LuxExperience B.V. · NYSE:LUXE
LuxExperience B.V — Mytheresa — FY2022 Earnings Presentation
33 slides from LuxExperience B.V's earnings presentation, Sep 15, 2022
Slide 1: Investor Presentation
Investor Presentation September 2022
Slide 2: Legal Disclaimer
Legal Disclaimer Forward Looking Statements & Industry Information This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this presentati
Slide 3: What You Need to Know about Mytheresa
What You Need to Know about Mytheresa A Unique Business … … with Unique Performance Leading curated top luxury fashion digital platform truly Combining consistent net sales growth > 20% p.a. differentiated in terms of assortment and customer focus outpacing overall online luxury fashion market with
Slide 4: Mytheresa Offers a Unique Investment Opportunity
New Picture NEW IMAGE Update Isabel to provide new Picture Mytheresa Offers a Unique Investment Opportunity ISABEL picture Outstanding Market Fundamentals A Unique and Differentiated Value Given Resilience of Luxury and High Proposition Recognized Both by Growth Potential of Online Brand Partners an
Slide 5: Business Highlights Q4 FY22 & Full FY22
Isabel to provide new Updatepicture Picture Business Highlights Q4 FY22 & Full FY22
Slide 6: Our Business Highlights Q4 FY22
Our Business Highlights Q4 FY22 • Accelerated global GMV growth with +18.2% vs. Q4 FY21 and strong full FY22 growth with +21.3% vs. FY21 as well as +66.3% vs. full FY20 Strong Global • Above average GMV growth again in the United States with +28.0% vs. Q4 FY21 Expansion • Record number of high-impac
Slide 7: Accelerated GMV Growth in Q4 FY22 Resulting in Strong Full FY22
Accelerated GMV Growth in Q4 FY22 Resulting in Strong Full FY22 as well as High Two-Year Growth Rate Gross Merchandise Value (GMV)1 YoY Growth Yo2Y Growth +67.7% +67.0% +66.3% +65.3% +64.9% +29.7% +26.2% +21.3% +18.2% +13.2% Q1 Q2 Q3 Q4 Full FY22 Q1 Q2 Q3 Q4 Full FY22 Notes: 1 “Gross Merchandise Val
Slide 8: United States Again Outperforming Other Regions in GMV Growth
United States Again Outperforming Other Regions in GMV Growth GMV Development United States YoY Growth US Share of GMV +83.8% +54.9% +16.2% +16.4% +49.7% +15.3% +15.6% +14.5% +41.6% +28.0% Q1 Q2 Q3 Q4 Full FY22 Q1 Q2 Q3 Q4 Full FY22 Notes: * as we report in EUR and apply IFRS hedge accounting, the s
Slide 9: Record Number of Unique Events & Experiences for Top Customers
In Q4 FY22 Record Number of Unique Events & Experiences for Top Customers of Mytheresa across the World Paris Money can‘t buy experiences Berluti – Product Experience (05/12) Style Suites: shopping events with personal shopping Antwerp (04/28) Paris Fashion Week Cocktail (06/21) Dinner and presentat
Slide 10: New Offer of Home & Lifestyle Products
New Offer of Home & Lifestyle Products Reinforces Leading Position as Destination Platform for Curated Luxury Shopping Curated Offer of Home and Lifestyle Products • Natural extension of luxury offer for high-end customers across the globe reinforcing the positioning of Mytheresa • Curated set of 50
Slide 11: Record Number of High-End Luxury Brand Collaborations in Q4 FY22
Record number of High-End Luxury Brand Collaborations in Q4 FY22 Underpinning Mytheresa’s Industry Leading Position DOLCE & GABBANA BOTTEGA VENETA RIMOWA PUCCI Exclusive lemon print collection only Exclusive product launch only Exclusive 3-months pop up launching Launch of the collection by the new
Slide 12: Roll-Out of the Curated Platform Model (CPM) in Q4 FY22
Successful Roll-Out With Strong Financials of the Curated Platform Model (CPM) in Q4 FY22 Curated Platform Model (CPM) – Financial Effects Number of Brands on CPM # of brands 6 GMV • Customer Transactions reported fully as GMV as under Wholesale 1 • Additional growth opportunities due to access to r
Slide 13: Solid Growth of Active Customers in FY22
Solid Growth of Active Customers in FY22 Evident Also in Strong Two-Year Growth Rate Active Customers LTM Quarterly LTM Customers Full FY22 Growth in k 781 755 740 +60.6% 705 +16.4% Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 YoY Yo2Y 13
Slide 14: Customer Cohorts Acquired in Q2 FY22 Show Positive Trend
Customer Cohorts Acquired in Q2 FY22 Show Positive Trend in Q4 FY22 vs. Cohorts from Q2 FY21 in their Q4 FY21 Percent of Customer Q4 FY21 Repurchasing in Q4 Q4 FY22 New Customers Cohort Month April May June October Q2 November December 14
Slide 15: Growth of Top Customer Numbers and Average Spend Per Customer
Very Good Growth of Top Customer Numbers as well as Average Spend Per Customer in Q4 FY22 Growth of Customers GMV1 per Customer Q4 FY22 vs. Q4 FY21 Q4 FY22 vs. Q4 FY21 All Customers +15.1% +5.8% Top Customers +22.1% +3.7% Notes: 1 “Gross Merchandise Value” (“GMV”) is an operative measure and means t
Slide 16: Construction of New Warehouse in Leipzig
Construction Work of New Warehouse in Leipzig To Improve Delivery Times for Our Customers with Expected Completion in FY24 Customer Benefits - Visualization - • New warehouse located at Leipzig airport in direct vicinity of the main European DHL air hub • Faster deliveries with cut-off for all DHL i
Slide 17: Business Model Demonstrated Consistent Performance in FY22
Mytheresa’s Business Model Demonstrated Uniquely Consistent Performance in FY22 Despite Challenging Business Conditions FY21 FY22 Operational Indicators Financial Indicators1 AOV Womenswear Gross Profit +4.6 +6.0% Margin pp In € Return Rate Shipping & Womenswear +1.2 +1.5 Payment Cost pp pp In % Mar
Slide 18: Financial Highlights Q4 FY22 & Full FY22
Isabel to provide new Updatepicture NEW IMAGE Picture ISABEL Financial Highlights Q4 FY22 & Full FY22
Slide 19: Mytheresa Consistently Delivers Strong Growth and High Profitability
Mytheresa Consistently Delivers Strong Growth and High Profitability Gross Merchandise Value (GMV) Gross Profit & Gross Profit Margin1 (in €MM) 747 47.1% 46.9% 46.7% 46.9% 51.5% 616 355 287 449 25.3% 25.5% 379 210 304 CAGR 178 CAGR FY18 – FY22 143 FY18 – FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20
Slide 20: High-Return and Capital-Light Business Model
Mytheresa Operates a High-Return And Capital-Light Business Model Adjusted Return On Capital Employed (ROCE) x2.1 28.6% 25.7% 19.8% 18.5% 13.4% FY18 FY19 FY20 FY21 FY22 • Mytheresa operates a capital-light business model • High return on capital employed above industry average • Strong track record
Slide 21: Strong Top and Bottom Line Performance in Q4 FY22 and FY22
Strong Top and Bottom Line Performance in Q4 FY22 and FY22 Q4 FY221 YoY GROWTH Full FY222 YoY GROWTH Gross Merchandise Value (GMV) (€MM) 196.7 18.2% 747.3 21.3% LTM Active Customers ('000) 781 16.4% 781 16.4% LTM Total Orders Shipped ('000) 1,765 17.2% 1,765 17.2% Net Sales (€MM) 174.8 7.7% 689.8 12
Slide 22: Continued Strong Business Growth in Q4 FY22 and FY22
Continued Strong Business Growth in Q4 FY22 and FY22 Gross Merchandise Value (GMV) (€MM) 196.7 747.3 18.2% 21.3% 616.1 FY22 Q4 FY22 YoY YoY Growth 166.4 Growth Q4 FY21 Q4 FY22 FY21 FY22 Q4 FY221 YoY GROWTH Full FY222 YoY GROWTH GMV (€MM) 196.7 18.2% 747.3 21.3% LTM Active Customers ('000) 781 16.4%
Slide 23: Strong Gross Profit Growth and Consistent Cost Performance
Strong Gross Profit Growth and Consistent Cost Performance Gross Profit (€MM) 355.0 94.8 22.4% 23.7% 287.0 FY22 Q4 FY22 YoY YoY Growth Growth 77.4 Q4 FY21 Q4 FY22 FY21 FY22 Q4 FY221 YoY GROWTH Full FY222 YoY GROWTH Gross Profit (€MM) 94.8 22.4% 355.0 23.7% Gross Profit Margin3 54.2% 650 bps 51.5% 46
Slide 24: High Profitability at Adjusted EBITDA, EBIT and Net Income Level
Unique High Profitability Profile at Adjusted EBITDA, Adjusted EBIT and Adjusted Net Income Level Adjusted EBITDA4 Adjusted Operating Income4 (€MM) (€MM) % Margin3 6.9% 7.9% 9.0% 9.6% 9.6% % Margin3 5.6% 6.5% 7.6% 8.3% 8.3% LTM Margin3 LTM Margin3 66.3 57.2 54.9 22.7% 46.7 25.4% Q4 FY22 Q4 FY22 YoY
Slide 25: Consistent and Resilient Profitability on all Margin Levels
Consistent and Resilient Profitability on all Margin Levels LTM Quarterly Performance Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 9.0% 9.1% 9.6% 9.4% 9.6% Adjusted EBITDA Margin1,2 LTM 7.6% 7.8% 8.3% 8.1% 8.3% Adjusted EBIT Margin1,2 LTM Adjusted Net Income Margin1,3 5.4% 5.8% 6.0% 6.5% 5.2% LTM Notes:
Slide 26: Outlook and Guidance for FY23
Outlook and Guidance for FY23 Assumptions for Full FY23 Guidance for Full FY23 1 Clear above market average growth in GMV including new customer growth and 1 GMV in the range of €865 million to €910 million, representing 16% to 22% growth increasing sales from existing customers 2 Continued Net Sale
Slide 27: Medium-Term Growth and Margin Targets
Mytheresa Confirms Its Medium-Term Growth and Margin Targets Due To Outstanding Business Model Resilience (€MM) FY222 Actuals Medium-Term Targets1 GMV €747 % Growth 21% Low-Mid Twenties with stable department AOVs and continued Active Customer Growth Net Sales €690 % Growth 13% Gross Profit Margin I
Slide 28: Mytheresa Offers a Unique Investment Opportunity
Mytheresa Offers a Unique Investment Opportunity Outstanding Market Fundamentals A Unique and Differentiated Value Given Resilience of Luxury and High Proposition Recognized Both by Growth Potential of Online Brand Partners and Customers A Highly Loyal and Engaged A Unique Business Model Achieving L
Slide 29: Appendix
MIY THERESA Appendix
Slide 30: Reconciliation to IFRS Metrics
Reconciliation to IFRS Metrics (€MM) 2018 2019 2020 2021 2022 Q4 2021 Q4 2022 Net Income to Adjusted EBITDA: Net Income 5.5 1.7 6.4 (32.6) (7.9) (8.0) 1.6 Finance Expenses, Net 4.8 14.0 11.1 (15.1) 1.0 (0.3) 0.3 Income Tax Expense 3.5 3.4 3.4 15.5 11.7 2.1 -0.7 Depreciation & Amortization 6.8 7.7 7.
Slide 31: Reconciliation to IFRS Metrics
Reconciliation to IFRS Metrics (€MM) 2018 2019 2020 2021 2022 Q4 2021 Q4 2022 Net Income to Adjusted Operating Income: Net Income 5.5 1.7 6.4 (32.6) (7.9) (8.0) 1.6 Finance Expenses, Net 4.8 14.0 11.1 (15.1) 1.0 (0.3) 0.3 Income Tax Expense 3.5 3.4 3.4 15.5 11.7 2.1 -0.7 Operating Income 13.8 19.1 2
Slide 32: Reconciliation to IFRS Metrics
Reconciliation to IFRS Metrics (€MM) 2018 2019 2020 2021 2022 Q4 2021 Q4 2022 Net Income to Adjusted Net Income: Net Income 5.5 1.7 6.4 (32.6) (7.9) (8.0) 1.6 One-time US Sales Tax Expenses -- 1.5 1.3 -- -- -- -- Strategic Investor Sale Preparation -- 2.1 -- -- -- -- -- Costs IPO Preparation and Tra
Slide 33: Reconciliation to Adjusted Return On Capital Employed (ROCE)
Reconciliation to Adjusted Return On Capital Employed (ROCE) (€MM) 2018 2019 2020 2021 2022 Capital Employed to Adjusted Capital Employed: Total Assets 313.6 335.2 385.8 521.9 614.8 (-) Cash and Cash Equivalents 3.7 2.1 9.4 76.8 113.5 (-) Non-interest Short-term Liabilities 65.7 70.9 98.7 124.4 161.