LuxExperience’s second half of 2026 saw net revenue growth 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 e-commerce platform reported net revenue of 645.1 million euros, up 1.1% (+5.7% at constant exchange rates) from 638 million in the same period the previous year. Gross merchandise value (GMV), meanwhile, increased by 0.2% (+4.7% at constant exchange rates) compared to last year, reaching a total of 684.1 million euros (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 euros 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 post spectacular figures, Mytheresa posted a very strong performance, with a 9.9% increase on a reported basis and a 12.7% increase at constant exchange rates, as well as a 40% rise in its adjusted EBITDA margin, reaching 9.3%.
Gradual Improvement for Net-a-Porter and Yoox
As for Net-a-Porter and Mr Porter, net revenue declined by 1%, but showed a significant improvement compared to the decline recorded in the first quarter of fiscal year 2026, with a 6% increase 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 euros, representing a negative margin of 0.7%.
In the off-price segment, which now consists solely of Yoox (following the sale of The Outnet to The O Group for $30 million), net revenue 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% decline recorded in the first quarter. Although GMV fell by 12.1% (-9.4% at constant exchange rates), this represents an improvement over the steeper decline in the previous quarter. The gross margin declined from 46.2% to 42.8%, but the negative adjusted EBITDA of 7.5 million euros still showed signs of recovery compared to the first-quarter figures.
Strategic Initiatives 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, helped increase GMV for top customers by 12.5%. The average order value saw a notable increase, reaching 824 euros—a 12% rise compared to the same period the previous year.
For their part, Net-a-Porter and Mr Porter focused their efforts on customer engagement through unique editorial content, leading to a 3.6% increase in GMV among top customers. Yoox also launched in-person events in Berlin and Milan, strengthening engagement with the brand and its community.
Updated Forecasts for 2026
Finally, LuxExperience updated its forecasts for fiscal year 2026, confirming the gradual success of its ongoing transformation plan. In line with its established objectives, the group has revised its forecast ranges and now anticipates a gross merchandise value (GMV) of between 2.5 billion and 2.7 billion euros (compared to a previous forecast of 2.4 to 2.7 billion). In addition, the company forecasts an adjusted EBITDA margin of between -1% and +1%, an improvement over the previous forecast, which ranged from -2% to +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 newly acquired businesses 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.