LuxExperience BV (LUXE) 2025 Q2 法說會逐字稿

Greetings and welcome to the Mytheresa second quarter of fiscal year 2025 earnings conference call. (Operator Instructions) Today's call is being recorded, and we have allocated 1 hour for prepared remarks and Q&A. (Operator Instructions)

問候並歡迎參加 Mytheresa 2025 財年第二季財報電話會議。（操作員指示）今天的通話正在錄音，我們已分配 1 小時的時間用於準備好的評論和問答。（操作員指令）

It is now my pleasure to introduce your host Martin Beer, Mytheresa's Chief Financial Officer. Thank you, sir. Please begin.

現在我很高興介紹主持人馬丁比爾 (Martin Beer)，Mytheresa 的財務長。謝謝您，先生。請開始。

Thank you, operator. And welcome everyone to Mytheresa's investor conference call for the second quarter of this year 2025. With me today is our CEO, Michael Kliger.

謝謝您，接線生。歡迎大家參加 Mytheresa 2025 年第二季投資者電話會議。今天和我一起的是我們的執行長 Michael Kliger。

Before we begin, we'd like to remind you that our discussions today will include forward-looking statements and comments we make about expectations are forward-looking statements and are subject to risks and uncertainties, including the risks and uncertainties described in our annual report. Many factors could cause actual results to differ materially. We are in no duty to update forward-looking statements. In addition, we will refer to certain financial measures not reported in accordance with the IFS on this call. You can find reconciliations of these non-IFS financial measures in our earnings press release, which is available on our Investor Relations website at investors.mytheresa.com.

在開始之前，我們想提醒您，我們今天的討論將包括前瞻性陳述，我們對預期所發表的評論是前瞻性陳述，並受風險和不確定性的影響，包括我們年度報告中描述的風險和不確定性。許多因素可能導致實際結果大不相同。我們沒有義務更新前瞻性陳述。此外，我們將在本次電話會議上參考某些未依照 IFS 報告的財務指標。您可以在我們的收益新聞稿中找到這些非 IFS 財務指標的對帳表，該新聞稿可在我們的投資者關係網站 investors.mytheresa.com 上找到。

I will now turn the call over to Michael.

現在我將電話轉給麥可。

Thank you, Martin. Also from my side, a very warm welcome to all of you and thank you for joining our call. Today we will comment on the results and performance of our second quarter of fiscal year 2025.

謝謝你，馬丁。同時，我也要向大家表達熱烈的歡迎，感謝大家參加我們的電話會議。今天，我們將對 2025 財年第二季的業績和表現進行評論。

We are very pleased with our results in a still volatile macro environment. With strong accelerating revenue growth and positive, significantly improved adjusted EBITDA in the second quarter, we continued our very positive business momentum from the previous quarter and have achieved a significant step up in financial performance.

在仍然動盪的宏觀環境下，我們對我們的業績感到非常滿意。隨著第二季營收強勁成長以及調整後 EBITDA 大幅改善，我們延續了上一季非常積極的業務勢頭，並在財務業績上取得了顯著提升。

In H1 of fiscal year 2025 compared to H1 of fiscal year 2024. We believe that there are clear signals for an improving overall luxury market. While, of course, concerns remain for the macro environment. We have reaffirmed our leadership position in terms of financial performance and reputation in digital luxury. Our clear focus on the high spending, wardrobe building top customers sets us apart and allows us to win market share and grow profitably.

2025 財年上半年與 2024 財年上半年相比。我們相信，奢侈品市場整體回升的跡像已經很明顯。當然，人們對於宏觀環境的擔憂仍然存在。我們重申了我們在數位奢侈品領域的財務表現和聲譽方面的領導地位。我們明確關注高消費、衣櫃建造的頂級客戶，這使我們脫穎而出，並使我們能夠贏得市場份額並實現盈利增長。

Strong top customer revenue growth, and outstanding average order value and excellent customer satisfaction scores demonstrate our relentless customer focus, which is a key success factor for Mytheresa. We continue to be very excited about the expected acquisition of YNAP.

強勁的頂級客戶收入成長、出色的平均訂單價值和優秀的客戶滿意度分數證明了我們堅持不懈地專注於客戶，這是 Mytheresa 成功的關鍵因素。我們對於預期中的 YNAP 收購依然感到非常興奮。

This acquisition will allow us to create a global digital luxury platform across multiple highly distinguished storefronts. We believe we will be able to generate significant synergies in using a joint backbone. But most importantly, we will have one of the most relevant overall value propositions for global luxury shoppers and brands.

此次收購將使我們能夠創建一個橫跨多個知名店面的全球數位奢侈品平台。我們相信，使用聯合主幹網路將能夠產生顯著的協同效應。但最重要的是，我們將為全球奢侈品購物者和品牌提供最相關的整體價值主張之一。

We continue to expect closing of the transaction in the first half of calendar year 2025. Today, I wish to highlight three key messages to you that set us apart in the second quarter and clearly demonstrate the continued success of the Mytheresa business despite the ongoing micro uncertainty.

我們仍預計該交易將於 2025 年上半年完成。今天，我想向大家強調三個關鍵訊息，這些訊息使我們在第二季度脫穎而出，並清楚地表明儘管存在持續的微觀不確定性，Mytheresa 業務仍繼續取得成功。

First, with our distinctive business model focusing on big spending, wardrobe building, luxury shoppers, we showed that we are fully on track for strong profitable growth for full (inaudible) 2025.

首先，我們獨特的商業模式專注於大額消費、衣櫥打造和奢侈品購物者，我們表明，我們完全有望在 2025 年全年實現強勁的盈利增長。

Second, we have clearly demonstrated again that Mytheresa builds a community for true luxury enthusiasts and creates desirability through digital and physical experiences, which makes us highly attractive for true luxury brands to partner with us.

其次，我們再次明確地表明，Mytheresa 為真正的奢侈品愛好者建立了一個社區，並透過數位和實體體驗創造了吸引力，這使得我們對真正的奢侈品牌具有極大的吸引力，願意與我們合作。

Third, we are well positioned and equipped to create a leading global digital luxury group of enormous reach and relevance with the expected acquisition of YNAP.

第三，透過預期收購YNAP，我們已做好準備並有能力創造一個具有巨大影響力和相關性的全球領先數位奢侈品集團。

Let me now comment in more detail on these three messages. First, the second quarter demonstrated again our unique ability to generate possible growth based on our distinctive business model focusing on the wardrobe building big spenders. In Q2 of fiscal year 2025, we grew our GMV by plus 11.9% compared to Q2 FY24. We achieved a strong net sales growth of plus 13.4% in Q2 of fiscal year 2025 compared to Q2 of fiscal year 2024.

現在，讓我更詳細地評論這三個訊息。首先，第二季再次證明了我們獨特的能力，即基於我們專注於衣櫃打造大消費者的獨特商業模式來創造可能的成長。2025 財年第二季度，我們的 GMV 與 2024 財年第二季相比成長了 11.9%。與 2024 財年第二季相比，我們 2025 財年第二季的淨銷售額實現了強勁成長，成長了 13.4%。

We are fully on track to achieve our outlook for the full fiscal year 2025. The United States continues to be a significant growth driver for our business. We saw again a double digit net sales growth of plus 17.6% in Q2 FY25 compared to Q2 FY24, and the US accounted for 20.6% of total net sales of our business in the second quarter of this FY25.

我們完全有望實現 2025 財年全年目標。美國繼續成為我們業務的重要成長動力。與 2024 財年第二季相比，2025 財年第二季的淨銷售額再次達到兩位數成長，成長 17.6%，美國市場占我們 2025 財年第二季業務總淨銷售額的 20.6%。

Our highly curated selection of true luxury brands resonates very well with the big spending US luxury customers looking for multi-brand inspiration, and we continue to see the market as a major source for future growth.

我們精心挑選的真正的奢侈品牌與尋求多品牌靈感的美國奢侈品大客戶產生了強烈共鳴，我們繼續將市場視為未來成長的主要來源。

In Europe, including Germany and the UK, we also experienced a strong double-digit net sales growth of plus 12.8% in the second quarter of this FY25 compared to the second quarter of the previous year. While results in China and Asia continue to be impacted by the ongoing macro headwinds and uncertainties.

在包括德國和英國在內的歐洲，我們25財年第二季的淨銷售額也實現了強勁的兩位數成長，與去年同期相比成長了12.8%。而中國和亞洲的業績持續受到持續的宏觀不利因素和不確定性的影響。

Our clear focus on big spending, wardrobe building customers is the fundamental driver of our continued success. Our GMV with our top customers grew by plus 9.1% compared to Q2 of this FY24. This was largely driven by an increase of the average spend in terms of GMV per top customers by plus 13.6% compared to the same period last year.

我們明確關注大手筆支出、打造衣櫥的客戶，這是我們持續成功的根本動力。與 2024 財年第二季相比，我們與頂級客戶的 GMV 成長了 9.1%。這主要是由於每位頂級客戶的平均 GMV 支出與去年同期相比增加了 13.6%。

In the United States, our business with top customers in terms of GMV grew by plus 34.7% in the second quarter of fiscal year 2025.

在美國，我們與 GMV 頂級客戶的業務在 2025 財年第二季成長了 34.7%。

Martin will talk in a few minutes about the details of our bottom line results for the second quarter, but let me provide you already with some key operational hype.

馬丁將在幾分鐘後談論我們第二季度盈利業績的細節，但讓我先向您提供一些關鍵的營運炒作。

We achieved excellent customer satisfaction measured by our internal net promoter score that reached an outstanding 83.3% in Q2 FY25, demonstrating the consistent excellence of our customer services proposition.

我們獲得了極好的客戶滿意度，以我們的內部淨推薦值來衡量，在25財年第二季度達到了出色的83.3%，證明了我們的客戶服務主張始終如一的卓越性。

Our average order value last 12 months increased by plus 9.5% to EUR736 in Q2 FY25, demonstrating the success of our focus on selling high-end luxury products to top customers. Furthermore, we reported stable return rates and improving cost ratios in the second quarter of the year 2025.

我們過去 12 個月的平均訂單價值在 2025 財年第二季度增長了 9.5%，達到 736 歐元，證明了我們專注於向頂級客戶銷售高端奢侈品取得了成功。此外，我們報告 2025 年第二季的回報率穩定，成本比率有所改善。

All these operational highlights underline the fundamental strengths and the consistent performance of our business model. The second quarter clearly showed that Mytheresa builds a community for true luxury enthusiasts and creates desirability through digital and physical experiences. This makes us highly attractive for luxury brands to partner (inaudible).

所有這些營運亮點凸顯了我們商業模式的根本優勢和持續的表現。第二季度清楚地表明，Mytheresa 為真正的奢侈品愛好者建立了一個社區，並透過數位和實體體驗創造了吸引力。這使得我們對於奢侈品牌來說極具吸引力，值得合作（聽不清楚）。

The second quarter saw many high impact campaigns and exclusive product launches that drove our global business with high spending wardrobe buildings customers. We launched exclusive womenswear and menswear runway looks from Montclair Grenoble, as well as exclusive bags and accessories from (inaudible) collection for womenswear, menswear and life.

第二季出現了許多影響深遠的活動和獨家產品的發布，推動了我們與高消費衣櫃建築客戶的全球業務。我們推出了 Montclair Grenoble 的獨家女裝和男裝走秀造型，以及 (聽不清楚) 女裝、男裝和生活系列的獨家包款和配件。

We launched an exclusive women's wear capsule collection by Victoria Beckham, only available at Mytheresa. We were exclusive partner for launching the women's wear Nu [ski] collection, only available at NuNu and [Micava], and we exclusively offered our top customers early access to the women's wear Gucci holiday collection.

我們推出了維多利亞貝克漢 (Victoria Beckham) 的獨家女裝膠囊系列，僅在 Mytheresa 有售。我們是推出女裝 Nu [滑雪] 系列的獨家合作夥伴，該系列僅在 NuNu 和 [Micava] 有售，並且我們獨家為我們的頂級客戶提供女裝 Gucci 假日系列的早期購買權。

We were exclusive pre-launch partner for Khaite's Resort 2025 collection and Alaia Archetypes collection. Finally, I wish to mention that we launched an exclusive menswear evening wear collection from Loro Piana. Please see our investor presentation for more details on brand collaborations in the second quarter.

我們是 Khaite Resort 2025 系列和 Alaia Archetypes 系列的獨家預發行合作夥伴。最後，我想提一下，我們推出了Loro Piana獨家男裝晚裝系列。有關第二季度品牌合作的更多詳細信息，請參閱我們的投資者介紹。

Another very recent and noteworthy collaboration is the launch of Bulgari fine jewelry and watches (inaudible) is the prestigious Italian Maison Bulgari; we are further extending our fine jewelry as well. This latest brand partnership is a clear testimony and reinforcement of our clear focus on high spending top customers.

另一個非常近期且值得注意的合作是推出寶格麗高級珠寶和手錶（聽不清楚）是著名的義大利寶格麗品牌；我們也在進一步擴展我們的精美珠寶。這次最新的品牌合作明確證明並強化了我們對高消費頂級客戶的明確關注。

In addition to creating the viability for our top customers with exclusive digital campaigns and product launches, we also hosted again, many events and physical experiences for our top customers, some of which were true money can't buy experience.

除了透過獨家數位行銷活動和產品發佈為我們的頂級客戶創造生存能力之外，我們還為我們的頂級客戶再次舉辦了許多活動和實體體驗，其中一些是金錢買不到的真正體驗。

We aspire to constantly engage with our top customers across the globe to build strong, long-lasting relationships. In the second quarter, we hosted various top customer events including style suits in New York, Singapore, Toronto, and Miami. We also invited top customers to a multi-day style suite event at the Nature Discovery Park on the rooftop of K11 Musea in Hong Kong.

我們渴望不斷與全球頂級客戶合作，建立強大、持久的關係。第二季度，我們在紐約、新加坡、多倫多、邁阿密舉辦了多場包括風格盛典在內的頂級客戶活動。我們也邀請頂級客戶參加在香港 K11 Musea 屋頂自然探索公園舉辦的多日風格套房活動。

We arranged an intimate cocktail event for top customers in Jeddah and an intimate [data] in Abu Dhabi. Top customers were invited to an exclusive Parisian experience with Berluti in Paris that included a private tour of Berluti (inaudible).

我們在吉達為頂級客戶安排了一場親密的酒會，在阿布達比安排了一場親密的[數據]活動。頂級客戶受邀參加 Berluti 在巴黎的獨家巴黎體驗，其中包括 Berluti 的私人遊覽（聽不清楚）。

We also hosted an elegant cocktail reception and dinner with the article at the iconic Sant Ambrose in Milan in attendance of both designers, Gilda Ambrosio and Giorgia Tordini. Together with Oscar De La Renta, we hosted a dinner at the [Rias] in attendance of the designers Fernando Garcia and Laura Kim.

我們還在米蘭標誌性的 Sant Ambrose 舉辦了一場優雅的雞尾酒會和晚宴，兩位設計師 Gilda Ambrosio 和 Giorgia Tordini 出席了這場活動。我們與 Oscar De La Renta 合作在 [Rias] 舉辦了一場晚宴，設計師 Fernando Garcia 和 Laura Kim 出席了晚宴。

Another highlight was an intimate cocktail and dinner with Victoria Beckham at Coco Duck in New York to celebrate the launch of the third exclusive Victoria Beckham X Mytheresa capsule collection.

另一個亮點是與維多利亞貝克漢在紐約 Coco Duck 舉行的私人雞尾酒會和晚餐，以慶祝第三個獨家維多利亞貝克漢 X Mytheresa 膠囊系列的推出。

We also hosted several fine jewelry events, including a cocktail at L'Ermitage Beverly Hills, and an exclusive event with the fine jewelry brand Yeprem in New York. Please see our investor presentation for more details on our various exclusive events around the world in the second quarter.

我們還舉辦了幾場高級珠寶活動，包括在貝弗利山莊 L'Ermitage 舉辦的雞尾酒會，以及與高級珠寶品牌 Yeprem 在紐約舉辦的獨家活動。有關我們第二季度在世界各地舉辦的各種獨家活動的更多詳細信息，請參閱我們的投資者介紹。

As always, the absolute highlights for our top customers were amazing, true money can buy experiences that we created for them in the spirit of being a community for luxury [ensues]. We invited guests to an unforgettable mountain experience with Zegna between the scenic Villa Alps of Piedmont and the culinary treats of Mina.

像往常一樣，我們為頂級客戶提供的絕對亮點是令人驚嘆的、真正可以用金錢買到的體驗，我們本著打造奢華社區的精神為他們創造了這些體驗[隨之而來]。我們邀請賓客與傑尼亞一起在風景秀麗的皮埃蒙特阿爾卑斯山和米納的美味佳餚之間享受一次難忘的山地體驗。

Guests were welcomed to a Zegna, where they immersed themselves into the history and craftsmanship of Zegna through a private tour of the houses we live. The visit continued to the founder's Villa, Hermina Zegna, where guests enjoyed a lunch inspired by the family recipes of Nina Zegna.

賓客們受到熱情歡迎，來到傑尼亞 (Zegna)，透過對我們居住的房屋的私人遊覽，他們可以沉浸在傑尼亞的歷史和工藝之中。隨後，嘉賓們來到了品牌創始人的別墅——赫米娜·傑尼亞 (Hermina Zegna)，在那裡，他們享用了以尼娜·傑尼亞 (Nina Zegna) 家族食譜為靈感的午餐。

The experience concluded with an intimate dinner in Milan in attendance of artistic Director Alessandro Sartori. Another highlight was an exclusive multi-day Nordic winter experience with Moncler Grenoble in [Oslo]. Over two days, our guests were invited to various unique moments, including a cocktail reception and dinner at the iconic contemporary Oslo Opera House, followed by snow activities at Skimore Park ski resort the day after.

這次體驗以在米蘭與藝術總監亞歷山德羅·薩托利（Alessandro Sartori）共進的私密晚宴結束。另一個亮點是與 Moncler Grenoble 一起在[奧斯陸]。在兩天的時間裡，我們的嘉賓被邀請參加各種獨特的活動，包括在標誌性的奧斯陸當代歌劇院舉行的雞尾酒會和晚宴，以及第二天在 Skimore Park 滑雪勝地進行的雪上活動。

In the United States, we have just announced that we will team up with Bemelmans Bar, the storied New York Bar, for an exclusive invite only pop-up in Aspen. Together we are creating an immersive apriski experience, bringing luxury fashion and Zimmermann's signature martinis to Aspen from February 14 through March 2.

在美國，我們剛剛宣布將與著名的紐約酒吧 Bemelmans Bar 合作，在阿斯彭舉辦僅限受邀者參加的快閃活動。我們將共同創造一種身臨其境的 apriski 體驗，將奢華時尚和 Zimmermann 的招牌馬提尼酒從 2 月 14 日至 3 月 2 日帶到阿斯彭。

In addition to providing our top customers with memorable experiences, all these events also created global brand awareness for Mytheresa through press and social media amplification.

除了為我們的頂級客戶提供難忘的體驗之外，所有這些活動還透過媒體和社交媒體的傳播為 Mytheresa 樹立了全球品牌知名度。

Third, we see ourselves well positioned and equipped to create a leading global digit luxury group with enormous reach and relevance with the expected acquisition of YOOX NET-A-PORTER. We will be home to some of the most distinguished digital store brands in the world.

第三，透過預期收購 YOOX NET-A-PORTER，我們認為自己已經做好準備並有能力創造一個具有巨大影響力和相關性的全球領先數位奢侈品集團。我們將成為世界上一些最傑出的數位商店品牌的所在地。

Mytheresa and the brands Net-a-Porter, Mr. Porter, YOOX, and the Outnet all individually have earned a strong reputation in the luxury industry for their pioneering roles in innovation, [authoritative] editorial voice, and curation, as well as high quality customer service.

Mytheresa 和品牌 Net-a-Porter、Mr. Porter、YOOX 和 Outnet 都憑藉其在創新、[權威] 編輯聲音和策劃以及高品質客戶服務方面的先鋒作用在奢侈品行業贏得了良好的聲譽。

All store brands stand for clearly differentiated but complementary multi-brand offerings for luxury customers worldwide. We are committed to further strengthen and develop the Unique store brands and the identities within the group by building on their heritages while fostering synergies in the back of house.

所有自有品牌都代表著為全球奢侈品客戶提供明顯差異化但又互補的多品牌產品。我們致力於在繼承傳統的基礎上，加強和發展集團內獨特的商店品牌和特色，同時促進後台的協同效應。

We expect closing of the transaction in the first half of 2025. As we enter a new and exciting phase of our company, we have decided to form a new group under the new brand name LuxExperience, which will replace MYT Netherlands Parent B.V., as our group name upon closing.

我們預計交易將於 2025 年上半年完成。隨著我們公司進入一個嶄新而令人興奮的階段，我們決定組成一個以新品牌名稱 LuxExperience 為名的新集團，在公司合併後，該集團名稱將取代 MYT Dutch Parent B.V. 作為集團名稱。

This new name clearly underlines our unique focus on creating desirability for luxury enthusiasts with digital and physical experiences.

這個新名稱清楚地強調了我們獨特的關注點，即透過數位和實體體驗為奢侈品愛好者創造吸引力。

LuxExperience will serve as a unifying symbol reflecting the core values of a strong customer focus, a highly curated edit, and inspiration, as well as the creation of their liabilities through unique digital and physical experience.

LuxExperience 將作為一個統一的符號，體現強烈的客戶關注、精心策劃的編輯和靈感等核心價值，以及透過獨特的數位和實體體驗來創造其責任。

Of course, we will continue to serve our customers with our well known and highly loved brand name Mytheresa. We will continue to be listed on the New York Stock Exchange with the trade name LuxExperience and the new ticker symbol of Lux -- LUXE. That will replace the current ticket symbol, MYTE.

當然，我們將繼續以我們知名且深受喜愛的品牌 Mytheresa 為客戶提供服務。我們將繼續在紐約證券交易所上市，股票名稱為LuxExperience，新股票代號為Lux－LUXE。這將取代目前的票證符號 MYTE。

Max experience will present the most exciting opportunity for investors worldwide to participate in the huge market opportunity in digital multi-brand luxury shopping. We also recently announced the nomination of Burkhart Grund, Chief Financial Officer of Richemont, as a new supervisory Board member.

Max experience 將為全球投資者提供最令人興奮的機會參與數位多品牌奢侈品購物的巨大市場機會。我們最近也宣布提名歷峰集團財務長 Burkhart Grund 為新任監事會成員。

With the completion of the transaction, we are excited to welcome Richemont, one of the most renowned and largest luxury companies, as a major shareholder of Mytheresa. As part of the agreement signed, Richemont has the right to nominate a candidate for a seat on the supervisory Board, expanding it from seven to eight seats. We are delighted that Burkhart Grund, a highly qualified financial and industry expert and the luxury goods sector has been nominated to join the board upon closing.

隨著交易的完成，我們很高興歡迎最著名和最大的奢侈品公司之一歷峰集團成為Mytheresa的主要股東。根據簽署的協議，歷峰集團有權提名監事會席位候選人，從而將監事會席位從七個擴大到八個。我們非常高興，Burkhart Grund，一位資深的金融和行業專家，也是奢侈品領域的專家，被提名在交易完成後加入董事會。

The Board will remain composed of a majority of independent Directors under both NYSE and Dutch corporate governance code standards. Both the renaming and the nomination of Burkhart Grund will be presented for approval by our shareholders at an Extraordinary General Meeting scheduled for March 6, and are subject to completion of the YNAP acquisition.

根據紐約證券交易所和荷蘭公司治理準則，董事會仍將由大多數獨立董事組成。更名和 Burkhart Grund 的提名都將在定於 3 月 6 日舉行的特別股東大會上提交給股東批准，並且須完成 YNAP 收購。

With all the above, it should come as no surprise that we are very pleased with our performance in the second quarter of fiscal year 2025. We believe that the strong financial results demonstrate the strength and consistency of our business model, delivering profitable growth.

綜合上述所有情況，我們對 2025 財年第二季的業績非常滿意也就不足為奇了。我們相信，強勁的財務表現證明了我們商業模式的實力和一致性，實現了獲利成長。

We are extremely well positioned and fully prepared for the expected acquisition of YNAP which will unlock even greater opportunities for profitable growth and will create significant value for our shareholders. All this and the results of the first half of FY25 support our strong confidence in our medium term growth trajectory and profitability targets.

我們已做好充分準備，將收購 YNAP 作為預期目標，這將帶來更大的獲利成長機會，並為我們的股東創造巨大價值。所有這些以及25財年上半年的業績都支持了我們對中期成長軌跡和獲利目標的堅定信心。

And now, I hand over to Martin to discuss the financial results in detail.

現在，我把時間交給馬丁來詳細討論財務結果。

Thank you, Michael. As mentioned, we continue to successfully work towards the closing of our acquisition of the YOOX NET-A-PORTER group, expected in the first half of 2025, and we are truly excited for this next chapter of growth, with establishing LuxExperience, a clear global leader in online and multi-brand luxury.

謝謝你，麥可。如上所述，我們將繼續成功完成對 YOOX NET-A-PORTER 集團的收購，預計該收購將於 2025 年上半年完成，我們對下一階段的成長感到非常興奮，將建立 LuxExperience，成為線上和多品牌奢侈品領域的全球領導者。

We will provide a more in-depth view on the performance and our plans for the future after closing. I will therefore focus this call on the financial highlights of our second quarter and the first half of fiscal year 2025 ended December 31, 2024.

交易結束後，我們將對業績和未來計劃提供更深入的見解。因此，我將在本次電話會議上重點討論截至 2024 年 12 月 31 日的 2025 財年第二季和上半年的財務亮點。

We are very pleased with our results in the second quarter of FY25. Double digit net sales growth of plus 13.4%. Our AOV LTM increased by plus 9.5%, an improvement in the gross profit margin of 110 basis points. And a strong adjusted EBITDA margin of 7.3%, an increase of 350 basis points versus last year.

我們對25財年第二季的業績非常滿意。淨銷售額達到兩位數成長，增幅達 13.4%。我們的 AOV LTM 增加了 9.5%，毛利率提高了 110 個基點。調整後的 EBITDA 利潤率強勁達到 7.3%，較去年同期成長了 350 個基點。

Even with our strong top line growth, inventory levels decreased minus 1.3% year-over-year, with a DIO of 258 days right at the target level. We will continue our track record of profitable growth leveraging our global presence, increasing acquisition of true top luxury customers worldwide, and ever-increasing support from the strongest luxury brands.

即使我們的營收成長強勁，庫存水準仍比去年同期下降了 1.3%，DIO 為 258 天，正好處於目標水準。我們將利用全球影響力，不斷取得獲利成長，增加全球真正的頂級奢侈品客戶，並不斷增加最強大的奢侈品牌的支持。

I will now review the financial results for the second quarter and the first half of FY25 ended December 31, '24 in more detail and give additional input on certain key developments affecting our performance. Unless otherwise stated, all numbers refer to Euro.

我現在將更詳細地回顧截至 24 年 12 月 31 日的第二季和 25 財年上半年的財務業績，並就影響我們業績的某些關鍵發展提供更多意見。除非另有說明，否則所有數字均指歐元。

September to December '24, net sales grew by EUR26.4 million or 13.4%. In the first six months of the first fiscal year. Net sales grew by 10.6% to EUR424.7 million. We saw an increase in GMV for all customers of plus 6.3% in the second quarter of FY25, and even more impressive, the GMV per top customer increased by plus 13.6% during the quarter.

24年9月至12月，淨銷售額成長2,640萬歐元，成長13.4%。在第一個財政年度的前六個月。淨銷售額成長 10.6% 至 4.247 億歐元。我們看到 25 財年第二季所有客戶的 GMV 成長了 6.3%，更令人印象深刻的是，本季每位頂級客戶的 GMV 成長了 13.6%。

With that, GMV increased by EUR26 million or 11.9% to EUR244.7 million as compared to EUR218.7 million in the prior year quarter. In the first six months, GMV grew by 9.2% to EUR461.2 million with an increase of EUR64 per order.

其中，GMV 較去年同期的 2.187 億歐元增加了 2,600 萬歐元，即 11.9%，達到 2.447 億歐元。上半年，GMV 成長 9.2% 至 4.612 億歐元，每筆訂單增加 64 歐元。

Our average order value in the last 12 months now stands at an outstanding EUR736, as compared to EUR672 in the prior-year period, a plus of 9.5%. Our increase in AOV improves not only our unit economics but also manifests our successful focus on full price selling at the very high end of true luxury.

我們過去 12 個月的平均訂單價值達到了出色的 736 歐元，而去年同期的平均訂單價值為 672 歐元，增長了 9.5%。我們平均價值 (AOV) 的提高不僅改善了我們的單位經濟效益，也體現了我們成功地專注於以全價銷售真正的高端奢侈品。

We are outpacing our competitors and thus continuously capture market share. In Q2 of FY25, we grew our business in the US by plus 17.6%. Our net sales share in the US now stands at 20.6%, driven by increase in GMV coming from our top customers of plus 34.7%. Our core market Europe also grew by plus 12.8% in net sales, and we are strengthening our market positions worldwide.

我們正在超越競爭對手，從而不斷佔領市場份額。在25財年第二季度，我們在美國的業務成長了17.6%。我們在美國的淨銷售額份額目前為 20.6%，這得益於來自我們頂級客戶的 GMV 增長了 34.7%。我們的核心市場歐洲的淨銷售額也成長了 12.8%，我們正在加強我們在全球的市場地位。

In the second quarter of FY25, plus profit increased by 16% to EUR113.6 million as compared to EUR97.9 million in the prior period. The gross profit margin increased by 110 basis points to 50.9%. In H1 of FY25, the cross profit margin increased by 140 basis points from 46.2% to 47.6%. We continue to focus on increasing our share of full price sales and remain cautiously optimistic that we will be able to successfully continue to do so.

25財年第二季度，利潤較上一季的9,790萬歐元成長16%至1.136億歐元。毛利率上升110個基點至50.9%。25財年上半年，交叉利潤率從46.2%增加140個基點至47.6%。我們將繼續致力於提高全價銷售的份額，並保持謹慎樂觀的態度，相信我們能夠成功地繼續做到這一點。

The adjusted shipping and payment cost ratio decreased by 90 basis points during the quarter, now standing at 13.8% as compared to 14.7% in the prior year period. The improvement mainly stands from our high quality customer focus resulting in higher AOVs and stable return rates.

調整後的運輸和支付成本比率在本季下降了 90 個基點，目前為 13.8%，而去年同期為 14.7%。這項改進主要源自於我們對高品質客戶的關注，從而帶來了更高的平均價值 (AOV) 和穩定的回報率。

In H1 of FY25, the adjusted shipping and payment cost ratio decreased by 60 basis points to 13.7% from 14.3% in the prior year period. In the second quarter of FY25, the marketing cost ratio increased by 160 basis points from 10.7% to now 12.3%. We stay focused on acquiring high potential customers and retaining our top customers.

25財年上半年，調整後的運輸和支付成本比率從去年同期的14.3%下降了60個基點至13.7%。25財年第二季度，行銷成本比率從10.7％增加了160個基點至現在的12.3％。我們專注於吸引有巨大潛力的客戶並留住我們的頂級客戶。

With returning to these normal levels of marketing costs. We are able to position Mytheresa even more successfully to capture market share as the market continues to pick up.

隨著行銷成本恢復到正常水準。隨著市場持續回暖，我們能夠讓 Mytheresa 定位得更成功，從而搶佔市場份額。

During the six months ended December 31, 2024, the marketing cost ratio as a percentage of GMV increased by 70 basis points to now 11.9% as compared to 11.2% in the prior year period. It's just that selling general administrative SG&A cost ratio decreased by 160 basis points to 13.9%. During the second quarter of fiscal year in line with our preceding quarters of around 14% of GMV.

在截至 2024 年 12 月 31 日的六個月內，行銷成本佔 GMV 的百分比增加了 70 個基點，目前為 11.9%，而去年同期為 11.2%。只是銷售一般管理費用SG&A比率下降了160個基點，至13.9%。本財年第二季的 GMV 與我們前幾季的 GMV 持平，約 14%。

On an absolute basis adjusted SG&A expenses remain stable at EUR33.9 million. In the first six months, FY25, the adjusted SG&A cost ratio decreased by 110 basis points to 13.9%. We capitalize on cost leverage to optimize our operational efficiencies as we scale. We remain committed to continuously decrease our SG&A cost ratio.

從絕對基礎來看，調整後的銷售、一般及行政開支保持穩定，為 3,390 萬歐元。在25財年的前六個月，調整後的銷售、一般及行政費用比率下降了110個基點至13.9%。我們利用成本槓桿來在擴大規模的同時優化營運效率。我們將繼續致力於持續降低銷售、一般及行政費用比率。

In the second quarter of FY25, adjusted EBITDA increased by EUR8.7 million to EUR16.2 million. The adjusted the EBITDA margin increased by 350 basis points to 7.3%, as compared to 3.8% in the prior year quarter.

25財年第二季度，調整後EBITDA增加870萬歐元至1620萬歐元。調整後的 EBITDA 利潤率增加了 350 個基點，至 7.3%，而去年同期為 3.8%。

The increase is mainly driven by our gross profit margin improvement. And further efficiencies in all coastlines. Despite investments in our market position. For H1 FY25, adjusted EBITDA was at EUR19.1 million with an adjusted EBITDA margin of 4.5%, increasing by 280 basis points.

成長主要得益於我們毛利率的提高。並進一步提高所有海岸線的效率。儘管我們對市場地位進行了投資。25 財年上半年，調整後 EBITDA 為 1,910 萬歐元，調整後 EBITDA 利潤率為 4.5%，增加了 280 個基點。

Depreciation and amortization remained fairly stable in the second quarter of FY25, with EUR3.9 million as compared to EUR3.8 million in the prior year quarter. As a percentage of GMV, depreciation and amortization decreased from 1.8% to now 1.6%.

25 財年第二季的折舊和攤提保持相當穩定，為 390 萬歐元，而去年同期為 380 萬歐元。作為 GMV 的百分比，折舊和攤銷從 1.8% 下降到現在的 1.6%。

Our profitable growth and the strength of our business model, we're also visible on adjusted operating income and adjusted net income level. In the second quarter of FY25, just the operating income was at a margin of 5.5%. Just slightly below the 7.3% adjusted EBITDA margin. This has been and is a continuous highlight of the Mytheresa business model. Adjusted net income in the second quarter was EUR10.6 million or 4.8% of net sales.

我們的獲利成長和商業模式的實力，在調整後的營業收入和調整後的淨收入水準上也有所體現。25財年第二季度，光是營業收入的利潤率就達到了5.5%。略低於7.3%的調整後EBITDA利潤率。這一直是 Mytheresa 商業模式的一大亮點。第二季調整後淨收入為 1,060 萬歐元，佔淨銷售額的 4.8%。

Let's take a look at the cash flow statement. In the second quarter of FY25, operating cash flow used only EUR6.0 million as we're coming back to normalized levels of working capital. We are fully on track with managing our inventory levels. Our inventory stood at EUR404.6 million, decreasing by 1.3% year-over-year even with our top-line growth.

我們來看看現金流量表。在25財年第二季度，由於我們的營運資本已恢復正常水平，營運現金流僅使用了600萬歐元。我們的庫存水準管理完全正常。我們的庫存為4.046億歐元，雖然我們的營業額有所成長，但年比還是下降了1.3%。

As of December 31, '24, we had a DIO of 258 days. Which is right at our long term target of around 260 days inventory outstanding. Cash flow from investing used up EUR0.4 million in the second quarter and EUR1.7 million in the first six months of the fiscal year.

截至 24 年 12 月 31 日，我們的 DIO 已達 258 天。這正好符合我們約 260 天庫存週轉天數的長期目標。本財年第二季投資現金流量消耗40萬歐元，上半年消耗170萬歐元。

With this CapEx was significantly below 1% of GMV another highlights of our business model. We ended the six month period with EUR13.8 million cash attempt. The excellent performance of the quarter is fully in line with our expectations.

這筆資本支出遠低於 GMV 的 1%，這是我們商業模式的另一個亮點。我們在六個月內以 1,380 萬歐元的現金嘗試結束了這一期限。本季的出色表現完全符合我們的預期。

Given the seasonality in the business. You always need to look at the first half and the second half of the fiscal year, combining fiscal Q1 and Q2, and combining fiscal Q3 and Q4. For the first half of this FY25, net sales grew plus 10.6%, and the GMV grew plus 9.2%.

考慮到業務的季節性。您總是需要查看財政年度的上半年和下半年，結合財政第一季和第二季度，並結合財政第三季和第四季。2025 財年上半年，淨銷售額成長 10.6%，GMV 成長 9.2%。

The adjusted EBITDA margin was at 4.5%. We therefore confirm our guidance for the full FY25 ending June 30, '25 with GMV and net sales growth between 7% and 13%. And then adjusted the margin between 3% and 5%.

調整後的 EBITDA 利潤率為 4.5%。因此，我們確認截至 2025 年 6 月 30 日的整個 2025 財年業績預期為 GMV 和淨銷售額成長 7% 至 13% 之間。然後將利潤率調整到3%到5%之間。

In line with our seasonality, we expect typically weaker fiscal Q3, comparable with fiscal Q1 and a typically strong fiscal Q4. With all the above, it comes as no surprise that we're very confident in the success of our unique positioning and business model, and we will continue our clear focus on strong and profitable growth.

根據我們的季節性特徵，我們預期第三季的財政狀況通常會比較疲軟，與第一季的財政狀況相當，而第四季的財政狀況通常會比較強勁。綜上所述，我們對我們獨特的定位和商業模式的成功非常有信心，並且我們將繼續明確關注強勁和盈利的成長。

We're also truly excited for the medium and long-term outlook of our business as we embark on the next chapter of growth with the expected closing of the expression of the YOOX NET-A-PORTER group in H1 of calendar year '25.

隨著 YOOX NET-A-PORTER 集團預計於 2025 年上半年完成解散，我們將開啟成長的新篇章，我們對公司中長期前景也感到非常興奮。

Forming the new group LuxExperience, we aim to fortify our clear market leadership position in global multi-brand luxury. Just for strong profitable growth. And thereby creating significant value for our shareholders and all stakeholders in Mytheresa and the YOOX NET-A-PORTER group.

透過組成新集團 LuxExperience，我們旨在鞏固我們在全球多品牌奢侈品領域的明顯市場領導地位。只為實現強勁的利潤成長。從而為我們的股東以及 Mytheresa 和 YOOX NET-A-PORTER 集團的所有利害關係人創造了巨大的價值。

And with that, I will now turn the call back over to Michael for his concluding remarks.

現在，我將電話轉回給邁克爾，請他作最後發言。

Thank you, Martin. We are very pleased with our second quarter of fiscal year 2025 earnings results. We are even more pleased to see ourselves well positioned to achieve our history of 2025 guided targets based on the first half of this FY25.

謝謝你，馬丁。我們對 2025 財年第二季的獲利結果非常滿意。我們更高興看到，憑藉 2025 財年上半年的表現，我們有能力實現 2025 年的歷史指導目標。

We continue to focus on creating a community for true luxury enthusiasts worldwide and their liabilities for digital and physical experiences. We see ourselves well prepared for the expected acquisition lineup and are excited to create significant value for our high-end customers, brand partners, and shareholders.

我們將繼續致力於為全球真正的奢侈品愛好者及其對數位和實體體驗的責任創建一個社群。我們已為預期的收購陣容做好了充分準備，並很高興為我們的高端客戶、品牌合作夥伴和股東創造巨大價值。

And with that, I asked the operator to open the line for your question.

說完這些，我請接線生接通電話回答您的問題。

(Operator Instructions) Oliver Chen, TD Cowen.

(操作員指示) Oliver Chen，TD Cowen。

Hi, thank you very much. Exciting with the deal as you think about getting ready for the deal, what are your thoughts on the technology stack and what you're doing just to optimize the integration opportunity. Also, as we look forward to that, any other thoughts on the YOOX side of the business in terms of restoring better profitability there and then a follow up on guidance with love color on gross margins in the second half and how you're viewing those. It sounds like inventory is in really good shape. Thank you.

你好，非常感謝。當您考慮為這筆交易做準備時，您對這筆交易感到興奮，您對技術堆疊有什麼看法，以及您正在做什麼來優化整合機會。此外，我們對此充滿期待，您對 YOOX 業務方面還有什麼其他看法，例如如何恢復更好的盈利能力，以及您對下半年毛利率的預期以及您如何看待這些。聽起來庫存狀況確實很好。謝謝。

Thank you, Oliver. Let me address the first two questions and then Martin will speak about the guidance. As we are before closing, we of course are not in a position to have full operational insights, but we explained clearly in our presentation on the announcement of the (inaudible) clear agreement that the clear strategy is to bring the luxury businesses of YOOX NET-A-PORTER (inaudible) Mytheresa platform in the sense of our own developed technology that is clear, -- clearly the best solution, we have a platform that works. It's fully owned by us, fully operated by us. We know it inside out. We have a strong engineering bench to do that.

謝謝你，奧利佛。讓我回答前兩個問題，然後馬丁將談談指導意見。由於我們尚未完成交易，因此我們當然無法獲得完整的營運見解，但我們在宣布（聽不清楚）明確協議的演示中清楚地解釋道，明確的戰略是將 YOOX NET-A-PORTER 的奢侈品業務（聽不清）帶到 Mytheresa 平台上，就我們自己開發的技術而言，這顯然是最好的解決方案，我們有一個有效的平台。它完全由我們擁有，完全由我們經營。我們對此瞭如指掌。我們擁有強大的工程團隊來實現這一點。

Clearly, such a re-platforming exercise will require 24 to 36 months. That is an expected duration and it's quite achievable based on our experience of our own platforming. We strongly believe that with a joint back office and a separated back office for the off-price businesses, we do and provide the best and most efficient solutions for all those banners that join our group.

顯然，這樣的重新平台化工作將需要24至36個月的時間。這是預計的持續時間，根據我們自身平台的經驗，這是完全可以實現的。我們堅信，透過聯合後台辦公室和針對折扣業務的獨立後台辦公室，我們可以為加入我們集團的所有品牌提供最好、最有效的解決方案。

And then on the banner side, we see opportunity to make them even stronger, even though the brand equity of NET-A-PORTER , Mr. Porter, youths outlet are quite strong. But we will invest to make them even more desirable and to be fully in line with the principles of LuxExperience, which is customer focused, curation and inspiration. So we're really excited about this and are hopeful to close the deal in the next couple of months.

在橫幅廣告方面，我們看到了讓它們更加強大的機會，儘管 NET-A-PORTER、Mr. Porter 和青年專賣店的品牌資產已經相當強大。但我們會進行投資，使它們更具吸引力，並完全符合 LuxExperience 的原則，即以客戶為中心、注重策劃和激發靈感。因此我們對此感到非常興奮，並希望在接下來的幾個月內完成這筆交易。

And then Martin, maybe you take up the margin question.

然後馬丁，也許你會討論利潤問題。

Yeah, having to do so, guidance and cross-profit margin development. Exactly, as you rightfully focus on how is the quarter performance changing the overall guidance and how it is relating to the guidance. The performance in Q2 is fully in line with our expectations, and it is always given the seasonality, you have to look at always the first and the second half.

是的，必須這樣做，指導和交叉利潤率發展。確實，您正確地關注的是季度業績如何改變整體指導以及它與指導有何關係。第二季的表現完全符合我們的預期，考慮到季節性，你必須始終關注上半年和下半年。

So Q2 and Q4 are very strong quarters. Q1 and Q3, given seasonality are weaker quarters. And that's why looking at the performance of H1 and as you rightfully point out, Oliver, the improvement in the cost profit margin of 140 basis points in Q2, it was 110 basis points. We expect a similar performance of H2 than what we saw in H1.

因此第二季和第四季是非常強勁的季度。考慮到季節性，第一季和第三季是較弱的季度。這就是為什麼看一下上半年的表現，正如奧利佛您正確指出的那樣，第二季的成本利潤率提高了 140 個基點，而去年同期為 110 個基點。我們預計下半年的表現將與上半年類似。

So therefore, I mean, the 140 basis points, I'm not sure whether, due to the lapsing of some effects, we -- everybody should expect for H2, but we don't want to come back to decreasing gross profit margins. We want to continue, and that is clearly visible in our numbers on our focus on a full price, on a very strong full price share.

因此，我的意思是，140 個基點，我不確定是否由於一些影響的消失，我們 - 每個人都應該期待 H2，但我們不想再次下降毛利率。我們希望繼續下去，這從我們的數據中可以清楚地看出，我們專注於全價，佔據非常強勁的全價份額。

On targeting the right set of customers and this is fully in line with our guides. So also expect an H2, a stable, slightly increasing gross profit margin, and the overall H2 to be very comparable with H1. Thank you, best regards.

瞄準正確的客戶群，這完全符合我們的指南。因此，預計下半年毛利率將保持穩定並略有上升，且整體下半年將與上半年非常相似。謝謝您，謹致問候。

(Operator Instructions) Matt Boss, JP Morgan.

（操作員指示）摩根大通 (JP Morgan) 的馬特·博斯 (Matt Boss)。

Thanks and congrats on a nice quarter. So Michael, could you speak to current health of the digital luxury backdrop today, maybe relative to the last two years in terms of what you're seeing, and just elaborate on the acceleration and demand that you saw across the US and Europe in the second quarter and has the momentum continued post-holiday?

謝謝並恭喜本季取得良好業績。那麼邁克爾，您能否談談目前數位奢侈品背景的健康狀況，相對於過去兩年而言，並詳細說明您在第二季度看到的美國和歐洲的加速和需求，以及假期後這種勢頭是否仍在繼續？

Sure, thank you, Matt. I think the digital sector is in good health if you regard it from the consumer perspective, the expansion of the digital share in luxury is continuing.

當然，謝謝你，馬特。我認為，如果從消費者的角度來看，數位產業狀況良好，奢侈品的數位份額正在持續擴大。

Of course, there are polarizations out there. It's absolutely true for the big spenders. We continue to see they spend more and more with us, spend more and more on digital, and there's this geographic polarization. We have seen continuous improvement in the US post-election, really strong demand, and we are very happy with our European business, almost 13% growth. So we have now a second strong lag in the business and there is of course also a very strong business in the Arabic Peninsula, while Asia, particularly Greater China, still lags behind, still is -- the demand is still dampened by the economic outlook. So we would say the health is very good.

當然，也存在著兩極化。對於大手大腳的花錢者來說，這絕對是正確的。我們不斷看到他們在我們這裡花的錢越來越多，在數位領域花的錢越來越多，而且存在著這種地理上的兩極化。我們看到美國大選後經濟持續改善，需求非常強勁，我們對我們的歐洲業務非常滿意，成長了近 13％。因此，我們現在在業務上出現了第二個嚴重的滯後，當然阿拉伯半島的業務也非常強勁，而亞洲，特別是大中華區，仍然落後，需求仍然受到經濟前景的抑制。因此我們可以說健康狀況非常好。

We have really seen a turnout of the heavy discounting that we saw last year, the slowdown. As discussed before, has really surprised many players, leading to high inventory levels and it's not only us. Martin clearly highlighted, we are actually slightly below last year's inventory despite revenue growth, but the digestion of inventory or oversupply of energy has happened across the Board. So while we only see small green shoots in some places. The health of the industry is dramatically better than 12 months ago, and we -- in our numbers for sure have seen a pivot now for some quarters and therefore our outlook is positive, not negating that the macro environment is still quite volatile.

我們確實看到了去年大幅折扣的出現，看到了經濟放緩的跡象。正如之前所討論的，這確實讓許多玩家感到驚訝，導致庫存水準很高，而且這不僅僅是我們的情況。馬丁明確強調，儘管收入有所增長，但實際上我們的庫存略低於去年，但庫存的消化或能源供應過剩已經全面發生。因此儘管我們只在某些地方看到小小的綠芽。該行業的健康狀況比12個月前有了顯著好轉，而且我們從數據上肯定已經看到了幾個季度的轉折點，因此我們的前景是積極的，同時也不否認宏觀環境仍然相當不穩定。

Great. And then Martin, maybe relative to 3% to 5% EBITDA margins this year, how best to think about the timeline you see as reasonable for a return to historical high single digit EBITDA margin?

偉大的。然後馬丁，也許相對於今年 3% 到 5% 的 EBITDA 利潤率，您認為如何合理地考慮恢復到歷史高點個位數 EBITDA 利潤率的時間表？

Yeah, how we do so Matt. I mean, obviously we in the first half of the fiscal year, we had an EBITDA margin of 4.5% and for the second half, -- I mean for the full fiscal year we got to 3% to 5%. Given the uncertainties in the industry, the shifts that I mean nobody really can foresee how '25 and '26 will unfold. But it is clear that we embarked on a trend on the cross margin side, and this is a key driver for our overall profitability. So we clearly expect in the medium term. To come back to the higher single digit margins that we used to have a couple of years ago.

是的，馬特，我們是如何做到的。我的意思是，顯然我們在本財年上半年的 EBITDA 利潤率達到 4.5%，而下半年——我的意思是整個財年我們的 EBITDA 利潤率達到了 3% 到 5%。鑑於產業的不確定性，我的意思是沒有人能夠真正預見 25 年和 26 年將如何發展。但很明顯，我們在交叉保證金方面開始呈現一種趨勢，這是我們整體獲利能力的關鍵驅動因素。因此，我們對中期前景有明確的預期。回到幾年前我們擁有的較高個位數利潤率。

Great. Best of luck.

偉大的。祝你好運。

Ashley Helgens, Jeffrie.

阿什利·赫爾根斯，傑弗裡。

Hi, it's [Blake] on for Ashley. Thanks for taking our questions. Wanted to start with, it sounds like your high-end luxury consumer is obviously really strong. You talk at all about the trends of the more aspirational customer throughout the quarter?

大家好，我是 [Blake]，為 Ashley 主持。感謝您回答我們的問題。首先，聽起來你們的高端奢侈品消費者顯然非常強大。您能談談整個季度更有抱負的客戶的趨勢嗎？

Sure, happy to do so. What we have seen and it continues that the US consumer is really leading the way and we have really seen strong growth in the US market for some quarters, at least for that is.

當然，我很樂意這麼做。我們已經看到並且繼續看到美國消費者確實處於領先地位，並且我們確實看到美國市場在幾個季度內強勁增長，至少就目前而言。

And now we have also seen double digit growth in Europe, which is quite nice to see, even though of course also in Europe there are markets that grow even stronger and some markets are lagging, and this is starting to be also driven by aspirational customers also starting to be driven by better sales in accessories in bags, which are the categories that are driven by, or at least driven more by aspirational customers.

現在我們也看到歐洲實現了兩位數的成長，這是非常令人欣喜的，儘管在歐洲也有一些市場增長更強勁，而有些市場則落後，而這也開始受到有抱負的消費者的推動，也開始受到箱包配件銷量更好的推動，這些類別的產品受到有抱負的消費者的推動，或者至少更多地受到這些消費者的推動。

This is by no means where we were in '22, but as you rightly say, our strong driver of growth driver is the better part of the customer cohort, and here we continue to see also in this quarter, double digit revenue increase per capita. These are the drivers. This makes Mytheresa so successful in a still volatile environment. But we, -- and I will repeat, we see a pivot in the market. If you exclude Greater China, then we clearly see a pivot in the market.

這絕不是我們22年的水平，但正如您正確指出的那樣，我們強勁的成長動力來自於客戶群體的大部分，而且我們在本季度繼續看到人均收入實現兩位數的成長。這些就是驅動因素。這使得 Mytheresa 在依然動盪的環境中取得了巨大的成功。但是我們—我再重複一遍，我們看到了市場的一個轉捩點。如果排除大中華區，我們就會清楚看到市場的一個轉捩點。

That's encouraging. And then I wanted to ask two more if I could. One was on the marketing ratio that seemed to be up. You seem to lean in the marketing spend a bit more in Q2. How should you, -- how should we think about that rate for the second half on marketing? And then touching again on the top customers, I think they did decline slightly year-over-year versus being positive recently.

這令人鼓舞。然後我想如果可以的話再問兩個。一是行銷比例似乎上升。您似乎傾向於在第二季增加一些行銷支出。您應該如何－我們該如何考慮下半年的行銷速度？然後再次談到主要客戶，我認為他們的數量與去年同期相比確實略有下降，而最近的增長則呈正增長。

How are you thinking about managing the growth of AOV versus top customers in that trade-off?

在這種權衡之下，您如何考慮管理 AOV 與頂級客戶的成長？

Very happy to answer and you're right, and you picked up correctly on our presentation. I'll leave it to Martin for the outlook of marketing spend, but actually the two questions are connected.

很高興回答，你是對的，你正確地理解了我們的演示。關於行銷支出的前景，我會把這個問題留給馬丁來回答，但實際上這兩個問題是相互關聯的。

We have, as you heard from Martin, increased our marketing spend. Significantly over the quarter last year. And what we are doing now, we are investing in growth with upper fund investments. Of course, in '23 as the market was more difficult and as we managed costs very tightly to achieve still good financial results, we focused a lot of the marketing spend on the lower, immediately returning investments.

正如您從馬丁那裡聽到的，我們增加了行銷支出。與去年同期相比有顯著成長。我們現在正在做的是，利用上游基金投資來投資成長。當然，由於 23 年市場更加困難，而且我們嚴格管理成本以實現良好的財務業績，我們將大量行銷支出集中在較低且立即產生回報的投資上。

But now that we see opportunity to grab market share and as now the market is picking up, we're also investing more on the upper funnel, which does not give you immediate new customers, which does not like immediate pick up in revenue, but it sets and lays the ground for future cohort acquisition because for new customers it takes a while and actually, it's not immediate conversion.

但現在我們看到了搶佔市場份額的機會，而且隨著市場回暖，我們也在對上層漏斗進行更多投資，這不會為您帶來立即的新客戶，也不會立即帶來收入，但它為未來的群體獲取奠定了基礎，因為對於新客戶來說，這需要一段時間，實際上，它不是立即轉化。

And that's what you see and what you rightly picked up a small decrease in the base, even though the quality is amazing with double digit revenue growth per capital, is actually a consequence of lower, longer term operating marketing spent a year ago.

這就是您所看到的，也是您正確發現的，儘管質量令人驚嘆，人均收入實現了兩位數的增長，但基數略有下降，這實際上是一年前較低、較長期的運營營銷支出的結果。

So it's good news. We are back. We're investing in marketing, and this lays the foundation for more customer growth and also expansion of the top customer cohort. So nice pick up.

所以這是個好消息。我們回來了。我們正在投資行銷，這為更多客戶成長和擴大頂級客戶群奠定了基礎。非常好的選擇。

And Martin, maybe you give an outlook on that.

馬丁，也許你對此有一個看法。

Yeah, and with that what Michael said we expect also for H2, they come back to the normal levels of the marketing cost ratio that we always had around 12% and 12.5%.

是的，正如麥可所說，我們預計下半年的行銷成本比率將恢復到正常水平，一直在 12% 和 12.5% 左右。

Great, thank you so much and best of luck for the second half.

太好了，非常感謝，祝你下半場好運。

Grace Osadolor, Morgan Stanley.

摩根士丹利的 Grace Osadolor。

Hi, thank you for taking my question and congratulations on the results. I wanted to ask on what you're seeing around price points. We've had a lot of evidence of more premium brands doing better than luxury in the industry, so any color there that you can call out and also in terms of what you're seeing from luxury prices being put through if you're seeing more entry price for items in the industry. Thank you.

你好，謝謝你回答我的問題，我對結果表示祝賀。我想問一下您對價格點的看法。我們有大量證據表明，業內高端品牌的表現優於奢侈品品牌，因此，如果您看到業內產品的入門價更高，那麼您可以指出其中的任何顏色，以及您從奢侈品價格方面看到的情況。謝謝。

Thank you. Honestly, in our business, the emergence of more entry price points, I cannot confirm. The business is driven by big spenders. It's driven by high priced items. What I can confirm is, however, that we clearly are in a moment of pause of hold on any further price increases.

謝謝。老實說，在我們的業務中，無法確認是否出現了更多的入門價格點。推動這項業務的是大手大腳的消費者。這是由高價商品推動的。然而，我可以確認的是，我們顯然正處於暫停進一步漲價的時刻。

So in that sense, we have come out of a phase where a lot of price increases happened and arguably some of them were too far or too high. The market overall, I think, is looking at opportunities to bring back the aspirational customer as just discussed, and we do believe that.

從這個意義上來說，我們已經走出了價格大幅上漲的階段，可以說有些價格上漲幅度過大或過高。我認為，整個市場正在尋找機會來吸引有抱負的客戶，正如剛才討論的那樣，我們確實相信這一點。

Well priced entry price level or of course in the context of true luxury is one element of that strategy and our business, the growth that you have seen and as demonstrated by the average order value, which in turn is driven really by the average item value, the 9.5% increase, not our gross is not driven by business that is tilting towards premium or entry price point.

價格合理的入門級價格水平，或者當然在真正的奢侈品背景下，是該策略和我們業務的一個要素，您所看到的增長，如平均訂單價值所示，而這反過來又是由平均產品價值推動的，9.5% 的增幅，而不是我們的毛利，並不是由高端或入門級價格點的業務推動的。

(Operator Instructions) Oliver Chen, TD Cowen.

(操作員指示) Oliver Chen，TD Cowen。

Hey, Michael, Martin, thanks a lot. You, you've had really great momentum, and you continue to have, what are your thoughts in terms of what's fueling that and also service levels and distribution centers?

嘿，邁克爾，馬丁，非常感謝。您一直以來都擁有巨大的發展勢頭，並且會繼續保持下去，您認為推動這一發展的因素是什麼？

In question, longer term, our thesis is for physical meets digital, and bricks meets clicks. What do you think about the future of how you'll evaluate, physical distribution as well, more broadly?

簡言之，從長遠來看，我們的論點是實體與數位的結合、實體店與網路的結合。您如何看待未來對實體分佈的評估方式以及更廣泛的意義？

Well, I mean, on the second part, I agree, we agree that physical presence is key. I mean, we believe we need to form strong customer relationships, and we are. We need to present digital but physical experiences as well.

嗯，我的意思是，關於第二部分，我同意，我們同意身體存在是關鍵。我的意思是，我們相信我們需要建立牢固的客戶關係，而我們確實正在這樣做。我們需要呈現數位化的和實體的體驗。

And for the moment, this clearly means physical pop-ups, physical presentations of our brand of what we do as of this weekend, we will be present physically in Aspen with the [Ariski] experience, together with our friends from Bemelmans Bar from New York, first time you can experience Bermelman's Bar outside of the Carlisle in New York. So that we totally agree with and it's no coincidence that we name our overall group LuxExperience. Therefore, physical incarnations, so to speak, our team.

目前，這顯然意味著實體彈出窗口，實體展示我們的品牌，從本週末開始，我們將在阿斯彭實體展示 [Ariski] 體驗，與我們來自紐約的 Bemelmans Bar 的朋友一起，這是您第一次在紐約卡萊爾之外體驗 Bermelman's Bar。因此我們完全同意這一點，將我們的整個團隊命名為 LuxExperience 絕非巧合。因此，可以說，我們的團隊是實體化身。

The key for our success, we believe, at least, is our customer focus, really understanding what it is that our customer wants, introducing products that they desire, be it kids, life, and now a clear focus on fine jewelry. And really establishing relationships with a customer clientele that is very careful with its time.

我們相信，我們成功的關鍵至少在於以客戶為中心，真正了解客戶的需求，推出他們想要的產品，無論是兒童產品、生活產品，現在明確關注的是高級珠寶。並真正與非常注重時間的客戶建立關係。

So you need occasional moments to really strengthen and form relationships, and otherwise, Time is, and speed is still one of the key components of excellent service in e-commerce, and we are working hard on this. Our new distribution center in in [Leipzig] has again, made it possible to be faster.

因此，您需要偶爾花一些時間來真正加強和建立關係，否則，時間和速度仍然是電子商務優質服務的關鍵組成部分之一，我們正在為此努力。我們位於萊比錫的新配送中心再次提高了速度。

We always sat down on the roadmap if we achieve critical mass in certain geographies, we also believe that regional distribution centers can play a role in making time a real USP and obviously with the expected acquisitions, there are more opportunities to start doing this.

如果我們在某些​​地區達到臨界規模，我們總是會制定路線圖，我們也相信區域配送中心可以在使時間成為真正的 USP 方面發揮作用，而且顯然隨著預期的收購，有更多機會開始這樣做。

Wendy Gao, CICC.

Wendy Gao，中金公司。

Okay. So, hello, Martin and Michael, and congratulations to the nice results. I think I have a question about the top customer profile by region, like, can you share something about the -- maybe the next about the top customer profile and also the relevant average order value?

好的。所以，你好，馬丁和邁克爾，恭喜你們取得了好成績。我想我對按地區劃分的頂級客戶資料有一個疑問，例如，您能否分享一些關於——也許下一個關於頂級客戶資料以及相關的平均訂單價值的信息？

I mean, we have shared in the past that the top customers numbers account for close to 4% and make up close to 40% of revenue and that. That mix is actually quite similar across geography, so this was true for Europe, for the Americas, and for Asia and Greater China.

我的意思是，我們過去曾分享過，頂級客戶數量佔接近 4%，且貢獻了近 40% 的收入。這種組合在各個地區實際上都非常相似，歐洲、美洲、亞洲和大中華區都是如此。

What is true is that the average order values, particularly in Greater China, particularly in Asia, also in the Arabic Peninsula, tend to be higher. So we are getting there more to four digits and above, whereas across the other geographies it is three digits and the average is [736].

事實是，平均訂單價值往往較高，尤其是在大中華區、亞洲以及阿拉伯半島。因此，我們的收入水準已經達到四位數甚至更高，而其他地區則是三位數，平均收入水準為[736]。

So there is even higher appetite for some of the more expensive items, fine jewelry in the Arabic Peninsula, higher priced accessories in Asia, Southeast Asia, and Greater China, but the percentage and the importance also driven by our focus of top customers is the same across all geography and the desire to have the latest European luxury available in those regions is also the same in terms of which brands are popular.

因此，人們對一些較昂貴的商品的需求更高，阿拉伯半島的高級珠寶，亞洲、東南亞和大中華區的高價配飾，但我們對頂級客戶的關注所驅動的百分比和重要性在所有地區都是相同的，並且就哪些品牌受歡迎而言，這些地區對最新歐洲奢侈品的需求也是相同的。

We always shared that if you look at the TOP30 brands, they are very similar, maybe the sequences. Different across geographies, but the TOP30 brands are very similar across the whole world for us.

我們總是分享說，如果你看看TOP30品牌，它們非常相似，也許是序列。雖然不同地區有所差異，但對我們來說，全球範圍內的 TOP30 品牌非常相似。

Understood, thank you. And if we just talking about like Greater China, you mentioned that this region is still impacted by maybe the micro (inaudible) or something else. But if you look at like quarter by quarter, how do you think of the trend? Do you think like the will like recover a bit?

明白了，謝謝。如果我們只談論大中華區，您提到這個地區可能仍然受到微觀（聽不清楚）或其他因素的影響。但如果您逐季觀察，您如何看待趨勢？您認為它會恢復一點嗎？

Yeah, you're absolutely right, it's still that, but we do also for this region see continuous improvement, particularly in Greater China. We see that the business is improving slowly after, of course, quite significant contraction.

是的，你完全正確，情況仍然如此，但我們也看到這個地區持續改善，特別是在大中華區。我們看到，在經歷了相當明顯的萎縮之後，業務正在緩慢改善。

We do believe it has a lot to do with the macro-economic environment. And therefore, it is quite interesting and important to see what additional economic stimulus and economic programs the government will launch in China, but at the moment we do see a slow recovery already.

我們確實認為這與宏觀經濟環境有很大關係。因此，觀察中國政府將推出哪些額外的經濟刺激和經濟計劃是相當有趣和重要的，但目前我們確實已經看到經濟緩慢復甦。

That will conclude our question-and-answer session and our call today. Thank you all for joining. And you may now disconnect.

我們的問答環節和今天的電話會議就到此結束。感謝大家的加入。現在您可以斷開連線了。