In the dynamic realm of fashion and luxury, Mytheresa’s CEO, Michael Kliger, stands resilient, debunking predictions of a luxury e-tailing shakeout. Despite recent market challenges, Mytheresa anticipates robust double-digit growth this year, driven by German efficiency, strategic collaborations, and a steadfast commitment to managing Mytheresa as a distinguished luxury brand.
Amidst global uncertainties, Kliger highlights the brand’s resilience and success built on meticulous planning, exclusive events, and a dedicated focus on Very Important Clients (VICs). The brand’s upcoming soirées with Givenchy in Paris and Miu Miu in Vienna underscore its dedication to creating unique, immersive experiences for its discerning clientele.
Mytheresa’s success transcends mere transactions; it revolves around building emotional connections. Kliger emphasizes the brand’s distinctive personality, achieved through carefully curated product mixes and strategic emotional positioning. Pop-ups in East Hampton and LA, along with joint product launches, exemplify Mytheresa’s commitment to being more than a conventional online marketplace.
Strategically, Mytheresa’s confidence in the future is evident with the launch of a colossal distribution center in Leipzig airport, emphasizing efficiency and next-morning delivery. Despite market fluctuations, Mytheresa reported a robust 15% increase in annual turnover, reaching €858.8 million.
Looking ahead, Kliger remains optimistic, predicting sustained growth between 8% to 13% until the next June. While stock market performance may not entirely reflect the brand’s true value, Kliger underscores the paramount importance of loyalty among VIC customers. He attributes this loyalty to impeccable service and the creation of special moments, focusing on accommodating clients’ busy lifestyles.
Despite challenges in 2023, particularly in aspirational customer demand, Kliger identifies opportunities for brands prioritizing top-tier customers. Mytheresa’s emphasis on recreation, skiwear, and a diverse offering, including cycling and gym wear, has resonated, with the top 3.8% of customers driving almost 39% of the business.
As the luxury landscape continues to evolve, Kliger remains confident in Mytheresa’s position as a premier destination for luxury fashion. While acknowledging potential industry shake-ups, he asserts that Mytheresa’s unique and strategic approach will ensure its continued triumph in the ever-evolving world of luxury e-commerce.