LuxExperience — owner of Mytheresa, Net-a-Porter, Mr Porter, and Yoox — reported net sales of €653.6 million in the fourth quarter of 2026, ended June 30, growing 7.6% at constant currency rates. This marks the group’s third profitable quarter since it formed in April 2025, following Mytheresa’s acquisition of Yoox Net-a-Porter (YNAP) Group, with an adjusted EBITDA of 2.1%.
For fiscal 2026, the group achieved net sales growth of 3.2% to €2.47 billion, alongside an EBITDA of €10.8 million — marking a substantial turnaround from the year prior when the company reported a €53 million loss.
“As you know, we bought Yoox Net-a-Porter, which at its worst time lost €175 million,” Michael Kliger, LuxExperience group CEO, tells Vogue Business. “So to be already profitable and growing at the group level, driven by the strong last quarter, we’re very pleased.”
For Net-a-Porter and Mr Porter, Q4 was the first time the two achieved growth and profitability post-acquisition. Net sales were up 5.6% in the quarter, reaching €273.9 million and carried by 15.1% growth in the US. For the full year, sales were up 0.5% to €994.8 million.
“We feel we’ve now turned around, and forecast continued growth and profitability for the full fiscal 2027 across the luxury segment, which comprises Net-a-Porter and Mr Porter,” affirms Kliger. Net-a-Porter and Mr Porter’s top customers — 4.3% of the segment for fiscal 2026 — accounted for 49% of the segment’s gross merchandise value (GMV), a metric for the total value of goods sold on customer-to-customer and e-commerce platforms. Over half of the segment’s business is based in the US.
Across the board, LuxExperience cites cost discipline, customer engagement — Mytheresa’s net-promoter score (a metric for customer satisfaction) currently sits at 84 — and full-price engagement as integral to its continued success.
Kliger also reports continued outperformance from the group’s leading retailer, Mytheresa, which achieved 10.2% growth to €269.2 million in Q4, driven by the brand’s US market (up 39.3%). For the full year, Mytheresa reported 11.5% sales growth at €994.3 million, spurred by its focus on top-tier customers and full-price selling. For the full year, Mytheresa’s top customers accounted for just 4.8% of the segment’s consumers, but 48.4% of its GMV.
The majority of the group’s business comes from these elite shoppers, with Kliger noting that they tend to be more profitable due to higher-price baskets. “We have a business sitting on the shoulders of wardrobe-builders, big spenders, and luxury lifestyle customers,” says Kliger. “They want the winter boots in August.”
The most drastic turnaround, however, is that of Yoox, LuxExperience reports. The off-price retailer, which has typically been the weakest link in the group, grew 6.6% in Q4, reporting €110.5 million in net sales driven by Europe (excluding the UK). For the full year, it reported €485.1 million in net sales.
Yoox is still losing money: in the last quarter, EBITDA came to negative €11.7 million, and negative €45.5 million for the full year. “But that’s almost half of what it [lost] before,” says Kliger, noting 2025’s €72.1 million loss. “We expect that it will continue to grow in 2027, and that we will break even with the business.”
But how will the group’s focus on full-price selling square with Yoox’s discount USP? “It’s not full-price selling, but first price,” Kliger responds. “We must sell with the very first price that we put on the website — that’s the logic and the direction.”
In fact, Kliger is clear that each retailer within the LuxExperience group must maintain its personality: Net-a-Porter and Mr Porter as an editorial authority; Yoox aimed at discerning shoppers who care less about newness and more about affordability and style; and Mytheresa, for the more impatient newness-focused big spender.
