Why YNAP, now LuxExperience, posted Lower $650.5 million sales in Q1 2026 despite Mytheresa surge

At a Glance

• Mytheresa net sales rose 12.2 percent, boosting average order value to €797 ($930.19).
• NET-A-PORTER and MR PORTER saw 10.8 percent GMV decline, dragging results lower.
• YOOX off-price business fell 16.6 percent, margins improve amid managed asset exit.

LuxExperience B.V., the luxury e-commerce group carved out of Johann Rupert-controlled Richemont’s divested YOOX Net-A-Porter (YNAP) business, reported a decline in group sales in the first quarter of fiscal 2026, underscoring the uneven pace of its turnaround even as Mytheresa delivered standout growth.

The Munich-based company posted net sales of €557.2 million ($650.5 million) for the three months ended Sept. 30, down 4.2 percent year-on-year, while gross merchandise value (GMV) fell 4.3 percent to €589 million ($687.53 million), according to the Q1 2026 results.

The decline reflects ongoing contraction in the NET-A-PORTER, MR PORTER and YOOX units, which continue to weigh on group performance.

Mytheresa emerges as a growth engine
The performance gap across LuxExperience’s portfolio was stark. Mytheresa, the luxury platform acquired by Rupert’s Richemont before being spun out, delivered GMV growth of 13.5 percent and net sales growth of 12.2 percent to €226.3 million ($264.12 million), driven by higher spending from top-tier customers and a rising average order value.

Adjusted EBITDA at Mytheresa more than doubled to €7.9 million ($9.22 million), lifting margins to 3.5 percent, up 210 basis points from a year earlier. Average order value climbed to €797 ($930.19), while GMV per top customer rose 15 percent, reinforcing Mytheresa’s positioning at the upper end of the luxury digital market.

Chief Executive Officer Michael Kliger said Mytheresa continues to prove its ability to grow profitably “despite ongoing macro headwinds,” benefiting from exclusive brand collaborations and high-touch customer experiences.

Legacy platforms still dragging results
By contrast, NET-A-PORTER and MR PORTER posted a 10.8 percent drop in both GMV and net sales, reflecting years of underperformance prior to Richemont’s exit. 

While gross margins improved to 47.8 percent and cost-cutting reduced operating expenses, the segment still recorded a negative adjusted EBITDA of €14.6 million ($17.04 million).

The off-price YOOX business continued its managed decline, with GMV falling 19.3 percent and net sales down 16.6 percent, though margins expanded sharply as LuxExperience exited unprofitable volumes.

Strategic reset after Richemont exit
LuxExperience, now listed on the New York Stock Exchange, is pressing ahead with a restructuring designed to reverse the erosion that followed Richemont’s decision to divest YNAP.

A key pillar is the $30 million sale of assets powering THE OUTNET, expected to close in early 2026, allowing management to concentrate off-price resources solely on YOOX.

At group level, adjusted EBITDA stood at minus €28.1 million ($32.8 million), though margins improved as selling and administrative expenses fell more than 8 percent year-on-year.

Kliger said the group is positioning itself to benefit from consolidation in digital luxury, aiming to build a leaner platform anchored by Mytheresa’s profitability and a restructured 

NET-A-PORTER and MR PORTER infrastructure.
For investors, the message is clear: while LuxExperience remains burdened by the legacy of Rupert-era YNAP assets, Mytheresa is increasingly the financial and strategic core of the post-Richemont business, and the clearest path to sustainable growth.