The second half of 2026 saw LuxExperience's net revenues grow for the first time since the group's inception, following the acquisition of Yoox Net-a-Porter by the owner of Mytheresa.
During the second quarter (Q2), the multi-brand luxury digital retailer recorded net revenues of €645.1 million, up 1.1% (+5.7% at constant exchange rates) compared to €638 million in the same period last year. Gross merchandise value (GMV) increased by 0.2% (+4.7% at constant exchange rates) compared to last year, reaching a total of €684.1 million (compared to €683.5 million in 2025).
Return to profitability and successful transformation
Another highlight of the results is the return to profitability at the consolidated level, with an adjusted EBITDA margin of 2% for the second quarter. This figure confirms the success of the ongoing transformation plan, which aims to achieve revenue of €4 billion and an adjusted EBITDA margin of between 7% and 9% in the medium term.
Although the e-commerce giant's overall GMV growth did not show spectacular figures, Mytheresa performed very well, with an increase of 9.9% in published data and 12.7% at constant exchange rates, as well as an adjusted EBITDA margin up 40% to 9.3%.
Gradual improvement for Net-a-Porter and Yoox
Net revenues for Net-a-Porter and Mr Porter declined by 1%, but showed a significant improvement compared to the decline recorded in the first quarter of fiscal year 2026, with an increase of 6% at constant exchange rates. In terms of gross margin, there was a slight decline from 46.8% to 46.1%, while adjusted EBITDA posted a loss of €1.9 million, marking a negative margin of 0.7%.
In the off-price segment, which now only includes Yoox (following the sale of The Outnet to The O Group for $30 million), net revenues decreased by 7.3% compared to the same period last year (-4.6% at constant exchange rates). However, the company saw an improvement compared to the 16.5% drop recorded in the first quarter. Although GMV fell by 12.1% (-9.4% at constant exchange rates), this represents an improvement compared to the more pronounced decline in the previous quarter. Gross margin decreased from 46.2% to 42.8%, but adjusted EBITDA, which was negative at €7.5 million, still showed signs of recovery compared to the first quarter figures.
Strategic initiatives that pay off
Behind these figures, LuxExperience has implemented a series of strategic initiatives that have supported growth and improved performance. For Mytheresa, exclusive events such as the launch of capsule collections with major brands, including Dolce & Gabbana, Moncler Grenoble, and Loewe, contributed to a 12.5% increase in GMV for top customers. The average order value saw a notable increase, rising to €824, a 12% increase compared to the same period last year.
For their part, Net-a-Porter and Mr Porter focused their efforts on customer engagement through unique editorial content, resulting in 3.6% GMV growth for top customers. Yoox also launched physical events in Berlin and Milan, strengthening engagement with the brand and its community.
Updated forecasts for 2026
Finally, LuxExperience has updated its forecasts for fiscal year 2026, confirming the gradual success of the ongoing transformation plan. In line with its targets, the group has revised its forecast ranges, now anticipating gross merchandise value (GMV) of between €2.5 billion and €2.7 billion (compared to a previous forecast of €2.4 billion to €2.7 billion). In addition, the company expects an adjusted EBITDA margin of between -1% and +1%, improving on the previous forecast of between -2% and +1%.
"We are extremely pleased with the second quarter results. The turnaround initiated at the former YNAP is already bearing fruit, with growth and a return to adjusted EBITDA profitability at the group level. Our proven ability to generate profitable growth at Mytheresa is now being applied to the new businesses acquired by an extremely dedicated and experienced management team. As a group, we truly possess the secret ingredient of digital luxury," commented Michael Kliger, CEO of LuxExperience, in a press release.