LuxExperience — owner of Mytheresa, Net-a-Porter, Mr Porter, and Yoox — reported 5.7% net sales growth at constant currency rates to €645.1 million in the second quarter of 2026, ended December 31, 2025. This included recoveries at former Yoox Net-a-Porter (YNAP) brands, which the group acquired in April 2025 and has been turning around since.
“We are extremely pleased with the results of the second quarter,” said LuxExperience CEO Michael Kliger in a statement. “Our proven ability to deliver profitable growth at Mytheresa is now being applied to the newly acquired businesses by an extremely dedicated and experienced new management [team]. As a group, we truly possess the secret sauce in digital luxury.”
In November 2025, Kliger stepped away from his position as CEO of Mytheresa to focus on the entire group, with Francis Belin appointed to succeed him. The company also made a series of executive hires at Net-a-Porter and Mr Porter.
LuxExperience narrowed the range of its full-year guidance off the back of the results. Gross merchandise value (GMV) narrowed to between €2.5 billion and €2.7 billion (from €2.4 billion to €2.7 billion), while its adjusted EBITDA margin shrunk to between -1% and +1% (from -2% to +1%). The group also confirmed its medium-term target (in the next four to six years) of €4 billion net sales, and an adjusted EBITDA margin of 7% to 9%.
In the second quarter, GMV grew 4.7% at constant exchange rates to €684.8 million, as the company returned to profitability. Adjusted EBITDA was €13.2 million with a margin of 2%. Adjusted SG&A cost ratio (selling, general and administrative expenses — which includes overheads such as day-to-day operating costs and marketing — as a percentage of revenue) declined from 20.9% in Q2 2025 to 19.1% this quarter, thanks to the first results of LuxExperience’s transformation plan. The strategy included a partial workforce reduction, consolidation of infrastructure such as reducing its warehouse footprint and studio production facilities, and renegotiating contracts with third-party providers such as payment services.
Alongside cost reductions, Kliger attributed much of the company’s financial success to its focus on customer service. Net Promoter Score (which measures customer loyalty, satisfaction, and likelihood to recommend a brand, between -100 and +100) increased across all brands: up 12% to 65.3 at Net-a-Porter and Mr Porter, up 20.3% to 50.2 at Yoox, and up 0.4% to 83.7 at Mytheresa.
This has primarily been driven by a change in company culture. “On the one hand, technically not a lot has changed — the website is still not the new one, for example. But we told [employees] customer satisfaction is a priority, so we really gave autonomy to the customer care center to solve problems and listen to customers,” Kliger tells Vogue Business ahead of the investor presentation. “We have started to change the attitude, and this is what customers feel.”
At Mytheresa, net sales increased 11.6% year-on-year to €242.7 million in Q2. GMV among top customers increased 12.5%, and average order value rose 12%. At the same time, the base of top customers has grown by 30%, with high spenders drawn to the product offering, curation, discovery and service Mytheresa offers, says Kliger.
Net-a-Porter and Mr Porter, which LuxExperience reports as one, saw net sales increase 6% to €277.1 million. On a reported basis, the improvement was significant: from a 10.8% decline last quarter to a 1% fall in Q2. Adjusted SG&A cost ratio improved significantly from 27.6% last quarter to 22.7% in Q2. Kliger says Net-a-Porter and Mr Porter have benefited from “beefing up the editorial side”, demonstrating relevance and authority to the customer.