LuxExperience BV (LUXE) 2025 Q4 法說會逐字稿

Greetings, and welcome to the LuxExperience fourth-quarter and full fiscal year 2025 earnings conference call. (Operator Instructions) Today's call is being recorded, and we have allocated one hour for prepared remarks and Q&A.

各位好，歡迎參加 LuxExperience 2025 財年第四季及全年財報電話會議。（操作員指示）今天的通話正在錄音，我們預留了一個小時用於準備好的發言和問答環節。

It is now my pleasure to introduce your host, Martin Beer, the Chief Financial Officer of LuxExperience. Thank you, sir. Please begin.

現在，我很榮幸地向大家介紹主持人馬丁·比爾，他是 LuxExperience 的財務長。謝謝您，先生。請開始。

Thank you, operator, and welcome, everyone, to the LuxExperience investor conference call for the fourth-quarter and full fiscal year 2025. With me today is our CEO, Michael Kliger. Before we begin, we'd like to remind you that our discussions today will include forward-looking statements.

謝謝接線員，歡迎各位參加 LuxExperience 2025 財年第四季及全年投資者電話會議。今天陪我一起的是我們的執行長麥可·克利格。在開始之前，我們想提醒各位，我們今天的討論將包含前瞻性陳述。

Any 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 under no duty to update forward-looking statements.

我們對預期所做的任何評論都是前瞻性陳述，並受風險和不確定性的影響，包括我們在年度報告中描述的風險和不確定性。許多因素都可能導致實際結果與預期有重大差異。我們沒有義務更新前瞻性陳述。

In addition, we will refer to certain financial measures not reported in accordance with IFRS on this call. You can find reconciliations of these non-IFRS financial measures in our earnings press release, which is available on our Investor Relations website at investors.luxexperience.com.

此外，在本次電話會議中，我們將提及一些未依照國際財務報告準則（IFRS）報告的財務指標。您可以在我們的獲利新聞稿中找到這些非 IFRS 財務指標的調節表，該新聞稿可在我們的投資者關係網站 investors.luxexperience.com 上找到。

I will now turn the call over to Michael.

現在我將把通話轉給麥可。

Thank you, Martin. Also from my side, a very warm welcome to all of you, and thank you for joining our call. We will comment today on the results and performance of the fourth-quarter and the full fiscal year 2025 of LuxExperience.

謝謝你，馬丁。我這邊也向各位表達熱烈的歡迎，感謝你們參加我們的電話會議。今天我們將對 LuxExperience 2025 財年第四季和全年業績進行評論。

As you know, we successfully closed the acquisition of YOOX NET-A-PORTER on April 23. Under the new name, LuxExperience, we now operate the leading global digital multi-brand luxury group. LuxExperience operates a portfolio of some of the most distinguished store brands in digital luxury and creates communities for luxury enthusiasts worldwide, with unique digital and physical experience.

如您所知，我們已於4月23日成功完成對YOOX NET-A-PORTER的收購。我們現在以 LuxExperience 的新名稱經營著全球領先的數位化多品牌奢侈品集團。LuxExperience 經營著一些數位奢侈品領域最傑出的商店品牌組合，並為全球奢侈品愛好者創建社區，提供獨特的數位和實體體驗。

Mytheresa, NET-A-PORTER, and MR PORTER offer highly curated edits of the most prestigious luxury brands featuring womenswear, menswear, kidswear, fine jewelry and watches, as well as lifestyle products. YOOX and THE OUTNET are the leading destinations for multi-brand off-season online luxury shopping. With the acquisition now complete, we will report going forward on the basis of a new segment reporting structure.

Mytheresa、NET-A-PORTER 和 MR PORTER 提供精心挑選的最負盛名的奢侈品牌商品，包括女裝、男裝、童裝、高級珠寶和腕錶以及生活方式產品。YOOX 和 THE OUTNET 是領先的多品牌過季線上奢華購物平台。隨著收購完成，我們今後將依照新的分部報告架構進行報告。

The three segments are Luxury Mytheresa, Luxury NET-A-PORTER and MR PORTER, as well as Off-Price, which is comprised of YOOX and THE OUTNET. As the transaction closed on April 23, the performance of the two new segments were mostly driven by the previous management.

這三個板塊分別是奢侈品 Mytheresa、奢侈品 NET-A-PORTER 和 MR PORTER，以及折扣商品，折扣商品包括 YOOX 和 THE OUTNET。交易於 4 月 23 日完成，兩個新業務板塊的表現主要由先前的管理層推動。

But in order to provide a more comprehensive view of the underlying performance of the segments, we will comment for all businesses on the full 12-month period ending June 30, 2025, even though our financial reporting for the LuxExperience Group reflects the contribution from the acquired businesses only for the period between closing and fiscal year-end.

但為了更全面地展現各業務板塊的實際業績，我們將對所有業務在截至 2025 年 6 月 30 日的完整 12 個月期間進行評論，儘管我們對 LuxExperience 集團的財務報告僅反映了收購業務在交易完成至財政年度結束期間的貢獻。

Let me start by commenting on the overall progress of establishing a new operating model for the now formed LuxExperience Group, which is built on strong store brand differentiation, while enabling significant cost efficiencies in the joint infrastructure for the Luxury businesses and the separated infrastructure for the Off-Price businesses.

首先，我想評論一下新成立的 LuxExperience 集團在建立新的營運模式方面取得的整體進展。該模式建立在強大的門市品牌差異化之上，同時在奢侈品業務的聯合基礎設施和折扣業務的獨立基礎設施方面實現了顯著的成本效益。

We managed to have a very fast start and have already made significant changes to the YNAP structure, processes, and infrastructure since the completion of the acquisition in April. We have initiated cost reduction actions across all operations functions. This relates to changes of the global warehouse footprint and fulfillment models.

自 4 月完成收購以來，我們取得了非常迅速的開局，並且已經對 YNAP 的結構、流程和基礎設施進行了重大改變。我們已在所有營運職能部門啟動了成本削減措施。這與全球倉庫佈局和物流模式的變化有關。

The customer service provider landscape and global renegotiation of carrier contracts all yielding significant savings going forward for the group. The technology migration for Luxury as well as the simplification of a separate Off-Price tech stack has also started. And we have fully validated our expectations for the time and effort needed that we had before the acquisition.

客戶服務提供者格局和全球營運商合約的重新談判都將為集團未來帶來顯著的成本節約。奢侈品產業的科技遷移以及獨立折扣商品科技棧的簡化工作也已經開始。我們已經完全驗證了收購前對所需時間和精力的預期。

We have also already enabled customer data analytics across the group by creating a joint data analytics layer on top of the different data platforms. We have come already a long way in the transformation of the group finance and HR functions, supporting the new operating model and driving significant G&A savings going forward.

我們也透過在不同的資料平台之上創建一個聯合資料分析層，實現了集團範圍內的客戶資料分析。我們在集團財務和人力資源職能的轉型方面已經取得了長足的進步，為新的營運模式提供了支持，並推動了未來一般及行政費用的大幅節省。

Finally, we have announced partial workforce reductions across YNAP, that are subject to the completion of applicable information and consultation processes. All these actions aim to regain financial strength after years of decline for YNAP.

最後，我們宣布了 YNAP 部分員工的裁減計劃，但需完成相關的資訊和諮詢流程。YNAP採取所有這些措施，旨在使其在經歷了多年的衰落之後重獲財務實力。

We are very pleased with the fast start of the transformation to leverage the scale and scope for strong growth and profitability for the whole group. Medium term, we expect, therefore, to reach EUR4 billion in net sales and an adjusted EBITDA margin of 7% to 9% for the group. LuxExperience is in a remarkable position to become the one and only destination for luxury enthusiasts worldwide.

我們對轉型迅速啟動感到非常滿意，這將充分利用規模和範圍，為整個集團帶來強勁的成長和獲利能力。因此，我們預計中期內集團淨銷售額將達到 40 億歐元，調整後 EBITDA 利潤率將達到 7% 至 9%。LuxExperience 擁有得天獨厚的優勢，有望成為全球奢侈品愛好者的唯一目的地。

Let me now comment on the Mytheresa business, the main driver of our financial performance in fiscal year 2025. We are extremely pleased with the results of our Mytheresa business, confirming again our unique ability to deliver profitable growth despite ongoing macro headwinds.

現在讓我來談談 Mytheresa 業務，這是我們 2025 財年財務表現的主要驅動力。我們對 Mytheresa 業務的業績感到非常滿意，這再次證實了我們即使在持續的宏觀不利因素下，也能實現獲利成長的獨特能力。

We clearly demonstrated the strength of our business model, which focuses on wardrobe-building, big-spending luxury customers. In Q4 of fiscal year '25, we grew our net sales by plus 11.5% compared to Q4 fiscal year '24 and for the full fiscal year '25 by plus 8.9% compared to full fiscal year '24. This was an acceleration of the results of the third quarter, and we closed the year fully in line with our given guidance.

我們清楚地展示了我們商業模式的優勢，專注於打造衣櫥、消費能力強的奢侈品客戶。2025 財年第四季，我們的淨銷售額比 2024 財年第四季成長了 11.5%；2025 財年全年，我們的淨銷售額比 2024 財年全年成長了 8.9%。這是第三季業績的加速成長，我們最終全年業績完全符合預期。

In the United States, the Mytheresa business generated a net sales growth of plus 6.4% in Q4 fiscal year '25 compared to Q4 fiscal year '24. For the full fiscal year, the US accounted for 20.6% of net sales of our total business. In Europe, excluding Germany, we experienced an excellent net sales growth with plus 19.4% in Q4 fiscal year '25 compared to the prior-year period.

在美國，Mytheresa 業務在 2025 財年第四季的淨銷售額比 2024 財年第四季成長了 6.4%。在整個財政年度，美國市場占我們總業務淨銷售額的 20.6%。在歐洲（不包括德國），我們實現了優異的淨銷售額成長，2025 財年第四季淨銷售額比上年同期成長了 19.4%。

This growth of Mytheresa was again driven by our resilient and loyal top customers. The top customer base of Mytheresa grew by plus 3.6% in the fourth quarter compared to the prior-year period. More importantly, the average spend per top customer in terms of GMV grew by plus 16.1% in Q4 fiscal year '25 versus Q4 fiscal year '24 and plus 15.9% for the full fiscal year '25.

Mytheresa 的這一成長再次得益於我們堅韌不拔、忠誠度極高的頂級客戶。與去年同期相比，Mytheresa 的頂級客戶群在第四季度成長了 3.6%。更重要的是，2025 財年第四季頂級客戶的平均消費額（以 GMV 計算）比 2024 財年第四季成長了 16.1%，2025 財年全年成長了 15.9%。

As a consequence of our successful strategy at Mytheresa, our top customers accounted for 3.8% of all customers and numbers, but for 42.6% in terms of total GMV in fiscal year 2025. The average order value last 12 months from Mytheresa increased by a remarkable plus 10% to an outstanding EUR773 in Q4 fiscal year '25, demonstrating the success of our focus on selling fully priced, high-end luxury products to top customers, including our successful expansion of our fine jewelry offer.

由於我們在 Mytheresa 的成功策略，我們的頂級客戶佔所有客戶和數量的 3.8%，但在 2025 財年的總 GMV 中佔 42.6%。Mytheresa 過去 12 個月的平均訂單價值在 2025 財年第四季度實現了顯著增長 10%，達到驚人的 773 歐元，這表明我們專注於向頂級客戶銷售全價高端奢侈品取得了成功，包括我們成功擴大了高級珠寶產品線。

This high average order value also provides further economic leverage that we also use, for example, to invest further in our unboxing experience with added gifting for kidswear orders and branded hangers as well as garment bags for high-value, ready-to-wear items.

較高的平均訂單價值也為我們提供了進一步的經濟槓桿，例如，我們可以進一步投資於我們的開箱體驗，為童裝訂單增加贈品，為高價值成衣提供品牌衣架和服裝袋。

The continued focus of Mytheresa on selling full price is also evident with the again improved gross profit margin growing by 90 basis points in Q4 fiscal year '25. For the full fiscal year 2025, the gross profit margin grew by 130 basis points.

Mytheresa 持續專注於全價銷售，這也反映在其 2025 財年第四季毛利率再次提高 90 個基點。2025 財年全年，毛利率增加了 130 個基點。

Our excellent customer service proposition is highlighted by our internally measured net promoter score of 82.6% in Q4 fiscal year '25, showing our consistently outstanding customer satisfaction. Our success with big-spending, wardrobe-building customers makes Mytheresa a highly desired partner for luxury brands.

我們卓越的客戶服務理念在 2025 財年第四季的內部淨推薦值 (NPS) 達到 82.6% 時得到了充分體現，這表明我們始終保持著出色的客戶滿意度。我們憑藉著在消費能力強、注重打造個人衣櫥的客戶群中取得的成功，使 Mytheresa 成為奢侈品牌夢寐以求的合作夥伴。

In the fourth-quarter fiscal year '25, we saw again many high-impact campaigns and exclusive product launches, underlying also Mytheresa's strong relationships with luxury brands. We launched the exclusive Dolce & Gabbana Taormina capsule collection for womenswear and kidswear, only available at Mytheresa.

在 2025 財年第四季度，我們再次看到了許多具有重大影響的行銷活動和獨家產品發布，這也凸顯了 Mytheresa 與奢侈品牌之間的牢固關係。我們推出了 Dolce & Gabbana Taormina 獨家女裝和童裝膠囊系列，僅在 Mytheresa 有售。

We launched also high summer exclusive capsules with Pucci, Versace, Chloe, La DoubleJ, and Missoni for womenswear, all only available at Mytheresa. We were the exclusive prelaunch partner for the Alaïa archetype collection, Valentino's Été Fou capsule collection, as well as The Row's fall/winter '25 collection for womenswear and menswear.

我們還與 Pucci、Versace、Chloe、La DoubleJ 和 Missoni 合作推出了夏季獨家女裝膠囊系列，所有產品僅在 Mytheresa 有售。我們是 Alaïa 原型系列、Valentino 的 Óté Fou 膠囊系列以及 The Row 2025 秋冬男女裝系列的獨家預售合作夥伴。

We also launched exclusive womenswear, bags, and shoe styles from Bottega Veneta's pre-fall '25 collection and exclusive womenswear and menswear styles from Prada's new selling collection. In addition to creating desirability for our top customers with exclusive digital campaigns and product launches, we also create desirability and a sense of community for Mytheresa's top customers through unique money-can-buy physical experience.

我們也推出了 Bottega Veneta 2025 早秋系列的獨家女裝、包包和鞋履款式，以及 Prada 新推出的暢銷系列的獨家女裝和男裝款式。除了透過獨家數位行銷活動和產品發布來提升頂級客戶的購買意願外，我們還透過獨特的、可以用金錢買到的實體體驗，為 Mytheresa 的頂級客戶創造購買意願和社群歸屬感。

We aspire to constantly engage with our top customers across the globe to build strong, long-lasting relationships. In the fourth quarter, we hosted various top customer events, including an intimate afternoon tea with Patou at the private apartment of the Creative Director, Guillaume Henry. We celebrated the Vogue pop-up at the Mytheresa store in Munich.

我們渴望與全球最重要的客戶保持密切聯繫，建立強大、持久的合作關係。第四季度，我們舉辦了各種頂級客戶活動，包括在創意總監 Guillaume Henry 的私人公寓與 Patou 共進私密下午茶。我們在慕尼黑的 Mytheresa 商店慶祝了 Vogue 快閃店的開幕。

We invited top customers to a dinner and shopping experience with Prada at The Roundtree hotel in Amagansett. Further highlights in the United States included a private behind-the-scenes viewing of the Boston Ballet's rehearsal of Romeo and Juliet, and a private tour at the Frieze art exhibition at Hudson Yards, hosted in collaboration with Stone Island. In Shanghai, we created an unforgettable experience around Sara Burton's debut runway collection together with Givenchy.

我們邀請了頂級客戶到阿馬甘西特的朗特里酒店，與 Prada 共進晚餐並享受購物體驗。在美國的其他亮點包括：私下觀看波士頓芭蕾舞團《羅密歐與茱麗葉》的彩排幕後花絮，以及與 Stone Island 合作在哈德遜廣場舉辦的 Frieze 藝術展的私人參觀。在上海，我們與紀梵希攜手，圍繞著 Sara Burton 的首個時裝秀系列，打造了一場令人難忘的體驗。

In the spirit of being a community for luxury enthusiasts, we hosted a two-day Taormina experience in Sicily, with Dolce & Gabbana in attendance of Alfonso Dolce. We invited guests to a dinner at the famous San Domenico Palace and a Sicilian market experience at Taormina central market.

秉持著為奢侈品愛好者打造社群的精神，我們在西西里島陶爾米納舉辦了為期兩天的體驗活動，Dolce & Gabbana 的 Alfonso Dolce 也出席了活動。我們邀請賓客到著名的聖多明尼克宮享用晚餐，並前往陶爾米納中央市場體驗西西里市場風格。

Another highlight was our two-day Rome experience with Aquazzura, including a private dinner at the Cinecittà film studio, attended by Edgardo Osorio, Founder and Creative Director of Aquazzura. We also hosted a Mediterranean escape in Ibiza with Missoni, including a boat tour and pool party. Finally, we invited clients to Naples to attend a private fashion show with Kiton and learn about the sartorial craftsmanship of the brand.

另一個亮點是我們與 Aquazzura 一起度過的兩天羅馬之旅，其中包括在 Cinecittà 電影製片廠享用私人晚餐，Aquazzura 的創始人兼創意總監 Edgardo Osorio 也出席了晚宴。我們還與 Missoni 合作，在伊比沙島舉辦了一場地中海之旅，包括乘船遊覽和泳池派對。最後，我們邀請客戶前往那不勒斯，參加 Kiton 的私人時裝秀，以了解品牌的精湛剪裁工藝。

In summary, we are extremely pleased with the results of the Mytheresa business. We have demonstrated clear operational and financial leadership in an otherwise struggling sector. And we have also underlined that we have the expertise of LuxExperience to achieve profitable growth in digital luxury.

總而言之，我們對 Mytheresa 業務的成果非常滿意。我們在一個舉步維艱的行業中展現了清晰的營運和財務領導力。我們也強調，LuxExperience 擁有豐富的專業知識，能夠在數位奢侈品領域實現獲利成長。

Let me now comment on the Luxury segment comprised of NET-A-PORTER and MR PORTER. As stated in our investor presentation in May, both NET-A-PORTER as well as MR PORTER are truly iconic digital luxury brands that have distinct high-end customers quite different from the Mytheresa customer base.

現在讓我來談談由 NET-A-PORTER 和 MR PORTER 組成的奢侈品領域。正如我們在 5 月的投資者報告中所述，NET-A-PORTER 和 MR PORTER 都是真正具有標誌性的數位奢侈品牌，它們擁有與 Mytheresa 客戶群截然不同的高端客戶群。

Our key strategic priority will be to strengthen the unique identities of the brands and maintain the differentiation for Mytheresa. A renewed clear focus on luxury customers looking for editorial inspiration and brand discovery as well as a focus on full-price selling will be fundamental for the turnaround of NET-A-PORTER and MR PORTER. Of course, reduced cost of operation will also be needed.

我們的關鍵策略重點是加強品牌的獨特性，並保持 Mytheresa 的差異化優勢。NET-A-PORTER 和 MR PORTER 要扭虧為盈，關鍵在於重新明確關注尋求編輯靈感和品牌發現的奢侈品客戶，以及專注於全價銷售。當然，降低營運成本也是必要的。

In Q4 fiscal year '25, net sales declined by minus 8.9% versus Q4 fiscal year '24 and by minus 10.9% for the full fiscal year '25 compared to full fiscal year '24 for NET-A-PORTER and MR PORTER combined. The United States, with minus 8%; and Europe, excluding the UK and Germany, with minus 6.5%, saw similar decreases in terms of GMV in Q4 fiscal year '25 compared to Q4 fiscal year '24.

2025 財年第四季淨銷售額較 2024 財年第四季下降 8.9%，2025 財年全年淨銷售額較 2024 財年全年下降 10.9%（NET-A-PORTER 和 MR PORTER 合計）。與 2024 財年第四季相比，美國（下降 8%）和歐洲（不包括英國和德國）（下降 6.5%）的 GMV 均出現類似下降。

While the overall top line declined, the average order value last 12 months increased by plus 14.5% to EUR811 for NET-A-PORTER and MR PORTER combined in Q4 fiscal year '25. The gross profit margin remained almost stable in Q4 fiscal year '25 for NET-A-PORTER and MR PORTER combined compared to the prior-year period.

儘管整體營收下降，但 NET-A-PORTER 和 MR PORTER 在 2025 財年第四季的平均訂單價值在過去 12 個月中成長了 14.5%，達到 811 歐元。與上年同期相比，NET-A-PORTER 和 MR PORTER 在 2025 財年第四季的毛利率基本上保持穩定。

Going forward, the clear strategy will be on a renewed focus on high-end, big-spending customers and on full-price selling, both fully in line with our group strategy. The immediate priority after closing the acquisition has been to appoint highly experienced and strongly driven leadership teams at NET-A-PORTER and MR PORTER after years of decline. Both store brands now have outstanding dedicated leadership teams in place.

展望未來，明確的策略將是重新聚焦高端、高消費客戶和全價銷售，這兩點都與我們集團的策略完全一致。收購完成後，當務之急是在 NET-A-PORTER 和 MR PORTER 經歷多年下滑後，任命經驗豐富、充滿幹勁的領導團隊。這兩個自有品牌目前都擁有傑出的專屬領導團隊。

This needed change was done in record speed. Under the leadership of NET-A-PORTER's new CEO, Heather Kaminetsky, who significantly drove Mytheresa's US growth since 2021; new Chief Buying and Merchandising Officer, Brigitte Chartrand; and new Chief Brand and Customer Officer, Claudia Plant, are engineering the successful return of NET-A-PORTER's global appeal and customer passion based on editorial authority and luxury fashion discovery.

這項必要的變革以創紀錄的速度完成。在 NET-A-PORTER 新任執行長 Heather Kaminetsky 的領導下（自 2021 年以來，她顯著推動了 Mytheresa 在美國的成長），新任首席採購和商品官 Brigitte Chartrand 和新任首席品牌和客戶官 Claudia Plant 正在努力透過編輯權威和奢侈時尚，成功重振 NET-A-PORTER 的全球客戶和奢侈吸引力。

No less pivotal is the return of Co-Founder Toby Bateman as CEO to MR PORTER. Under his leadership, Jeremy Langmead as new Brand Director, Daniel Todd as Buying Director, and Cassandra Bergsland as new Customer Director, are charting the course of MR PORTER to regain its unique leadership position as the only global menswear digital luxury destination.

同樣至關重要的是聯合創始人托比·貝特曼回歸擔任 MR PORTER 的執行長。在他的領導下，新任品牌總監 Jeremy Langmead、採購總監 Daniel Todd 和新任客戶總監 Cassandra Bergsland 正在為 MR PORTER 制定發展方向，以重新奪回其作為全球唯一男裝數位奢侈品目的地的獨特領導地位。

While we expect net sales to continue to decline in the short term for NET-A-PORTER and MR PORTER based on a lack of marketing spend in the past as well as too little investments into the buying of attractive new merchandise, the new leadership team in place and a radical transformation program will soon bear fruit and create a much healthier and resilient business model.

儘管我們預計，由於過去行銷支出不足以及對購買有吸引力的新商品投資太少，NET-A-PORTER 和 MR PORTER 的淨銷售額短期內將繼續下降，但新的領導團隊和徹底的轉型計劃很快就會取得成果，並創建一個更健康、更有韌性的商業模式。

Lastly, let me comment on the Off-Price segment, comprised of YOOX and THE OUTNET. Both store brands have suffered the most from the lack of dedicated resources, marketing spend, as well as low investments in attractive new merchandise. Furthermore, the Off-Price businesses shared infrastructure and resources with the Luxury businesses, which did not really fulfill the needs of a lower-margin Off-Price business model.

最後，我想談談折扣商品板塊，其中包括 YOOX 和 THE OUTNET。由於缺乏專門的資源、行銷支出以及對有吸引力的新商品投資不足，這兩個自有品牌受到的影響最大。此外，折扣店業務與奢侈品業務共享基礎設施和資源，這並不能真正滿足利潤率較低的折扣店業務模式的需求。

As stated in May, only by separating Off-Price from Luxury and by decisively streamlining the businesses will the vicious cycle of declining revenues and decreasing investments be stopped. In Q4 fiscal year '25, net sales declined by minus 17.4% for YOOX and THE OUTNET combined. For the full fiscal year 2025, the decline was minus 13.2% compared to full fiscal year '24.

正如五月所宣布的，只有將折扣商品與奢侈品分開，並果斷地精簡業務，才能阻止收入下降和投資減少的惡性循環。2025 財年第四季度，YOOX 和 THE OUTNET 合計淨銷售額下降了 17.4%。2025 財年全年，與 2024 財年全年相比，下降了 13.2%。

The United States, with minus 21.8%; and Europe, excluding the UK and Germany, with minus 15.6%, saw similar negative developments in terms of GMV for YOOX and THE OUTNET for Q4 fiscal year '25 compared to Q4 fiscal year '24.

與 2024 財年第四季相比，YOOX 和 THE OUTNET 在 2025 財年第四季的 GMV 分別下降了 21.8% 和 15.6%；歐洲（不包括英國和德國）的 GMV 也出現了類似的負面變化。

As for the other businesses, the average order value last 12 months for YOOX and THE OUTNET combined increased by plus 17.4% to EUR292. The gross profit margin decreased in Q4 by 490 basis points compared to the prior-year period. This was mostly driven by the shutdown of the YOOX marketplace business as well as clearance activities during this quarter.

至於其他企業，YOOX 和 THE OUTNET 過去 12 個月的平均訂單價值總計成長了 17.4%，達到 292 歐元。第四季毛利率較上年同期下降490個基點。這主要是由於本季 YOOX 市場業務的關閉以及清倉活動所致。

Fully in line with our strategy, we have already taken very clear actions since the closing of the acquisition of YNAP. Separate leadership teams have been put in place and confirmed for YOOX and THE OUTNET. Dedicated brand and marketing functions separate from Luxury have been built up.

完全符合我們的策略，自完成對 YNAP 的收購以來，我們已經採取了非常明確的行動。YOOX 和 THE OUTNET 分別成立並確認了各自的領導團隊。已建立起獨立於奢侈品部門的專屬品牌和行銷職能部門。

Infrastructure, resources, and processes in finance, HR, operations, and most importantly, in technology are being separated from the Luxury segment and streamlined to create the lean operating model required for the Off-Price business. Select operational and administrative structures are being consolidated, and workforce reductions have been announced.

財務、人力資源、營運以及最重要的技術方面的基礎設施、資源和流程正從奢侈品領域分離出來，並進行精簡，以創建折扣業務所需的精益運營模式。公司正在整合部分營運和管理架構，並已宣布裁員。

The group remains fully committed to Italy for YOOX and the United Kingdom for THE OUTNET as their respective headquarters. All these measures will help us to regain growth and financial strength after years of decline for the Off-Price businesses.

該集團仍將全力以赴，YOOX 的總部設在義大利，THE OUTNET 的總部設在英國。所有這些措施都將幫助我們在經歷了多年折扣業務的下滑之後，重新獲得成長和財務實力。

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

現在我把麥克風交給馬丁，讓他詳細討論財務表現。

Thank you, Michael. As explained by Michael, we report across three segments: Luxury Mytheresa, our legacy business; Luxury NAP and MRP, which is comprised of NET-A-PORTER and MR PORTER; and Off-Price, which consists of YOOX and THE OUTNET.

謝謝你，麥可。正如邁克爾所解釋的那樣，我們的報告分為三個部分：奢侈品 Mytheresa，我們的傳統業務；奢侈品 NAP 和 MRP，由 NET-A-PORTER 和 MR PORTER 組成；以及折扣商品，由 YOOX 和 THE OUTNET 組成。

As the transaction closed on April 23, 2025, and our fiscal year ended June 30, our financial reporting for our LuxExperience Group reflects the contribution from the acquired businesses only for the period between closing and fiscal year-end. We will refer to these as reported figures.

由於交易於 2025 年 4 月 23 日完成，而我們的財政年度於 6 月 30 日結束，因此我們 LuxExperience 集團的財務報告僅反映了收購業務在交易完成至財政年度結束期間的貢獻。我們將這些數據稱為已公佈的數據。

To provide a more comprehensive view of the underlying performance of the segments and the combined business group, we will also report on certain key metrics of the new segments and the LuxExperience Group on an illustrative basis, reflecting the full last quarter and full 12-month period ending June 30, 2025.

為了更全面地展現各業務板塊和合併後業務集團的實際業績，我們也將以範例的方式報告新業務板塊和 LuxExperience 集團的某些關鍵指標，反映截至 2025 年 6 月 30 日的最後一個季度和整個 12 個月期間的業績。

I will now review the financial results for the fourth quarter and full fiscal year ended June 30, 2025, on a segment basis and highlight specific developments that influenced each segment's performance. Following that, I will review the consolidated financial results for LuxExperience at group level and will then provide an outlook for fiscal year '26 and the medium term.

接下來，我將以業務板塊回顧截至 2025 年 6 月 30 日的第四季度和整個財年的財務業績，並重點介紹影響各業務板塊業績的具體發展情況。接下來，我將回顧 LuxExperience 集團層面的合併財務業績，並展望 2026 財年及中期前景。

Unless otherwise stated, all numbers refer to euro. Let's begin with the performance of our Mytheresa business. During the fourth quarter, covering April to June, Mytheresa's net sales increased by plus 11.5% to EUR248.9 million. For the full fiscal year, net sales grew by 8.9% to EUR916.1 million, in line with our guidance.

除非另有說明，否則所有數字均指歐元。讓我們先來看看Mytheresa業務的業績。在第四季（4 月至 6 月），Mytheresa 的淨銷售額成長了 11.5%，達到 2.489 億歐元。整個財年淨銷售額成長 8.9%，達到 9.161 億歐元，與我們的預期一致。

GMV grew by plus 11.1% in the quarter to EUR265.9 million and to EUR988.5 million in the full fiscal year, a growth of plus 8.2%. Mytheresa's gross profit margin increased by 90 basis points from 47.4% in the prior-year quarter to now 48.3%, with our continued focus on full-price sale. This marks the fourth consecutive quarter of margin expansion. For the full fiscal year '25, the gross profit margin increased by 130 basis points to 47% from 45.7% in the prior-year period.

本季 GMV 成長 11.1% 至 2.659 億歐元，全年 GMV 成長 8.2% 至 9.885 億歐元。Mytheresa 的毛利率從去年同期的 47.4% 增加了 90 個基點，達到目前的 48.3%，這得益於我們持續專注於全價銷售。這是利潤率連續第四季度擴張。2025 財年全年，毛利率較上年同期成長 130 個基點，從 45.7% 增至 47%。

I will now briefly review the cost line developments. The shipping and payment cost ratio improved by 180 basis points in the fourth quarter from 14.7% to now 12.9%. The reduction is a result of our continuous focus on improving unit economics, mostly driven by an increase in AOV and lower return rates.

接下來我將簡單回顧一下成本線的變化。第四季度，運輸和支付成本比率改善了 180 個基點，從 14.7% 降至目前的 12.9%。這項減少是由於我們持續專注於改善單位經濟效益，主要得益於平均訂單價值的提高和退貨率的降低。

In the full fiscal year '25, the shipping and payment cost ratio decreased by 110 basis points to 13.6%. While the marketing cost ratio saw a slight increase both in the quarter and over the full fiscal year, the selling, general, and administrative, SG&A, cost ratio decreased. In Q4 of fiscal year '25, the SG&A cost ratio stood at 13.4% as a percentage of GMV, decreasing by 70 basis points from the prior-year quarter.

在 2025 財年，運輸和支付成本比率下降了 110 個基點，至 13.6%。雖然本季和整個財政年度的營銷成本比率略有上升，但銷售、一般及行政（SG&A）成本比率卻有所下降。2025 財年第四季度，銷售、一般及行政費用佔商品交易總額的 13.4%，比去年同期下降了 70 個基點。

For the full fiscal year, the SG&A cost ratio decreased by 40 basis points to 13.6%. In Q4 of fiscal year '25, the adjusted EBITDA margin expanded by 180 basis points from 4.7% to now 6.5%. For the full fiscal year '25, the adjusted EBITDA margin increased by 180 basis points to 4.9% with an adjusted EBITDA of EUR44.6 million, in line with our given guidance. Key drivers were our increasing gross profit margin and better unit economics through diligent cost management in all our cost lines.

在整個財政年度，銷售、一般及行政費用率下降了 40 個基點，至 13.6%。2025 財年第四季度，調整後的 EBITDA 利潤率從 4.7% 成長了 180 個基點，達到 6.5%。2025 財年全年，調整後 EBITDA 利潤率成長 180 個基點至 4.9%，調整後 EBITDA 為 4,460 萬歐元，與我們給出的預期一致。關鍵驅動因素是我們不斷提高的毛利率，以及透過對所有成本項目進行嚴格的成本管理而實現的更好的單位經濟效益。

To be able to continuously improve our profitability even in challenging times for the overall industry shows the resilience of our business model and the value of our positioning. Our inventory levels at Mytheresa stayed flat compared to the previous fiscal year-end despite double-digit top-line growth. During Q4 of fiscal year '25, Mytheresa had a positive operating cash flow of plus EUR17.6 million. For the full fiscal year, Mytheresa also had a positive operating cash flow of plus EUR3.6 million.

即使在整個產業面臨挑戰的時期，我們仍然能夠不斷提高獲利能力，這反映了我們商業模式的韌性和我們市場定位的價值。儘管營收實現了兩位數的成長，但Mytheresa的庫存水準與上一個財政年度末相比保持不變。在 2025 財年第四季度，Mytheresa 的營運現金流為正 1,760 萬歐元。整個財政年度，Mytheresa 的經營現金流為正，為 360 萬歐元。

In sum, Mytheresa outperformed its peers with double-digit top-line growth and improving its profitability. In Q4 and for the full fiscal year '25, we proved again that we are the best operator in digital luxury and are ideally positioned to fortify the leadership position of LuxExperience along its three segments.

總之，Mytheresa 的營收實現了兩位數的成長，獲利能力也得到了提升，其業績優於同業。在 2025 年第四季和整個財年，我們再次證明我們是數位奢侈品領域最好的營運商，並且擁有理想的優勢來鞏固 LuxExperience 在其三個細分市場的領導地位。

Let me now comment on the Luxury NET-A-PORTER and MR PORTER segment in more detail. In the fourth quarter of fiscal year, net sales decreased by minus 8.9% and minus 10.9% LTM on an illustrative basis. As Michael outlined, this development is driven by a lack of targeted marketing and merchandise strategy, and is being readjusted by the new leadership in place.

現在讓我更詳細地談談奢侈品電商平台NET-A-PORTER和MR PORTER。本財年第四季，淨銷售額年減 8.9%，以過去 12 個月的業績計算，年減 10.9%。正如邁克爾所概述的那樣，這一發展是由於缺乏有針對性的行銷和商品策略造成的，而新領導層正在對此進行調整。

This was anticipated and is reflected in our overall budget plan. The average order value on an LTM basis increased by plus 14.5% from EUR708 to EUR811. The adjusted gross profit margin in Q4 was mostly stable at around 51%, both in line with the strategic refocus on improving customer quality.

這一點我們早有預料，並已體現在我們的整體預算計劃中。過去 12 個月的平均訂單價值成長了 14.5%，從 708 歐元增加到 811 歐元。第四季調整後的毛利率基本上穩定在 51% 左右，這與公司重新聚焦於提高客戶服務品質的策略相符。

Adjusted EBITDA profitability at NAP-MRP is below Mytheresa level, at minus 1.1% adjusted EBITDA margin in the quarter compared to plus 6.5% at Mytheresa. On an LTM basis, the NAP-MRP adjusted EBITDA margin was at minus 0.7% compared to the plus 4.9% at Mytheresa. As outlined in our May investor presentation, the key focus area for NAP & MRP rests in the SG&A cost ratio.

NAP-MRP 的調整後 EBITDA 獲利能力低於 Mytheresa 的水平，本季調整後 EBITDA 利潤率為 -1.1%，而 Mytheresa 的調整後 EBITDA 利潤率為 +6.5%。以過去 12 個月計算，NAP-MRP 調整後的 EBITDA 利潤率為 -0.7%，而 Mytheresa 的利潤率為 +4.9%。正如我們在 5 月的投資者報告中所述，NAP 和 MRP 的關鍵關注點在於銷售、一般及行政費用比率。

In Q4, the SG&A cost ratio at NAP-MRP was at 24.6%, with now also integrating IT development costs into operating expenses instead of CapEx, the same way we have treated IT development costs at Mytheresa. In fiscal year '24, NAP-MRP had tech people CapEx of EUR26 million. With closing of the acquisition, we changed towards this integration into SG&A expenses starting in this fiscal year Q4.

第四季度，NAP-MRP 的銷售、一般及行政費用比率為 24.6%，現在還將 IT 開發成本納入營運費用而不是資本支出，就像我們在 Mytheresa 處理 IT 開發成本的方式一樣。在 2024 財年，NAP-MRP 的技術人員資本支出為 2,600 萬歐元。隨著收購的完成，我們從本財年第四季開始，將這項整合納入銷售、一般及行政費用。

From now on, this enables full transparency in the true SG&A cost development. The 24.6% SG&A cost ratio at NAP-MRP in the quarter compares to the 13.4% SG&A cost ratio at Mytheresa. This is over a 1,000-basis-point difference and is therefore, the focus area of our transformation plan, with IT, replatforming, operational efficiencies, simplifying the business model and cutting overhead costs.

從現在起，這將實現銷售、一般及行政費用發展過程的完全透明化。本季 NAP-MRP 的銷售、一般及行政費用比率為 24.6%，而 Mytheresa 的銷售、一般及行政費用比率為 13.4%。這相差超過 1000 個基點，因此，這是我們轉型計畫的重點領域，包括 IT、平台重構、營運效率、簡化業務模式和削減管理費用。

Other cost lines of the NAP-MRP Q4 and LTM performance were in line with our expectations and the transformation plan. We also provided illustrative previous-year numbers of NAP-MRP. Given the alignment to the group CapEx policy mentioned above and other adjustments in the setup, previous-year numbers are not fully comparable to the current Q4 performance.

NAP-MRP 第四季和過去 12 個月的其他成本項目都符合我們的預期和轉型計畫。我們也提供了往年 NAP-MRP 的範例資料。鑑於上述集團資本支出政策的一致性以及其他調整，去年同期的數據與目前第四季的業績並不完全可比。

As we provide previous-year comparisons in the Mytheresa segment, we wanted to also make the financial development transparent at the other two segments. With the new leadership team at NAP & MRP on board, we will refine and invest in our buying and marketing efforts to set NET-A-PORTER and MR PORTER on a growth trajectory again while improving profitability.

由於我們在 Mytheresa 板塊提供了前一年的比較數據，我們也希望讓其他兩個板塊的財務發展更加透明。隨著 NAP 和 MRP 新領導團隊的加入，我們將改進並加大採購和行銷方面的投入，使 NET-A-PORTER 和 MR PORTER 再次走上成長軌道，同時提高獲利能力。

With the execution of our transformation plan, we expect the NAP-MRP segment to achieve comparable profitability levels to the Mytheresa segment, with a targeted adjusted EBITDA margin of around 7% to 9% medium term.

隨著轉型計畫的實施，我們預期 NAP-MRP 業務部門的獲利能力將與 Mytheresa 業務部門相當，中期目標調整後 EBITDA 利潤率約為 7% 至 9%。

Let me now review the financial performance of the Off-Price segment. The Off-Price segment is set to a more comprehensive restructuring of its business model. The new leadership team has been initiating multiple changes in its operational and business setup to return to a simplified, efficient, and more quality-focused setup.

現在讓我來回顧一下折扣零售業務的財務表現。折扣零售業務部門將對其商業模式進行更全面的重組。新的領導團隊已經開始對其營運和業務結構進行多項改革，以回歸到更簡化、更有效率、更注重品質的模式。

In Q4, especially with the discontinuation of the unprofitable YOOX marketplace model, this led to a deliberate net sales reduction of minus 17.4% to EUR159.1 million. On an LTM basis, net sales decreased by 13.2% to EUR792.8 million. The AOV on an LTM basis increased by plus 17.4% to EUR292, in line with the customer quality shift.

第四季度，特別是由於停止了不獲利的 YOOX 市場模式，導致淨銷售額有意減少了 17.4%，至 1.591 億歐元。以過去12個月計算，淨銷售額下降13.2%至7.928億歐元。以過去 12 個月計算的平均訂單價值成長了 17.4%，達到 292 歐元，這與客戶品質的提升一致。

The gross profit margin was at 37.9% in the quarter and 35% in the LTM period. The SG&A cost ratio of 28.1% in Q4 mirrors the fundamental restructuring effort needed to enable the Off-Price segment to return to its historic profitability levels. As with the NAP-MRP segment, the SG&A cost ratio now includes the IT development costs into operating expenses instead of CapEx.

本季毛利率為 37.9%，過去 12 個月毛利率為 35%。第四季銷售、一般及行政費用比率為 28.1%，反映了為使折扣零售業務恢復到歷史盈利水平而必須進行的根本性重組工作。與 NAP-MRP 部分一樣，SG&A 成本比率現在將 IT 開發成本計入營運費用，而不是資本支出。

In fiscal year '24, Off-Price had tech people CapEx of EUR18 million. We are starting to drastically simplify the operating model and to capture efficiencies in its IT and operational setup and corporate overhead. In this current state, the Off-Price segment experienced an adjusted EBITDA margin in Q4 of minus 17.9% and minus 12.1% on an LTM basis, in line with our expectations and the long-term plan.

在 2024 財年，Off-Price 的技術人員資本支出為 1,800 萬歐元。我們正著手大幅簡化營運模式，提高IT和營運架構以及公司營運成本的效率。在目前情況下，折扣零售業務第四季的調整後 EBITDA 利潤率為 -17.9%，過去 12 個月的調整後 EBITDA 利潤率為 -12.1%，符合我們的預期和長期計劃。

With the execution of our defined transformation plan, we expect to return to adjusted EBITDA profitability of the Off-Price segment in 18 to 24 months. In Q4, the two new segments, NAP-MRP and Off-Price, had combined a negative operating and investing cash flow of minus EUR46.6 million. For the full fiscal year '25, those two segments had an operating and investing cash flow of minus EUR4.6 million, driven by low inventory intake and low marketing investments.

透過執行我們制定的轉型計劃，我們預計在 18 至 24 個月內，折扣零售業務的調整後 EBITDA 將恢復盈利。第四季度，NAP-MRP 和 Off-Price 這兩個新業務部門合計出現負經營和投資現金流，為負 4,660 萬歐元。2025 財年全年，這兩個部門的營運和投資現金流為負 460 萬歐元，原因是庫存進貨量低和行銷投資少。

With the measures of the transformation plan, coupled with investments in marketing and net working capital buildup, fiscal year '26 will be a cash consumption year for LuxExperience. Now that we've reviewed the performance of our individual segments, let's take a look at how these results translate into our group level financials for LuxExperience.

隨著轉型計畫的實施，加上對行銷和淨營運資本累積的投資，2026 財年將是 LuxExperience 的現金消耗年。現在我們已經回顧了各個業務部門的業績，接下來讓我們來看看這些結果如何轉化為 LuxExperience 集團層面的財務數據。

When we refer to reported numbers, it is our financial reporting, reflecting the true contribution from the acquired businesses between closing and fiscal year-end. When we refer to illustrative numbers, it is reflecting the contribution of the acquired businesses as if they were part of the group for the full periods presented, but excluding acquisition accounting and OFS and Feng Mao businesses that are being wound down.

當我們提到報告的數字時，指的是我們的財務報告，反映了收購業務在交易完成到財政年度結束期間的真實貢獻。當我們提到示例性數字時，它反映的是被收購業務在所列完整期間內作為集團一部分的貢獻，但不包括收購會計處理以及正在逐步關閉的 OFS 和 Feng Mao 業務。

For the full fiscal year '25 ended June 30, reported group GMV amounted to EUR1.3 billion. On an illustrative basis, group GMV in the full fiscal year '25 was EUR2.9 billion, decreasing from EUR3.1 billion in the previous 12-month period, representing an overall decrease of minus 6.3%. Reported group net sales amounted to EUR1.3 billion for the full fiscal year '25.

截至 2025 年 6 月 30 日的整個財政年度，集團報告的商品交易總額為 13 億歐元。舉例來說，2025 財年集團 GMV 為 29 億歐元，較前 12 個月的 31 億歐元下降，整體下降了 6.3%。據報道，該集團2025財年淨銷售額達13億歐元。

On an illustrative basis, net sales were EUR2.8 billion compared to EUR2.9 billion in the comparable period, resulting in a decrease of minus 5.9%. Reported group adjusted EBITDA for the full fiscal year '25 amounted to plus EUR44.2 million at an adjusted EBITDA margin of 3.5%. This higher reported group adjusted EBITDA in comparison to illustrative numbers is mostly driven by effects from acquisition accounting.

舉例來說，淨銷售額為 28 億歐元，而去年同期為 29 億歐元，下降了 5.9%。報告顯示，集團 2025 財年調整後 EBITDA 為 4,420 萬歐元，調整後 EBITDA 利潤率為 3.5%。與範例資料相比，報告的集團調整後 EBITDA 較高，主要是由於收購會計處理的影響。

On an illustrative basis, group adjusted EBITDA was minus EUR15.3 million in Q4 of fiscal year '25 and minus EUR58.7 million for the full fiscal year '25. The adjusted EBITDA margin was minus 2.3% in Q4 and minus 2.1% for the full fiscal year. At the end of the full fiscal year '25, reported group inventory stood at EUR1.020 billion, with net working capital at EUR814.4 million.

舉例來說，集團在 2025 財年第四季的調整後 EBITDA 為負 1,530 萬歐元，2025 財年全年的調整後 EBITDA 為負 5,870 萬歐元。第四季調整後 EBITDA 利潤率為 -2.3%，整個財年為 -2.1%。截至 2025 財年末，集團報告的庫存為 10.2 億歐元，淨營運資本為 8.144 億歐元。

Reported group operating cash flow for the fiscal year was minus EUR30.6 million. On an illustrative basis, including all three segments, operating and investing cash flow for the last 12 months was minus EUR2.3 million, driven by significantly reduced inventory intake at NAP-MRP and Off-Price.

報告顯示，該財年集團經營現金流為負3,060萬歐元。舉例來說，包括所有三個部門在內，過去 12 個月的經營和投資現金流為負 230 萬歐元，主要原因是 NAP-MRP 和 Off-Price 的庫存進貨量大幅減少。

The group ended the fiscal year with a cash position of EUR603.6 million and additional access to an undrawn revolving credit facility of EUR179.8 million. LuxExperience has a strong balance sheet, with EUR1.8 billion of current assets, mostly inventories and cash; almost no bank debt; and an equity ratio of 59%.

該集團本財年結束時現金餘額為 6.036 億歐元，並可額外獲得 1.798 億歐元的未提取循環信貸額度。LuxExperience 的資產負債表穩健，擁有 18 億歐元的流動資產（主要是庫存和現金）；幾乎沒有銀行債務；權益比率為 59%。

Let me now talk to the financial outlook of LuxExperience based on the most recent near-term and medium-term expectations. With the implementation of our transformation plan, fiscal year '26 will be a transition year.

現在讓我根據最新的近期和中期預期，談談 LuxExperience 的財務前景。隨著我們轉型計畫的實施，2026 財年將是個過渡年。

In addition, given the persistent uncertainties on the direct and indirect US customs effects on worldwide customer sentiment, we look at the next 12 months with prudent conservatism. We expect Mytheresa to continue growing its GMV top line. NAP-MRP will still need fiscal year '26 to readjust its buying and marketing strategy and will, therefore, still slightly decline in GMV.

此外，鑑於美國海關對全球消費者情緒的直接和間接影響仍然存在許多不確定性，我們對未來 12 個月持謹慎保守的態度。我們預計Mytheresa的GMV營收將持續成長。NAP-MRP 仍需在 2026 財政年度調整其採購和行銷策略，因此其 GMV 仍將略有下降。

Off-Price in fiscal year '26 will continue the restructuring of its operating and business model. We, therefore, expect GMV at Off-Price to continue to decrease considerably. In sum, and in fiscal year '26, LuxExperience at group level is expected to have a GMV at around EUR2.5 billion to EUR2.9 billion. Medium term, we expect LuxExperience to return to 10% to 15% annual growth rates.

Off-Price 將在 2026 財年繼續對其營運和商業模式進行重組。因此，我們預計折扣商品的 GMV 將繼續大幅下降。總之，預計 LuxExperience 在 2026 財年集團層級的 GMV 將在 25 億歐元至 29 億歐元之間。中期來看，我們預計 LuxExperience 的年增長率將恢復到 10% 至 15%。

Given the uncertainties in the market mentioned earlier and fiscal year '26 being a transition year, we expect in fiscal year '26 comparable profitability levels to fiscal year '25. In sum, LuxExperience at group level is expected to report an adjusted EBITDA margin between minus 4% and plus 1%. We are in an ideal position to execute our transformation plan.

鑑於前面提到的市場不確定性以及 2026 財年是一個過渡年，我們預計 2026 財年的獲利水準將與 2025 財年相當。總而言之，預計 LuxExperience 集團層級的調整後 EBITDA 利潤率將介於 -4% 至 +1% 之間。我們目前處於執行轉型計劃的理想位置。

With our continued success at Mytheresa, we have proven that we are the best execution team in global digital luxury. The new leadership teams at NAP-MRP and Off-Price have begun their work. And at group level, we are in the midst of implementing the measures of our transformation plan. The integration of the YNAP finance teams and formation of all LuxExperience group structures have started early. And we are well underway.

憑藉我們在 Mytheresa 的持續成功，我們證明我們是全球數位奢侈品領域最優秀的執行團隊。NAP-MRP 和 Off-Price 的新領導團隊已經開始工作。在集團層面，我們正在實施轉型計畫的各項措施。YNAP財務團隊的整合和LuxExperience集團所有架構的組成工作很早就開始了。我們已經順利開展工作。

Key activities included a new group-wide organization and governance setup, an integrated finance consolidation and IFRS 16 tool, new segment reporting, unified accounting and reporting policies with transparent cost center structures to enable accountability and cost savings, and a highly efficient and effective finance group team setup.

主要活動包括建立新的集團組織和治理架構、整合財務合併和 IFRS 16 工具、新的分部報告、統一的會計和報告政策以及透明的成本中心結構，以實現問責制和成本節約，以及建立高效的財務團隊。

The statutory and group audits for fiscal year '25 under strict PCAOB guidelines are progressing well, and we expect to file our 20-F as planned end of October. The full execution of the transformation plan, which includes operational adjustments, technology platform integration, and organizational alignment, is already fully funded and with additional leeway with a EUR555 million cash injection of Richemont at closing.

根據美國公眾公司會計監督委員會 (PCAOB) 的嚴格指導方針，2025 財年的法定審計和集團審計進展順利，我們預計將按計劃於 10 月底提交 20-F 表格。轉型計畫的全面實施，包括營運調整、技術平台整合和組織調整，已經獲得了充足的資金，在交易完成時，歷峰集團還將注資 5.55 億歐元，從而為轉型計畫的實施提供了額外的資金支持。

At the end of June 2025, LuxExperience had a total available liquidity of EUR784 million, including cash at hand of EUR604 million and no bank debt, just a small utilization of our revolver of EUR20.2 million. We expect a turnaround to acquire funds in total of no more than EUR350 million to EUR450 million. And we expect to report positive operating cash flow for the group in 2 to 2.5 years.

截至 2025 年 6 月底，LuxExperience 的總可用流動資金為 7.84 億歐元，其中包括 6.04 億歐元的現金，沒有銀行債務，僅使用了 2,020 萬歐元的循環信貸額度。我們預計公司將轉虧為盈，籌集資金總額不會超過 3.5 億歐元至 4.5 億歐元。我們預計集團將在 2 至 2.5 年內實現正的經營現金流。

The setup of LuxExperience with its three operating segments is designed to preserve the strength of each segment while unlocking meaningful long-term value. While we are already seeing initial positive momentum, we will continue to carefully manage the business to drive operational improvements and strategic growth.

LuxExperience 的三大營運部門的架構旨在保持每個部門的優勢，同時釋放有意義的長期價值。雖然我們已經看到了初步的積極勢頭，但我們將繼續謹慎地管理業務，以推動營運改善和策略成長。

We are fully committed on executing our transformation plan and creating significant value for our shareholders and stakeholders. Medium term, we expect to grow LuxExperience to EUR4 billion revenues, with adjusted EBITDA of around EUR320 million at an adjusted EBITDA margin of around 8% at the levels we have proven to achieve in the past. As the clear leader in global digital luxury, we have the track record of multiyear growth at CAGRs well above 12%.

我們全力以赴執行轉型計劃，為股東和利害關係人創造巨大價值。中期來看，我們預計 LuxExperience 的營收將成長至 40 億歐元，調整後的 EBITDA 約為 3.2 億歐元，調整後的 EBITDA 利潤率約為 8%，達到我們過去所取得的水平。身為全球數位奢侈品領域的絕對領導者，我們擁有多年複合年增長率遠高於 12% 的業績記錄。

And with this, I hand over to Michael for his concluding remarks.

接下來，我將發言權交給邁克爾，請他作總結發言。

LuxExperience is in a remarkable position to become the one and only destination for luxury enthusiasts worldwide, bringing together some of the most iconic brands in digital luxury retail. The outstanding performance of Mytheresa shows our unique ability to deliver continued success in digital luxury. We will bring these capabilities and our successful approach to the new store brands.

LuxExperience 擁有得天獨厚的優勢，預計將成為全球奢侈品愛好者的唯一目的地，匯集數位奢侈品零售領域中一些最具標誌性的品牌。Mytheresa 的出色表現展現了我們在數位奢侈品領域持續取得成功的獨特能力。我們將把這些能力和我們成功的模式運用到新的門市品牌中。

We managed to have a very fast start and have already made significant changes to the YNAP structure, processes, and infrastructure since the completion of the acquisition in April. We will leverage the scale and scope of the newly formed group for efficiencies and value creation across the business segments.

自 4 月完成收購以來，我們迅速進入狀態，並對 YNAP 的結構、流程和基礎設施進行了重大調整。我們將利用新成立的集團的規模和範圍，提高各業務部門的效率並創造價值。

By building a community for luxury enthusiasts worldwide and creating desirability through digital and physical experiences, we will continue to generate enormous value for our customers, brand partners, and shareholders.

透過為全球奢侈品愛好者打造社區，並透過數位化和實體體驗創造吸引力，我們將繼續為我們的客戶、品牌合作夥伴和股東創造巨大價值。

And with that, I ask the operator to open the line for your questions.

接下來，我請接線生開通線路，回答您的問題。

(Operator Instructions) Oliver Chen, TD Cowen.

（操作說明）Oliver Chen，TD Cowen。

Hi, Michael, Martin. Thank you. On the Mytheresa business, the AOV was impressive as well as the margins. What parts of the Mytheresa business experienced upside relative to your expectations? And what should we expect in terms of the margin profile going forward? You had a nice benefit with the unit economics.

嗨，邁克爾，馬丁。謝謝。Mytheresa 業務的平均訂單價值 (AOV) 和利潤率都非常出色。Mytheresa 的哪些業務部門的表現超出了您的預期？那麼，未來利潤率走勢會如何呢？單位經濟效益方面你獲得了不錯的收益。

Also, you called out that SG&A -- a big opportunity on the SG&A side on the NET-A-PORTER division. What's the road map for timing of what we should expect there, given it's a nice opportunity and some of it's within your control?

另外，您也提到了銷售、一般及行政費用 (SG&A)－NET-A-PORTER 部門在銷售、一般及行政費用方面有很大的改善機會。鑑於這是一個很好的機會，而且其中一些因素在您的掌控之中，我們應該對未來的發展時間安排有何預期？

And then on the customs effect, that would be helpful for us to understand what we should be thinking about with the risk associated with the sentiment that you articulated relative to customs. And finally, as you articulated the guidance on the EUR2.5 billion to EUR2.9 billion, it would be helpful for us to understand what you're seeing regionally and what you're assuming geographically in terms of achieving that guidance level at the top line. Thank you.

至於海關效應，這有助於我們理解，對於您表達的與海關相關的情緒所帶來的風險，我們應該考慮哪些因素。最後，既然您已經闡述了 25 億歐元至 29 億歐元的業績指引，那麼為了幫助我們了解您在區域層面上看到的情況以及您在地理層面上對實現這一營收指引水平的假設，這將非常有幫助。謝謝。

Thank you, Oliver, for this one question. Let me start with your first question. I think, clearly, the group guidance expects that we will continue to improve the profitability in the Mytheresa business, continually improving full price and thus, have a further increase in gross margin.

奧利佛，謝謝你提出這個問題。讓我們先回答你的第一個問題。我認為，很明顯，集團的業績指引預期我們將繼續提高 Mytheresa 業務的獲利能力，不斷提高全價，從而進一步提高毛利率。

Upsides, I mean, we reported a very strong European business in this quarter, which is great. This is an important or the largest part of the Mytheresa trading. And we will -- we do expect continued strong growth in US. We're all aware that things are quite fickle nowadays, so this is all based on what we know today. But there is continued growth, and continued margin improvement for Mytheresa definitely possible.

好的一面是，我們本季歐洲業務表現非常強勁，這很好。這是 Mytheresa 貿易的重要組成部分，甚至是最大的部分。而且我們確實預期美國市場將持續保持強勁成長。我們都知道如今世事變遷，所以這一切都是基於我們目前所了解的情況。但Mytheresa仍有持續成長的可能，利潤率也完全有可能持續提高。

On the SG&A road map, I think also based on the May presentation, the elements are clear. It's in the operations. It's in the corporate functions. It's in the technology. It's in the data leverage. A lot of it is under our control, as you rightly put, Oliver.

關於銷售、一般及行政費用路線圖，我認為根據五月的演示，各項要素都很明確。它在運營方面。它屬於公司職能部門。關鍵在於技術。關鍵在於數據利用。正如你所說，奧利佛，很多事情都在我們的掌控之中。

We are moving very fast on operations, and so this will definitely show the fastest and first results. Corporate also, we are going with a fine comb to all SG&A costs. Technology, this is the biggest part of savings, but this is the one that definitely takes 2 to 2.5 years. And maybe for the two last questions, I hand over to Martin on customs and guidance.

我們的營運進展非常迅速，因此肯定會最快、最先看到成果。公司方面，我們也嚴格審查所有銷售、一般及行政費用。科技是節省成本的最大部分，但這肯定需要 2 到 2.5 年的時間。最後兩個問題，或許該交給馬丁解答。

Yeah. Hi, Oliver, happy to answer on the customs side. I mean, we -- what we currently see is that the indirect customs effect on the customer sentiment is containable. So we see a continued strong growth of Mytheresa and all other business.

是的。你好，奧利佛，很高興能回答你關於海關方面的問題。我的意思是，我們目前看到的是，間接的海關影響對顧客情緒的影響是可以控制的。因此，我們看到Mytheresa和其他所有業務都持續強勁成長。

So the overall effect of US customs in the industry is still there, but we see green shoots. We see positive developments and also for us, not a barrier to continue our strong growth worldwide. And sorry, what was the second question?

因此，美國海關對該行業的整體影響仍然存在，但我們看到了復甦的跡象。我們看到了積極的發展態勢，而且對我們來說，這不會阻礙我們繼續在全球範圍內保持強勁成長。不好意思，第二個問題是什麼來著？

Regionally, as you think about the growth rates, how are you thinking about the US relative to Europe? And any comments or thoughts on what you're seeing in Asia in terms of the model going forward, geographic dynamics? Thank you.

從區域角度來看，在考慮成長率時，您認為美國相對於歐洲的情況如何？您對亞洲未來的發展模式和地理動態有何評論或想法？謝謝。

Yeah. I mean, maybe we start with the last aspect. In our guidance growth, there is nothing like unexpected super growth in Asia modeled in or built in.

是的。我的意思是，或許我們可以從最後一個面向開始。在我們的成長預期中，並沒有像亞洲市場那樣出現意料之外的超級成長，也沒有將這種成長納入模型或計畫中。

So we continue to see what everybody sees that Asia, especially China, is still weak. As you know, our base is very small. So we don't -- so China is, for us, rather an option for further growth once the situation improves. But in the guidance, nothing is built in there.

所以我們繼續看到大家所看到的，那就是亞洲，尤其是中國，仍然很弱。如你所知，我們的基地非常小。所以我們不認為——所以對我們來說，中國更像是一個在情況好轉後實現進一步增長的選擇。但指導原則中並沒有包含這方面的內容。

And as Michael called out, I mean, the regional growth avenues are quite vast for us. So we continue and expect to continue to grow worldwide with strong growth in Europe, continued also strong growth in the US. This is also clearly visible for us.

正如邁克爾所指出的那樣，我的意思是，我們地區的成長途徑非常廣闊。因此，我們將繼續並期望在全球範圍內繼續成長，其中歐洲市場將保持強勁成長，美國市場也將繼續保持強勁成長。這一點對我們來說也顯而易見。

And we are able to grow in all regions, no matter what the situation is there. So on the regional side, especially looking at the guidance, no unexpected or change in what we have seen so far, a continuous strong development of LuxExperience in all regions.

無論當地情況如何，我們都能夠在所有地區發展壯大。因此，從區域方面來看，特別是從指導方針來看，到目前為止，我們所看到的情況沒有任何意外或變化，LuxExperience 在所有地區都持續強勁發展。

Thank you. Best regards.

謝謝。此致。

(Operator Instructions) Blake Anderson, Jefferies.

（操作說明）布萊克·安德森，傑富瑞。

Hi, guys. Congrats on all the deal progress so far, and I appreciate you taking the questions. So I wanted to just ask on guidance.

嗨，大家好。恭喜交易目前的所有進展，感謝您回答問題。所以我想請教一下各位的意見。

Could you give any more color on the key factors that would lead you to hitting the lower end of your EBITDA margin guidance versus the higher end? And then I'm wondering, on quarterly cadence, can you provide maybe any quarter-to-date trends you've seen and any shaping of the year? Thanks so much.

您能否進一步說明導致您最終實現 EBITDA 利潤率預期下限而非上限的關鍵因素？然後我想問的是，按季度來看，您能否提供一些您觀察到的季度至今的趨勢以及對今年情況的任何預測？非常感謝。

Yeah. I mean, if you look at the quarterly guidance, I mean, as you know -- as you well know, the quarters are mostly driven by the seasonality of the business, so with Q2 and Q4 being stronger quarters in Q1 and fiscal Q3 being weaker quarters.

是的。我的意思是，如果你看一下季度業績指引，正如你所知——正如你很清楚的，季度業績主要受業務季節性因素的影響，因此第二季度和第四季度通常比第一季度強勁，而第三財季則較弱。

So this seasonal cadence will continue. And on the overall guidance, obviously, given that we are in the midst of the restructuring of two segments and seeing the overall situation in the market also with other brands, we want to be conservatively prudent.

所以這種季節性規律還會持續下去。至於整體指導意見，顯然，鑑於我們正處於兩個業務部門的重組過程中，並且考慮到市場上其他品牌的整體情況，我們希望保持謹慎保守的態度。

And therefore, we have guided for a large spread of the adjusted EBITDA margin. And therefore, the lower end is then driven by a more conservative approach of looking at the overall market development that obviously stays still a bit uncertain on multiple fronts. Yeah.

因此，我們預期調整後 EBITDA 利潤率將出現較大幅度的波動。因此，低端市場受到一種更保守的視角的影響，即關注整體市場發展，而整體市場發展在多個方面顯然仍然存在一些不確定性。是的。

(Operator Instructions) Oliver Chen.

（操作說明）Oliver Chen。

Thanks a lot. I appreciate that. On the details on NET-A-PORTER, you mentioned a couple of issues regarding inventory as well as demand creation on the marketing side. What's the timing and road map on both of those opportunities? It looks like they're definitely impacting the margin. Thanks.

多謝。我很感激。關於 NET-A-PORTER 的細節，您提到了一些關於庫存以及行銷方面的需求創造的問題。這兩個機會的具體時間和路線圖是什麼？看起來它們確實對利潤率產生了影響。謝謝。

Well, as you know, there is a significant lead time in terms of changing assortment, improving the buy. So we have a strong new buying director in place. He is in the market. So the fall/winter '26 is the assortment that is now being bought. And so this kicks in early deliveries in May of next year.

如您所知，改變產品組合、改善採購都需要相當長的準備時間。所以我們現在有了一位能力很強的新採購總監。他正在尋找買家。所以，現在正在銷售的是 2026 年秋冬季系列。因此，這項措施將於明年5月開始提前交付。

So the performance of the coming fiscal year is still very much influenced by spring/summer '26 that outside of the main selections has already been bought. But there are many other opportunities on the marketing side in terms of customer acquisition, customer targeting. We are changing the approach to performance marketing based on the experience and also models that we have built at Mytheresa over the years.

因此，即將到來的財政年度的業績仍然很大程度上受到 2026 年春夏系列的影響，除了主要選擇之外，該系列已經售罄。但就客戶獲取、客戶定位而言，行銷方面還有許多其他機會。我們正在根據 Mytheresa 多年來累積的經驗和建立的模型，改變效果行銷的方法。

So merchandise, longest lead time on marketing and customers, but customer tactics, top customer engagement, all of these levers that have been neglected or in our view, not executed correctly, this will kick in. And you will already see impact in that -- in those aspects in the first half of the next calendar year.

所以，商品、最長的行銷和客戶提前期，以及客戶策略、頂級客戶互動，所有這些被忽視或在我們看來沒有正確執行的槓桿，都將發揮作用。而且在下一個日曆年的上半年，你就會在那些方面看到影響力。

Okay. Michael, also, there's been a lot happening in the backdrop with different closures and distress as well. What are your thoughts on the current state of the promotional environment that you're seeing and opportunities amidst the closures?

好的。邁克爾，另外，背景中也發生了很多事情，包括各種關閉和困境。您如何看待當前的促銷環境以及在商家倒閉潮中存在的機會？

And then as we look at the designer landscape, you have a lot of really strong relationships, and there's a ton of newness on the creative side. What are your latest thinkings on the changes creatively and quiet relative to louder luxury?

然後，當我們審視設計師群時，會發現有很多非常牢固的關係，而且在創意方面也湧現了許多新事物。對於創意和低調的風格與喧囂的奢華風格之間的轉變，您最近有什麼想法？

Yeah. On your first part, I think, yes, we have seen further steps in the consolidation of the sector. I still refer to it as a sort of perfect example of an industry curve that, after boom and some weaker demand seasons, there is consolidation.

是的。關於你的第一點，我認為，是的，我們已經看到了該行業進一步整合的跡象。我仍然認為它是行業曲線的完美例子，在繁榮和一些需求疲軟的季節之後，會出現整合。

And I continue to believe -- and I think this also drives some of our numbers -- this consolidation helps to get to a healthier industry, to a reduction in promotional activities of different players. It's for sure that we have a much more balanced inventory-to-demand equation at the moment in place. So as long as demand continues to develop as it has over the last couple of months, we should be very fine. Of course, these things are fickle.

我仍然相信——而且我認為這也能解釋我們的一些數據——這種整合有助於產業健康發展，減少不同參與者的促銷活動。目前，我們的庫存與需求之間的關係無疑地更加平衡了。只要需求像過去幾個月一樣持續發展，我們應該沒問題。當然，這些事情變化無常。

And to your second part, you're absolutely right. I mean, we are really at the pivotal moment at many houses, new designers. We have seen some first debuts, to name Demna Gvasalia as the new Creative Director at Gucci, which brought a lot of new attention to the brand. We will have further new designers at Bottega on Saturday with Louise Trotter. We will have a new designer at Versace presenting on Friday.

至於你的第二點，你完全正確。我的意思是，很多房子都正處於關鍵時刻，湧現了許多新設計師。我們看到了一些首次亮相，例如任命 Demna Gvasalia 為 Gucci 的新創意總監，這為該品牌帶來了許多新的關注。本週六，Bottega也將迎來更多新銳設計師，其中包括Louise Trotter。范思哲將於週五推出新設計師。

And we believe there's a huge level of opportunity in there. There will be a lot of attention garnered by press, by influencers, by ambassadors. So we believe that not everything will work. But there's a significant amount of creativity coming into this market, and that's what it needs.

我們相信這裡面蘊藏著巨大的機會。媒體、網紅和品牌大使將對此進行廣泛關注。所以我們相信並非所有事情都能如願以償。但這個市場正湧現大量的創新，而這正是它所需要的。

And so we're really looking forward to it, and our buyers are ready to jump in when they see opportunities, when they see attractive merchandise. As outlined by Martin, we are in a position to put dollars behind it if we believe there is a strong trend in the market.

因此我們非常期待，我們的買家也隨時準備好抓住機會，一旦看到有吸引力的商品就會出手。正如馬丁所概述的那樣，如果我們相信市場存在強勁的趨勢，我們就可以投入資金支持它。

Okay. And on the consumer sentiment piece, as you know, it's been somewhat volatile. What are you seeing with consumer sentiment and the feel-good factor in relation to your business? Demna has been exciting at Gucci as well. It's a rebirth or a transformation with what's happening at that brand. Would love any thoughts on that opportunity as well.

好的。至於消費者信心方面，如您所知，一直有些波動。您認為消費者情緒和良好感覺因素對您的業務有何影響？Demna在Gucci的表現也令人興奮。對這個品牌來說，這是一次重生或轉型。我也想聽聽大家對這個機會的看法。

I think I have -- whatever I say, I have to really build on your remark. We are in a very volatile environment. So everything we see is only as valid as far as we can sort of predict the future. But sentiment has been improving. I refer back to the strong results in the last quarter in Europe for Mytheresa.

我覺得我已經──無論我說什麼，我都必須在你剛才的話基礎上繼續闡述。我們身處在一個非常動盪的環境。所以，我們所看到的一切，其有效性僅限於我們能夠預測未來的可能性。但市場情緒一直在好轉。我指的是Mytheresa上季在歐洲取得的強勁業績。

We continue to see good growth and acceleration in the demand in the United States. In Asia, from a very low level, there are improvements visible. So current trends are positive at different sort of levels of strength. But again, we are in a volatile environment, and we have seen a lot of macro shocks that change that quite quickly.

我們持續看到美國市場需求保持良好成長動能並加速成長。亞洲的情況雖然很低，但已經出現了明顯的改善。因此，目前的趨勢在不同強度等級上都是正面的。但是，我們身處在一個動盪的環境，我們已經看到許多宏觀衝擊迅速改變了這種情況。

Gucci is one of the biggest luxury brand in the industry. Even with the negative trend of recent years, it's still a top five luxury brand. And so a new designer bringing in a lot of creativity and creating quite a lot of buzz in the last two days is very positive.

Gucci是業內最大的奢侈品牌之一。即使近年來呈下滑趨勢，它仍然是排名前五的奢侈品牌。因此，一位新設計師帶來了許多創意，並在過去兩天引起了巨大的轟動，這是非常積極的。

Again, this is never a one-season game. This is establishing new codes, building on the existing codes of the brand. So great start. And without a great start, you can't have a continuation. But a great start alone is, of course, also not enough.

再說一遍，這從來都不是一場一季就能結束的遊戲。這是在現有品牌準則的基礎上建立新的準則。開局不錯。如果沒有一個好的開始，就不可能繼續下去。當然，光有一個好的開始是不夠的。

Thank you. Final, on the Off-Price division, you've been consistent with the need to take out costs there and rebase it to what's appropriate for the margin profile of that division. What are the harder parts of that business?

謝謝。最後，關於折​​扣商品部門，您一直堅持認為需要削減該部門的成本，並將其重新調整為適合該部門利潤率水平的成本。這個行業最難的部分是什麼？

And it's pretty different in terms of the buying techniques as well as the customer. What do you see happening in terms of your core competencies relative to that division? And how quickly can you get the margin structure in a place that you're happy with?

在購買技巧和客戶方面也大不相同。您認為貴公司在該部門的核心競爭力方面會發生什麼變化？你能多快將利潤率結構調整到你滿意的程度？

It is a different business. I mean, we have shared the small overlap between the two Luxury segments in that segment. But still, it is retail. And still, we firmly believe that the strict application of the principles of focusing on the customer, understanding what he or she really desires, servicing them well, and of course, being frugal.

這是不同的行業。我的意思是，我們已經分享了該細分市場中兩個奢侈品細分市場之間的一小部分重疊部分。但它本質上仍然是零售業。不過，我們仍然堅信，嚴格執行以客戶為中心、了解客戶真正想要什麼、提供優質服務以及節儉的原則。

And it's not so much that these two businesses spend without any understanding of their cost structure. They were sitting on a cost structure that was not engineered for Off-Price. So it's really what we stressed often, the separation of the infrastructure from the Luxury.

問題不在於這兩家企業在完全不了解自身成本結構的情況下進行支出。他們當時採用的成本結構並非為低價策略而設計。所以，這正是我們經常強調的，將基礎設施與奢侈品分開。

To provide them an infrastructure that fits their gross profit margin in Off-Price and off-season is lower by definition of that business model. And so I think there are different challenges, but the opportunities are as big and the time horizon is as fast as we see with the NET-A-PORTER, MR PORTER Luxury segment.

為他們提供符合其在低價和淡季銷售的毛利率的基礎設施，根據該商業模式的定義，淡季和淡季的毛利率較低。所以我認為雖然面臨不同的挑戰，但機會也同樣巨大，時間也同樣緊迫，就像我們在 NET-A-PORTER 和 MR PORTER 奢侈品領域看到的那樣。

Thank you. There are no further questions pending at this time. This concludes today's call. Thank you for attending. You may now disconnect.

謝謝。目前沒有其他待決問題。今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線。