LuxExperience — owner of Mytheresa, Net-a-Porter, Mr Porter, and Yoox — reported flat net sales growth at constant currency rates at €618.4 million in the third quarter of 2026, ended March 31. This is the group’s second profitable quarter since it formed in April 2025, following Mytheresa’s acquisition of Yoox Net-a-Porter (YNAP) Group.
“It’s the second quarter where we’ve shown profitability as a group, despite having taken over YNAP, which obviously has been money losing for years,” LuxExperience CEO Michael Kliger tells Vogue Business ahead of Tuesday’s earnings call. “All of this is fully in line with our expectations and guidance for the full fiscal year. Even longer term, it’s fully in line with our guidance for reaching $4 billion and a 7-9% EBITDA margin. So we’re very happy.”
Adjusted EBITDA for the group was €5.7 million in Q3, with a margin of 0.9%. Adjusted SG&A cost ratio, which shows overheads such as day-to-day operating costs as a percentage of revenue, decreased from 21.9% in Q1 to 18.3% in Q3. The group expects this to continue to improve, CFO Martin Beer said on the call.
By retailer, Mytheresa revenues were up 9.9% in Q3 to €256 million. “We are very pleased with the Mytheresa business, which continues its [positive] track record and we are fully in line with double-digit growth for the full fiscal year,” Kliger said. Net-a-Porter and Mr Porter combined saw a 5.2% decline to €243.4 million, which Kliger said was in line with the group’s plans, while Yoox revenues declined 7.4% to €130.7 million, after decreasing its exposure in overseas markets.
The war in the Middle East impacted all LuxExperience brands this quarter. “[The Middle East] is not a major market, but it’s an equally important market for Mytheresa and Net-a-Porter,” Kliger says ahead of the call, referencing Net-a-Porter’s Dubai offices and personal shopping team, as well as Mytheresa’s strong client base in UAE and Saudi Arabia. “It’s this very resilient customer base, and they would have relocated come June anyway to avoid the heat. So a lot of them have just done it earlier.” The sales lost in the Middle East have begun shifting to other locations in recent weeks, such as London, Paris, and Los Angeles, he adds.
For Mytheresa, the US continues to be a bright spot, with revenues up 34% in Q3. Europe was a highlight for Yoox, which was up 7%, partly thanks to events in Milan and Berlin — despite revenues down overall at the off-price retailer. Europe was also positive for Net-a-Porter, as was the US, while Asia dragged off the back of the retailer’s Alibaba partnership (which ended before Mytheresa, now LuxExperience, acquired YNAP).
On the call, Kliger confirmed that the group closed the sale of the set of assets powering The Outnet on April 30. “Following the binding agreement announced last October, we are very confident to have found the right new home for The Outnet, and we now are able to solely focus on our Yoox business operation,” he told investors.
As in past quarters, Kliger is focused on the customer first. Mytheresa’s top customers increased significantly in Q3, he says. Both Net-a-Porter and Yoox’s net promoter scores (NPS, which measures customer satisfaction) increased year-on-year: Net-a-porter up 890 basis points to 68.1 NPS, and Yoox at 48.8 NPS, up from 36.1. But there is still plenty to improve to bring the experience in line with that of Mytheresa. “There are zillions of little things you need to be better at, [such as] shipping and communication and response time on the customer care side, on the photography, on the product description,” he says. “That is a continued focus for both Mr Porter, Net-a-Porter, and Yoox to really win over customers again.”
Events will play a key part in this strategy. For summer, LuxExperience is hosting a major event with Dolce & Gabbana in Sardinia this week, followed by a Mr Porter event in the same region, a Florence event in partnership with Khaite, and pop-ups in seasonal hotspots. “We see the benefit of not only being a transactional website, but of creating moments, building communities, and having these customers meet other customers,” Kliger says.
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