYT Netherlands Parent B.V. has an ongoing resale program with Vestiaire Collective, which has been expanded geographically.

Sustainability oversight is managed through an external assessment partner.

The scale of operations requires a robust global network to serve customers everywhere.

Here's the quick math on the scale of these critical alliances:

Partner Entity/Function	Key Metric/Role	Associated Figure (2025 Data)
Richemont S.A.	Equity Stake Post-YNAP Acquisition	33% of fully diluted share capital
Richemont S.A.	Consideration Shares Received	49,741,342 shares in MYT
Luxury Brand Suppliers	Size of Curated Edit (Mytheresa Brand)	Up to 250 brands
Vestiaire Collective	Resale Program Geographic Reach	Europe, the UK, and the US
EcoVadis	Function	Supply chain risk and sustainability assessment
Global Logistics Providers	Shipping Coverage	Over 130 countries

The partnership with Richemont S.A. resulted in Richemont receiving 49,741,342 shares in MYT Netherlands Parent B.V., equating to a 33% holding in the company's fully diluted share capital after the issuance. This transaction was finalized in April 2025.

The inventory proposition is built upon exclusivity and curation, which is reflected in the number of brand partners:

• The highly curated edit focuses on up to 250 true luxury brands.
• The combined group, under LuxExperience B.V., includes brands like NET-A-PORTER, MR PORTER, YOOX, and THE OUTNET alongside Mytheresa.

The commitment to the circular economy is operationalized through the Vestiaire Collective agreement, which was extended to cover all customers across key markets:

• The partnership for reselling pre-loved items was extended to customers in Europe, the UK, and the US as of the first quarter of fiscal year 2025 reporting.

For supply chain governance, MYT Netherlands Parent B.V. initiated a partnership with EcoVadis specifically to assess risks within the supply chain.

The operational reach, supported by global logistics and fulfillment partners, covers a wide geographic footprint:

• Mytheresa, as part of the group, ships to over 130 countries.

Finance: draft 13-week cash view by Friday.

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

Curated, full-price inventory buying and merchandising.

MYT Netherlands Parent B.V. (MYTE) maintained a sharp focus on full-price selling, which resulted in a Gross Profit Margin of 50.9% in the second quarter of fiscal year 2025, an increase of 110 basis points year-over-year. For the first half of fiscal year 2025, the gross profit margin reached 47.6%, up 140 basis points from 46.2% in the prior year period. Inventory levels decreased by -3.6% year-over-year in the first quarter of fiscal year 2025. The company confirmed its fiscal year 2025 guidance, projecting Gross Merchandise Value (GMV) and Net Sales growth in the range of 7% to 13%.

The following table summarizes key performance indicators related to sales and margin for the original MYTE business leading up to the acquisition:

Metric	Q1 FY25 Value	Q2 FY25 Value	FY24 Value
Net Sales (in millions)	€201.7 million	€223.0 million	N/A
GMV (in millions)	€216.6 million	€244.7 million	€913.6 million
Gross Profit Margin	43.9%	50.9%	N/A
Inventory (in millions)	€365.0 million (YoY change: -3.6%)	N/A	N/A

Digital platform management and technology development.

The core of the business involves operating a digital platform connecting luxury brands and consumers. Following the acquisition, significant synergies are planned primarily through a shared infrastructure and technology platform across the combined group. The combined entity, LuxExperience B.V., is expected to conduct around $3.2 billion in GMV in 2025.

High-touch, personalized Top Customer service.

The strategy centers on high-spending, wardrobe-building top customers. In the second quarter of fiscal year 2025, revenue from top customers grew by +9.1%, fueled by a +13.6% increase in GMV per top customer. In the United States, a core growth market, Top Customer GMV increased by +34.7% in Q2 FY25. Customer satisfaction is measured by a Net Promoter Score (NPS) of 83.3% in Q2 FY25. The Last Twelve Months (LTM) Average Order Value (AOV) reached €736 in Q2 FY25, representing an increase of +9.5%.

Post-acquisition integration of YNAP brands (NET-A-PORTER, MR PORTER, YOOX).

MYT Netherlands Parent B.V. successfully closed the acquisition of YOOX NET-A-PORTER (YNAP) from Richemont on April 23, 2025. The transaction involved MYT Netherlands Parent B.V. issuing 49,741,342 shares to Richemont, equating to 33% of the fully diluted share capital post-issuance. YNAP was acquired with a net cash position of €555m and no financial debt. Richemont also provided a 6-year revolving credit facility of €100m to YNAP. The combined group includes Mytheresa, NET-A-PORTER, MR PORTER, YOOX, and THE OUTNET. The off-price division, consisting of YOOX and THE OUTNET, will be separated to create a simpler operating model. The combined entity aims to become a $4 billion GMV luxury e-commerce giant by 2030. Effective May 1, 2025, MYT Netherlands Parent B.V. was renamed LuxExperience B.V. and began trading under the ticker LUXE.

Global logistics and fulfillment operations.

The adjusted shipping and payment cost ratio decreased by 40 basis points during the first quarter of fiscal year 2025, standing at 13.5% compared to 13.9% in Q1 FY24. The company operates worldwide, with the United States accounting for 20% of total GMV in Q1 FY25.

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

You're looking at the core assets that power the combined digital luxury entity, which, as of late 2025, operates under the name LuxExperience B.V. following the acquisition of YNAP by MYT Netherlands Parent B.V. (MYTE) in April 2025. These resources are what allow the platform to command a leading position in the high-end e-commerce space.

Portfolio of luxury e-commerce brands (Mytheresa, NET-A-PORTER, MR PORTER, YOOX)

The key resource here is the collection of highly distinguished storefronts, now unified under the LuxExperience B.V. umbrella, offering both in-season luxury and off-price options. The legacy Mytheresa business, which is the core of MYT Netherlands Parent B.V. (MYTE), focuses on true luxury brands, while the acquired YNAP assets bring established off-price expertise.

The brand portfolio as of late 2025 includes:

• Luxury Segments: Mytheresa, NET-A-PORTER, and MR PORTER.
• Off-Price Segment: YOOX and THE OUTNET.

The legacy Mytheresa edit focuses on up to 250 brands, featuring names like Prada, Loro Piana, and The Row.

The scale of the combined customer base is significant, with the YNAP client base reported at circa 4 million high-spending customers as of April 2025.

Brand Segment	Key Brand(s)	Reported Metric (Latest Available)	Value/Amount
Luxury (Legacy MYTE)	Mytheresa	Net Sales Growth Q3 FY25 (vs. prior year)	+3.8%
Luxury (Acquired YNAP)	NET-A-PORTER, MR PORTER	GMV (2024, pre-acquisition)	€1.2bn
Off-Price (Acquired YNAP)	YOOX, THE OUTNET	GMV (2024, pre-acquisition)	€0.9bn

Proprietary technology and analytical platforms

The platform itself is a critical asset, underpinning the sharp focus on high-end luxury shoppers. While specific investment figures for 2025 aren't public, the platform's role is central to executing the business model, especially for the legacy Mytheresa business, which emphasizes its leading technology.

The strategy involves using shared infrastructure across the newly combined group to drive efficiency, which is a key part of the post-acquisition transformation plan.

Highly engaged Top Customer data base

Focusing on high-spending, wardrobe-building customers is a stated success factor. The data around these top-tier clients shows strong engagement and increasing spend, which is a direct measure of this resource's value.

Here's how the top customer economics looked for the legacy Mytheresa business leading into the combined entity's operations:

• Average Order Value (AOV) in Q2 FY25 (ended December 31, 2024) reached €736 LTM (Last Twelve Months), a +9.5% increase.
• GMV per Top Customer grew by +13.6% in Q2 FY25.
• In Q1 FY25 (ended September 30, 2024), the AOV hit a record of €720 LTM, up 9%, and average GMV per top customer increased by +16.7%.
• For the combined group's luxury segment in Q1 FY26 (ended September 30, 2025), the GMV per top customer for Mytheresa grew by +15.0% versus Q1 FY25.

The Net Promoter Score (NPS) for the legacy Mytheresa business in Q3 FY25 was 86.0%, indicating outstanding customer satisfaction.

Curated, high-end inventory stock

Managing inventory is crucial in luxury retail to maintain brand cachet and margin. The strategy involves a sharp focus on high-end, in-season product, which is reflected in inventory management metrics.

For the legacy Mytheresa business:

• Inventory levels decreased by -3.6% year-over-year as of September 30, 2024, with a reported value of €365.0 million.
• Inventory decreased by -1.3% in Q2 FY25 versus Q2 FY24.
• Gross Profit Margin for the legacy Mytheresa business was 50.9% in Q2 FY25, an increase of 110 basis points year-over-year.

The combined group aims for a simpler, more efficient operating model by separating the off-price division (YOOX and THE OUTNET) from the luxury division (Mytheresa, NET-A-PORTER, MR PORTER).

Global distribution centers and logistics network

The physical network supports global reach, which is essential for serving high-net-worth individuals worldwide. The acquisition significantly expanded this footprint.

Key logistics facts:

• The YNAP network, pre-acquisition, delivered to over 170 countries.
• YNAP maintained offices and operations across the United States, Europe, Middle East, Japan, mainland China, and Hong Kong SAR, China.
• The combined LuxExperience entity is consolidating operational structures across the United States, Europe, the United Kingdom, and other jurisdictions.

The transformation plan includes structural improvements and consolidation of administrative functions across these global sites.

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.