Mytheresa, based in Munich, went public in the U.S. in late January, raising about US$350 million for the company.
4 min
Bricks-and-mortar fashion boutiques have been in a tough spot during the pandemic. Small stores, after all, aren’t set up for social distance. Online retailer Mytheresa has been able to fill the void. The website caters to wealthy shoppers looking for help in finding their next designer handbag, pair of shoes, clothing item, or accessory.
Mytheresa, based in Munich, went public in the U.S. in late January, raising about US$350 million for the company. The listing grew out of the bankruptcy of Neiman Marcus, which purchased Mytheresa in 2014. The small-cap has a market value of about $2.2 billion.
Mytheresa stock (ticker: MYTE)—technically an American depositary share of parent company MYT Netherlands Parent—was recently trading just below its $26 initial-public-offering price after having jumped to $36 shortly after the debut. The stock could recover those losses and more in the coming months.
“They are at the intersection of two higher-than-average growth trends in retail: luxury and e-commerce,” says J.P. Morgan analyst Matthew Boss.
Luxury buyers have been slower to adopt e-commerce. Before the Covid-19 pandemic, some 12% of global luxury sales happened online, compared with a 20% share of overall retail. The gap is closing. A recent study by consultancy Bain estimates that the share of luxury goods sold online could nearly triple to more than 30% by 2025.
Meanwhile, the overall luxury market is growing by about 7% annually.
The tailwinds put Mytheresa in an enviable position, and the company should get a further boost from its expansion in the U.S. and China, which are currently just 10% of sales each. (Europe was 60% in its latest fiscal year.) The company now has collections for men and kids, and it could expand into categories like jewellery and furniture in the future.
Mytheresa isn’t your typical money-losing tech start-up. The company, which reports in euros, earned €6.4 million ($9.9 million) in its latest fiscal year on €449 million in revenue.
Sales have grown an average of 22% over the past two fiscal years, while adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, have grown at a 30% clip. For the fiscal year that ends in June, analysts are forecasting revenue growth of 25%, to €560 million. Analysts, who track adjusted earnings, expect the company to make €30.4 million this year, up about 60% from the adjusted figure last year.
“We are dealing with high-net-worth individuals who like to spend money—that’s a great customer base, and our core asset is this customer,” says Mytheresa CEO Michael Kliger.
The customer focus has helped the company earn a consistent profit, with a gross profit margin of about 45% and an adjusted Ebitda margin of about 8%. Other e-commerce players at Mytheresa’s early stage of growth have been years away from turning a profit.
If Amazon.com is the “Everything Store,” Mytheresa has taken the opposite approach. The site carries about 200 brands, fewer than luxury e-commerce rivals Farfetch (FTCH) or Richemont’s (CFRUY) Net-a-Porter. A recent search for “black dress” on Mytheresa’s U.S. site yielded just over 2,000 results, versus more than 7,000 at Farfetch.
Mytheresa’s most loyal shoppers get access to personal shoppers, styling and concierge services, and other perks like invitations to exclusive designer events and parties.
CEO Kliger says there’s a fine balance between presenting products in a way that’s helpful to shoppers and overwhelming them with an endless assortment. His company is focused on curation and more-abstract shopping desires, he tells Barron’s.
Customers looking for a specific Burberry coat, Chloé handbag, or pair of Gucci sneakers are better served buying directly from the designer.
Mytheresa’s website and app, now set up for spring and summer, are currently promoting multibrand compilations including “sandal season” and “talking-point pieces.”
The unique edit, to use the fashion-industry parlance, stands out to customers. Some 90% of Mytheresa customers surveyed by Cowen analyst Oliver Chen said they were likely to recommend the site to a friend, and 75% of them browse it weekly. Nearly 50% of Mytheresa’s customers spend at least $30,000 on luxury goods annually, the survey found.
Investors have been far more stingy when it comes to Mytheresa stock. The shares trade for 2.8 times this year’s estimated sales, versus 8.2 times for Farfetch and 4.5 times for The RealReal (REAL)—both of which are losing money.
Mytheresa could rally as investors reconsider that valuation gap. J.P. Morgan’s Boss has a price target of $38 on the stock, 50% above its recent close.
For now, Mytheresa stock is a luxury play at a bargain price. The sale is unlikely to last.
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What a quarter-million dollars gets you in the western capital.
Alexandre de Betak and his wife are focusing on their most personal project yet.
As global demand for longevity treatments surges, Australia is fast becoming a player in this lucrative industry.
3 min
There was a time — not so long ago — when the idea of an indulgent spa day was simply about relaxing massages and therapeutic facials, followed by a five-star lunch and perhaps a dip in a mineral pool. But the health and wellness industry has evolved rapidly, bringing with it an explosion of cutting-edge treatments designed to slow ageing, boost vitality, and extend healthspan.
Cold-water plunge pools, infrared saunas, and float tanks have taken over as the staples of health spas, wellness centres, and high-end gyms. Even real estate developments are tapping into this trend. But now, high-tech longevity treatments — from cryotherapy and IV infusions to genetic testing and advanced cellular therapies — are taking the wellness scene in Australia to unprecedented levels.
A burgeoning market globally, the health and wellness industry is estimated to have been worth more than US$5.6 trillion in 2022. Projections suggest this figure will grow to a staggering $13 trillion by 2031, with Australia steadily catching up to the US and Europe, where longevity treatments are thriving. High-profile figures like Gwyneth Paltrow, Jennifer Aniston, Chris Hemsworth, and even Tom Brady are among the faces championing biohacking and experimental therapies, from stem cell infusions to blood transfusions.
The Rise of Longevity Clinics in Australia
One of the key players in Australia’s emerging longevity scene is Tristan Sternson, founder of Super Young. Sternson’s foray into the world of longevity treatments began as he approached 40 — a milestone that made him reflect on his health. As a former elite athlete, the transition from feeling invincible to feeling vulnerable led him to explore solutions that would help him reclaim vitality.
Initially frustrated by the lack of accessible health data locally, Sternson turned to overseas clinics for tests and treatments that painted a clearer picture of his biological needs. His experience inspired him to create Super Young, a Melbourne-based clinic offering evidence-based therapies tailored to individual needs. Services include cryotherapy, IV infusions, genetic testing, and biological age assessments. Memberships range from $85–$289 per week, while one-off tests start at $899.
Sternson emphasises the importance of personalised treatments. “I want people to start with the evidence side of it so they can really understand their own body and what treatments will work for them,” he says.
The Science of Longevity Medicine
Dr Karen Coates, an integrative medical doctor and a presenter for The Longevity Project at Gwinganna Lifestyle Retreat, echoes Sternson’s emphasis on personalisation. She explains that longevity isn’t just about living longer but about living better — optimising health today while securing vitality for the future.
“One-size-fits-all approaches don’t apply when it comes to longevity,” says Dr Coates. “It’s about understanding your body’s genetic makeup and adopting personalised strategies to support health and longevity.”
At Gwinganna’s four-night Longevity Project retreat, guests can undergo gene testing, biological age assessments, and learn strategies to bridge the gap between chronological and biological age. Packages for the retreat range from $2915 to $5460.
Biohacking for All Budgets
Not all longevity treatments come with hefty price tags. Health coach Camilla Thompson points out that simple lifestyle adjustments — like cold showers to stimulate circulation or adding Celtic sea salt to water for better hydration — can supplement advanced therapies.
While advanced treatments like stem cell and peptide therapies are yet to gain widespread regulatory approval in Australia, Sternson is optimistic about their future. He envisions a time when longevity centres will be as common as gyms, giving clients the tools to monitor and manage their health with precision.
“What I’d love to see is health insurance companies get on board,” Sternson adds. “If they can give discounts for safe driving based on car data, why not for healthy habits based on glucose monitoring or other health indicators?”
As Australia continues to embrace longevity medicine, it’s clear the industry is poised to reshape not just health and wellness but how Australians approach ageing itself.
