LuxExperience B.V. · NYSE:LUXE
LuxExperience B.V — Mytheresa — Q4 FY2021 Earnings Presentation
26 slides from LuxExperience B.V's earnings presentation, Sep 14, 2021
Slide 1: Investor Presentation
New Picture Investor Presentation September 2021
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 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
Slide 5: Business Highlights Q4 FY21 & Full FY21
Business Highlights Q4 FY21 & Full FY21
Slide 6: Our Business Highlights Q4 FY21
Our Business Highlights Q4 FY21 • Strong net sales growth across all geographies with +36.1% vs. Q4 FY20 and +60.5% vs. Q4 FY19 Strong Global • Outstanding growth in the United States with +133.3% vs. Q4 FY20 as consumer demand jumped up Expansion • High impact VIC events in Beijing at TRB Temple an
Slide 7: Very Strong and Consistent Growth Across All Quarters
Very Strong and Consistent Growth Across All Quarters Evidenced by High 2 Year Growth Rates Net Sales Growth (%) FY21 vs. FY20 FY21 vs. FY19 +66.1 +60.4 +60.5 +61.5 +58.4 +47.5 +36.1 +36.2 +32.9 +27.5 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY 7
Slide 8: Strongly Accelerating Growth Momentum in the United States
Strongly Accelerating Growth Momentum in the United States Backed by More Brand-Building Initiatives Net Sales Growth FY21 vs. FY20 (%) +133.3 +75.8 +72.0 +45.1 +41.4 Q1 Q2 Q3 Q4 FY Further brand awareness pushes in Q4 FY21 … … and more local events with VIC and influencers in the summer • Trust cam
Slide 9: Continued Success with High-End Luxury Brand Collaborations in Q4 FY21
Continued Success with High-End Luxury Brand Collaborations in Q4 FY21 Underpinning Our Unique Value Proposition ALEXANDER LORO PIANA JACQUEMUS ESTÉE LAUDER MCQUEEN DIGITAL DESIGNER EVENTS IN Q4 Exclusive pre-launch of Pre-Fall 21 Exclusive capsule collection only Exclusive capsule collection only F
Slide 10: Partnership with Vestiaire Collective Giving Mytheresa Customers a Unique Service
Partnership with Vestiaire Collective Giving Mytheresa Customers a Unique Service Partnership with Vestiaire Collective CUSTOMER BENEFITS • Exclusive partnership with leading global app for desirable pre-loved fashion Vestiaire Collective • Simple and efficient access for Mytheresa Top Customers via
Slide 11: Customer Cohorts Acquired in Q2 FY21 Continue to Show Very Strong Purchasing Behavior
Customer Cohorts Acquired in Q2 FY21 Continue to Show Very Strong Purchasing Behavior in Q4 FY21 Percent of Customer Q4, FY20 Repurchasing in Q4 months Q4, FY21 New customers cohort month April May June October Q2 November December 11
Slide 12: Strong Growth of Top Customer Numbers in Q4 FY21
Strong Growth of Top Customer Numbers in Q4 FY21 and Still Increase in Average Spend per Top Customer Growth of customers Net sales per customer % Q4 FY21 vs. Q4 FY20 % Q4 FY21 vs. Q4 FY20 All Customers +41.7% +2.9% Top Customers +64.2% +9.8% 12
Slide 13: Mytheresa's Business Model Continues to Demonstrate Uniquely Consistent Performance
Mytheresa’s Business Model Continues to Demonstrate Uniquely Consistent Performance Looking at Full FY21 FY20 FY21 Operational Indicators Financial Indicators AOV Gross Profit +0.2 +1% Womenswear Margin pp Shipping & +0.2 Return Rate -0.7 Payment Cost Womenswear pp pp Margin(1) Marketing -0.6 CAC -9
Slide 14: Financial Highlights Q4 FY21 & Full FY21
Financial Highlights Q4 FY21 & Full FY21
Slide 15: Strong Performance Continuing in Q4 FY21
Strong Performance Continuing in Q4 FY21 Q4 FY21 (1) YoY Change Full FY21 (2) YoY Change LTM Active Customers ('000) 671 38.0% 671 38.0% LTM Total Orders Shipped ('000) 1,505 37.9% 1,505 37.9% Net Sales (€MM) 162.4 36.1% 612.1 36.2% Gross Profit Margin 47.7% 140 bps 46.9% 20 bps Adjusted Operating I
Slide 16: Strong Sales Growth in Q4 FY21
Strong Sales Growth in Q4 FY21 Net Sales (€MM) 36.1% 162.4 36.2% 612.1 Full FY21 Q4’21 449.5 YoY 119.3 YoY Growth Growth Q4 - FY20 Q4 - FY21 Full FY20 Full FY21 Q4 FY21 (1) YoY Change Full FY21 (2) YoY Change LTM Active Customers ('000) 671 38.0% 671 38.0% LTM Total Orders Shipped ('000) 1,505 37.9%
Slide 17: Consistent Strong Gross Profit Growth
Consistent Strong Gross Profit Growth Gross Profit (€MM) 36.7% 287.0 40.1% 77.4 Full ’21 YoY Q4’21 209.9 Growth 55.3 YoY Growth Q4 - FY20 Q4 - FY21 Full FY20 Full FY21 (% of Net Sales) Q4 FY21 (1) YoY Change Full FY21 (2) YoY Change Gross Profit Margin 47.7% 140 bps 46.9% 20 bps Shipping & Payment(A
Slide 18: Consistent and Stable Cost Ratios for Full FY21
Consistent and Stable Cost Ratios for Full FY21 Considering Extraordinary Effects in Q4 FY20 and Q4 FY21 Adj. EBITDA Bridges (% net sales) Q4 FY21 vs. Q4 FY20 (%) Q4 FY21 Temporary effects 12.6 in Q4 FY20 and 21 -1.0 1.4 -2.7 6.9 Seasonal shift Lower than normal -3.4 from Q3 FY21 spend in Q4 FY20 Ad
Slide 19: Strong Profitability Growth Achieved for Full FY21
Strong Profitability Growth Achieved for Full FY21 Adjusted EBITDA (2) Adjusted Operating Income (3) (€MM) (€MM) 12.6% 6.9% 7.9% 9.0% 10.8% 5.6% 6.1% 7.6% % Margin % Margin 54.9 46.7 35.4 55.2% 27.5 69.8% Full Year’21 Q1-Q4’21 15.1 12.9 11.2 YoY Growth 9.1 YoY Growth Q4-FY20 Q4-FY21 Full FY20 Full F
Slide 20: Outlook and Guidance for FY22
Outlook and Guidance for FY22 Assumptions for Full Fiscal 2022 Guidance for Full Fiscal 2022 1 Sustained strong new customer quality and existing customer cohort performance 1 GMV in the range of 750€ million to 770€ million, representing 22% to 25% growth 2 Gross margin stability reflecting our abi
Slide 21: Exciting Evolution in Brand Partnerships with Scalable Curated Platform Model
Exciting Evolution in Brand Partnerships with Scalable Curated Platform Model (CPM) for Major Partners WHOLESALE CPM Product selection done with brand Product selection done with brand Product Curation consultation from wholesale collection consultation from larger retail collection Regular special
Slide 22: We Confirm Our Long-Term Growth Targets for FY22
We Confirm Our Long-Term Growth Targets for FY22 Even After Strong Growth in FY21 (€MM) FY2020 FY2021 Guidance FY22 Long-Term Targets CPM Share -- -- < 20% Stable Share < 35% 750-770 GMV -- -- Stable Growth +22-25% p.a. +22-25% 486K 672K 820K-845K Active Customers Stable Growth +22-25% p.a. +22% +38
Slide 23: 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 Costumers A Highly Loyal and Engaged A Unique Business Model Achieving L
Slide 24: Appendix
MIY THERESA Appendix
Slide 25: Reconciliation to IFRS Metrics
Reconciliation to IFRS Metrics (€MM) 2018 2019 2020 2021 Q4 2020 Q4 2021 Net Income to Adjusted EBITDA: Net Income 5.5 1.7 6.4 (32.6) 11.1 (8.0) Finance Expenses, Net 4.8 14.0 11.1 (15.1) (0.4) (0.3) Income Tax Expense 3.5 3.4 3.4 15.5 2.8 2.1 Depreciation & Amortization (1) 6.8 7.7 7.9 8.2 2.1 2.1
Slide 26: Reconciliation to IFRS Metrics
Reconciliation to IFRS Metrics (€MM) 2018 2019 2020 2021 Q4 2020 Q4 2021 Net Income to Adjusted Net Income: Net Income 5.5 1.7 6.4 (32.6) 11.1 (8.0) United States Sales Tax -- 1.5 1.3 -- (0.8) -- Strategic Investor Sale Preparation Costs -- 2.1 -- -- -- -- IPO Preparation and Transaction Costs -- --