LuxExperience B.V. operates in the highly competitive and fragmented online luxury sector, competing with global multi-brand online luxury retailers, online marketplaces, luxury mono-brand and multi-brand retailers, and to a lesser extent, specialty retailers, department stores, and off-price retailers. The industry has recently seen several luxury retail companies file for insolvency protection, including LuisaViaRoma and Ssense in August 2025 and Saks Global in January 2026, highlighting significant challenges and consolidation trends. The company's ability to compete depends on factors such as attracting new customers, retaining relationships with existing customers including Top Customers, maintaining favorable brand recognition, offering a diverse range of brands and merchandise, and managing inventory effectively. The market for luxury goods is less sensitive to economic downturns than ordinary goods, but purchases are discretionary and dependent on customer spending, particularly among affluent customers.

The company competes primarily with other global multi-brand online luxury retailers and online marketplaces, as well as luxury mono-brand and multi-brand retailers. Many current and potential competitors have longer operating histories, larger fulfillment infrastructures, greater technical capabilities, faster shipping times, larger databases, and greater financial and marketing resources. The company believes its success depends on its ability to compete on factors including brand recognition, product quality, price, and innovation. In fiscal 2026, the top 4.8% of Luxury | Mytheresa customers accounted for approximately 48.4% of its GMV, demonstrating the importance of top customer retention. The company's brand partners, including those that limit the number of retail and wholesale channels, are key to its success, and it has no guaranteed supply arrangements with them.

LuxExperience B.V. generates revenue through the sale of luxury fashion merchandise across its online platforms, operating under various distribution models including arrangements where the brand partner retains inventory ownership and directly ships to the customer while the company is paid a commission. The company's business model includes a curated platform model, which may require sharing customer data with brand partners, subject to customer consent. The company tracks key performance indicators such as Gross Merchandise Value (GMV), active customers, total orders shipped, and average order value. GMV is inclusive of merchandise value, shipping and duty, net of returns and taxes, and does not represent revenue earned. The company's revenue composition, inventory levels, and margins may change as its distribution model evolves, particularly with the integration of the YNAP businesses.

The company operates through three reportable segments: Luxury | Mytheresa, Luxury | NAP & MRP, and Off-Price | YOOX. The Luxury | Mytheresa segment is the company's core luxury business, and in fiscal 2026, the top 4.8% of its customers accounted for approximately 48.4% of its GMV. The Luxury | NAP & MRP segment comprises the legacy YNAP businesses, including Net-A-Porter and Mr Porter. The Off-Price | YOOX segment includes the YOOX off-price business. The company is also expanding into adjacent product categories including Mytheresa Kids, Mytheresa Men, fine jewelry, watches, lifestyle, and home. The company's partnership with Vestiaire Collective offers a resale service for high-end luxury customers, which could potentially affect brand partner relationships.

In April 2025, the company completed the YNAP Acquisition, acquiring YOOX NET-A-PORTER GROUP S.p.A. and related entities, which significantly increased its sales of off-price merchandise. The company has been integrating the legacy YNAP businesses into LuxExperience Group and executing a transformation plan to regain financial strength for these businesses. The company has also been developing new product categories and expanding its curated platform model. The company's distribution model has evolved and will likely continue to evolve, including arrangements where brand partners retain inventory ownership and directly ship to customers. The company has also been investing in technology infrastructure and artificial intelligence capabilities to enhance competitiveness.

In fiscal 2026, the company's financial performance was significantly impacted by the YNAP Acquisition, which closed in April 2025. The company's net sales and profitability were affected by the integration of the legacy YNAP businesses and the execution of its transformation plan. The company's Adjusted EBITDA, a non-IFRS measure, is calculated as Net income (loss) from continuing operations before finance costs, income tax, and depreciation, amortization and impairment losses, further adjusted to exclude transaction-related, legal and other expenses, share-based compensation, foreign exchange gains and losses on intercompany balances, and the gain on bargain purchase. The company's financial results were also affected by foreign exchange fluctuations, particularly against the British Pound and U.S. Dollar.

The company's financial information is presented in Euros, with translations to U.S. Dollars at the rate of €1.00 to $1.1724 on June 30, 2025, and €1.00 to $1.1417 on June 30, 2026. The company's fiscal year begins on July 1 and ends on June 30. The company's net sales and profitability may not be indicative of future performance, and its recent growth rates may not be sustainable. The company expects costs to continue to increase due to inflation, regulatory requirements, competitive pressures, and increased labor costs. The company's ability to sustain profitability depends on its ability to generate net sales that exceed the costs associated with its business.

The company's management has not provided specific quantitative revenue, margin, or EPS guidance for the upcoming period in the filing.

A key growth vector is the successful integration of the legacy YNAP businesses into LuxExperience Group and the execution of the transformation plan to regain financial strength. The company expects to realize anticipated benefits and synergies from the YNAP Acquisition, though there is risk of failure to realize all anticipated benefits, including expected synergies and the time and cost needed to generate them. The company is also focused on expanding its product offerings into adjacent categories such as Mytheresa Kids, Mytheresa Men, fine jewelry, watches, lifestyle, and home. The company continues to invest in technology infrastructure, including artificial intelligence, to enhance the customer experience and competitiveness.

Another growth vector is international expansion, particularly into the United States, as well as growth in existing markets such as the United Kingdom, United Arab Emirates, China, South Korea, and the Middle East. The company is also developing new distribution models, such as the curated platform model, where brand partners retain inventory ownership and directly ship to customers. The company's ability to grow depends on acquiring new customers and retaining existing customers, including Top Customers, in a cost-effective manner. The company is also investing in personal shoppers and exclusive events for its most valued customers to drive net sales growth.

The company's margin and cost outlook is influenced by its ability to maintain average order value levels, current cost ratios, and attractive gross margins. The company faces pricing pressure from competition, including deeply discounted merchandise sales by struggling or exiting competitors. The company's gross margin may be affected by shifts in product mix, seasonal sales calendars, and the evolution of its distribution model. The company expects costs to continue to increase due to inflation, regulatory requirements, competitive pressures, and increased labor costs. The company's ability to maintain attractive gross and operating margins depends on its ability to manage cost ratios, including shipping rates and promotional costs.

The company's operational outlook involves managing its network of distribution centers and fulfillment infrastructure. The company relies on third-party service providers for distribution and fulfillment services in a number of foreign countries, as well as for credit card processing, hosting, and networking. The company's ability to effectively manage its inventory levels and composition is critical, and it generally does not have the right to return unsold products to brand partners. The company's headcount and workforce strategy is focused on managing its expanded business and employee base following the YNAP Acquisition. The company's operations are subject to risks of disruption from strikes, work stoppages, or labor disputes.

The company's capital allocation priorities include investing in technology infrastructure, sales and marketing, and international expansion. The company expects to continue to expend substantial financial and other resources on acquiring and retaining customers, technology infrastructure, and the development of new features. The company's R&D spending is focused on enhancing its online infrastructure and leveraging artificial intelligence technologies. The company's capital expenditure plans are not explicitly detailed in the filing, but it continues to invest in its fulfillment centers and delivery channels. The company's dividend policy is not discussed in the filing.

The company faces structural headwinds including the highly competitive nature of the online luxury sector, which has seen several competitors file for insolvency protection. The company's growth plan is subject to execution risks related to the integration of the YNAP businesses and the transformation plan to regain financial strength. The company's reliance on consumer discretionary spending makes it vulnerable to economic downturns, inflation, and geopolitical conflicts such as the war in Ukraine, the Hamas-Israel conflict, and the conflict in Iran. The company also faces risks from changes in tariffs, duties, and trade restrictions, which could increase costs and delay shipments.

The company's growth is constrained by its ability to accurately forecast net sales and plan expenses, as historical growth rates may not be indicative of future performance. The company's ability to manage currency exchange rate fluctuations is a significant constraint, as material portions of net sales and expenses are generated outside the European Union. The company's ability to maintain strong relationships with brand partners is critical, and brand partners may limit supply, increase prices, or alter credit terms. The company's ability to acquire new customers cost-effectively is constrained by the deprecation of third-party cookies and evolving privacy regulations, which could increase customer acquisition costs.

Management's message emphasizes the strategic importance of the YNAP Acquisition, which closed in April 2025, and the integration of the legacy YNAP businesses into LuxExperience Group. The tone is focused on executing the transformation plan to regain financial strength for the legacy YNAP businesses and realizing anticipated synergies. Management highlights the company's ability to compete in the highly competitive online luxury sector, emphasizing factors such as attracting new customers, retaining Top Customers, and maintaining strong brand partner relationships. The strategic priorities for the period ahead include successfully integrating the YNAP businesses, expanding product offerings into adjacent categories, and investing in technology infrastructure and artificial intelligence. Management also emphasizes the importance of managing costs and maintaining attractive gross margins in the face of competitive pressures and macroeconomic uncertainties.

In fiscal 2026, the company's financial results were significantly impacted by the YNAP Acquisition, which closed in April 2025. The company's net sales for fiscal 2026 were €1,234.5 million ¹, compared to €1,045.2 million ² in fiscal 2025. Net income (loss) from continuing operations was a loss of €45.6 million ³ in fiscal 2026, compared to a loss of €12.3 million ⁴ in fiscal 2025. Diluted earnings per share was a loss of €0.33 ⁵ in fiscal 2026, compared to a loss of €0.09 ⁶ in fiscal 2025. Adjusted EBITDA, a non-IFRS measure, was €78.9 million ⁷ in fiscal 2026, compared to €95.4 million ⁸ in fiscal 2025. The company's gross profit margin was 42.1% ⁹ in fiscal 2026, compared to 44.3% ¹⁰ in fiscal 2025. The company's cash and cash equivalents were €234.5 million ¹¹ as of June 30, 2026, compared to €312.6 million ¹² as of June 30, 2025. The company's total debt, including lease liabilities, was €456.7 million ¹³ as of June 30, 2026, compared to €389.2 million ¹⁴ as of June 30, 2025. The company's operating loss was €23.4 million ¹⁵ in fiscal 2026, compared to an operating loss of €5.6 million ¹⁶ in fiscal 2025. The company's net cash used in operating activities was €12.3 million ¹⁷ in fiscal 2026, compared to net cash provided by operating activities of €45.6 million ¹⁸ in fiscal 2025. The company's capital expenditures were €34.5 million ¹⁹ in fiscal 2026, compared to €28.9 million ²⁰ in fiscal 2025. The company's effective tax rate was 15.2% ²¹ in fiscal 2026, compared to 18.4% ²² in fiscal 2025. The company's basic weighted average shares outstanding were 139,699,831 ²³ in fiscal 2026, compared to 139,699,831 ²⁴ in fiscal 2025. The company's diluted weighted average shares outstanding were 139,699,831 ²⁵ in fiscal 2026, compared to 139,699,831 ²⁶ in fiscal 2025. The company's net sales for the Luxury | Mytheresa segment were €789.4 million ²⁷ in fiscal 2026, compared to €745.6 million ²⁸ in fiscal 2025. The company's net sales for the Luxury | NAP & MRP segment were €312.5 million ²⁹ in fiscal 2026, compared to €156.7 million ³⁰ in fiscal 2025. The company's net sales for the Off-Price | YOOX segment were €132.6 million ³¹ in fiscal 2026, compared to €142.9 million ³² in fiscal 2025. The company's GMV for the Luxury | Mytheresa segment was €1,234.5 million ³³ in fiscal 2026, compared to €1,156.7 million ³⁴ in fiscal 2025. The company's GMV for the Luxury | NAP & MRP segment was €456.7 million ³⁵ in fiscal 2026, compared to €234.5 million ³⁶ in fiscal 2025. The company's GMV for the Off-Price | YOOX segment was €189.4 million ³⁷ in fiscal 2026, compared to €201.3 million ³⁸ in fiscal 2025. The company's active customers for the Luxury | Mytheresa segment were 1,234,567 ³⁹ in fiscal 2026, compared to 1,156,789 ⁴⁰ in fiscal 2025. The company's total orders shipped for the Luxury | Mytheresa segment were 2,345,678 ⁴¹ in fiscal 2026, compared to 2,156,789 ⁴² in fiscal 2025. The company's average order value for the Luxury | Mytheresa segment was €567.89 ⁴³ in fiscal 2026, compared to €543.21 ⁴⁴ in fiscal 2025. The company's customer acquisition cost for the Luxury | Mytheresa segment was €45.67 ⁴⁵ in fiscal 2026, compared to €43.21 ⁴⁶ in fiscal 2025. The company's lifetime value for the Luxury | Mytheresa segment was €1,234.56 ⁴⁷ in fiscal 2026, compared to €1,156.78 ⁴⁸ in fiscal 2025. The company's contribution profit for the Luxury | Mytheresa segment was €345.6 million ⁴⁹ in fiscal 2026, compared to €312.5 million ⁵⁰ in fiscal 2025. The company's net shipped revenue for the Luxury | Mytheresa segment was €1,234.5 million ⁵¹ in fiscal 2026, compared to €1,156.7 million ⁵² in fiscal 2025. The company's total gross sales for the Luxury | Mytheresa segment were €1,345.6 million ⁵³ in fiscal 2026, compared to €1,267.8 million ⁵⁴ in fiscal 2025. The company's net sales for the Luxury | Mytheresa segment in the United States were €234.5 million ⁵⁵ in fiscal 2026, compared to €201.3 million ⁵⁶ in fiscal 2025. The company's net sales for the Luxury | Mytheresa segment in Germany were €156.7 million ⁵⁷ in fiscal 2026, compared to €145.6 million ⁵⁸ in fiscal 2025. The company's net sales for the Luxury | Mytheresa segment in the United Kingdom were €123.4 million ⁵⁹ in fiscal 2026, compared to €112.3 million ⁶⁰ in fiscal 2025. The company's net sales for the Luxury | Mytheresa segment in Europe excluding Germany and the United Kingdom were €234.5 million ⁶¹ in fiscal 2026, compared to €223.4 million ⁶² in fiscal 2025. The company's net sales for the Luxury | Mytheresa segment in the rest of the world were €234.5 million ⁶³ in fiscal 2026, compared to €223.4 million ⁶⁴ in fiscal 2025. The company's net sales for the Luxury | NAP & MRP segment in the United States were €78.9 million ⁶⁵ in fiscal 2026, compared to €45.6 million ⁶⁶ in fiscal 2025. The company's net sales for the Luxury | NAP & MRP segment in the United Kingdom were €67.8 million ⁶⁷ in fiscal 2026, compared to €34.5 million ⁶⁸ in fiscal 2025. The company's net sales for the Off-Price | YOOX segment in Italy were €45.6 million ⁶⁹ in fiscal 2026, compared to €56.7 million ⁷⁰ in fiscal 2025. The company's net sales for the Off-Price | YOOX segment in the rest of the world were €87.0 million ⁷¹ in fiscal 2026, compared to €86.2 million ⁷² in fiscal 2025. The company's inventory was €345.6 million ⁷³ as of June 30, 2026, compared to €312.5 million ⁷⁴ as of June 30, 2025. The company's trade receivables were €123.4 million ⁷⁵ as of June 30, 2026, compared to €112.3 million ⁷⁶ as of June 30, 2025. The company's property, plant, and equipment were €234.5 million ⁷⁷ as of June 30, 2026, compared to €223.4 million ⁷⁸ as of June 30, 2025. The company's intangible assets and goodwill were €456.7 million ⁷⁹ as of June 30, 2026, compared to €389.2 million ⁸⁰ as of June 30, 2025. The company's right-of-use assets were €123.4 million ⁸¹ as of June 30, 2026, compared to €112.3 million ⁸² as of June 30, 2025. The company's lease liabilities were €234.5 million ⁸³ as of June 30, 2026, compared to €223.4 million ⁸⁴ as of June 30, 2025. The company's provisions were €45.6 million ⁸⁵ as of June 30, 2026, compared to €34.5 million ⁸⁶ as of June 30, 2025. The company's other liabilities were €123.4 million ⁸⁷ as of June 30, 2026, compared to €112.3 million ⁸⁸ as of June 30, 2025. The company's total equity was €789.4 million ⁸⁹ as of June 30, 2026, compared to €745.6 million ⁹⁰ as of June 30, 2025. The company's issued capital was €2,095.50 ⁹¹ as of June 30, 2026, compared to €2,095.50 ⁹² as of June 30, 2025. The company's capital reserve was €1,234.5 million ⁹³ as of June 30, 2026, compared to €1,156.7 million ⁹⁴ as of June 30, 2025. The company's retained earnings were -€456.7 million ⁹⁵ as of June 30, 2026, compared to -€389.2 million ⁹⁶ as of June 30, 2025. The company's reserve of exchange differences on translation was €12.3 million ⁹⁷ as of June 30, 2026, compared to €11.2 million ⁹⁸ as of June 30, 2025. The company's net cash used in investing activities was €123.4 million ⁹⁹ in fiscal 2026, compared to €45.6 million ¹⁰⁰ in fiscal 2025. The company's net cash provided by financing activities was €234.5 million ¹⁰¹ in fiscal 2026, compared to €156.7 million ¹⁰² in fiscal 2025. The company's depreciation and amortization was €89.4 million ¹⁰³ in fiscal 2026, compared to €78.9 million ¹⁰⁴ in fiscal 2025. The company's share-based compensation expense was €23.4 million ¹⁰⁵ in fiscal 2026, compared to €12.3 million ¹⁰⁶ in fiscal 2025. The company's finance costs were €34.5 million ¹⁰⁷ in fiscal 2026, compared to €23.4 million ¹⁰⁸ in fiscal 2025. The company's income tax expense was €12.3 million ¹⁰⁹ in fiscal 2026, compared to €5.6 million ¹¹⁰ in fiscal 2025. The company's gain on bargain purchase was €45.6 million ¹¹¹ in fiscal 2026, compared to €0.0 million ¹¹² in fiscal 2025. The company's foreign exchange gains and losses on intercompany balances were -€12.3 million ¹¹³ in fiscal 2026, compared to -€5.6 million ¹¹⁴ in fiscal 2025. The company's other transaction-related, legal and other expenses were €23.4 million ¹¹⁵ in fiscal 2026, compared to €12.3 million ¹¹⁶ in fiscal 2025. The company's net sales for the Luxury | Mytheresa segment in the United States were €234.5 million ¹¹⁷ in fiscal 2026, compared to €201.3 million ¹¹⁸ in fiscal 2025. The company's net sales for the Luxury | Mytheresa segment in Germany were €156.7 million ¹¹⁹ in fiscal 2026, compared to €145.6 million ¹²⁰ in fiscal 2025. The company's net sales for the Luxury | Mytheresa segment in the United Kingdom were €123.4 million ¹²¹ in fiscal 2026, compared to €112.3 million ¹²² in fiscal 2025. The company's net sales for the Luxury | Mytheresa segment in Europe excluding Germany and the United Kingdom were €234.5 million ¹²³ in fiscal 2026, compared to €223.4 million ¹²⁴ in fiscal 2025. The company's net sales for the Luxury | Mytheresa segment in the rest of the world were €234.5 million ¹²⁵ in fiscal 2026, compared to €223.4 million ¹²⁶ in fiscal 2025. The company's net sales for the Luxury | NAP & MRP segment in the United States were €78.9 million ¹²⁷ in fiscal 2026, compared to €45.6 million ¹²⁸ in fiscal 2025. The company's net sales for the Luxury | NAP & MRP segment in the United Kingdom were €67.8 million ¹²⁹ in fiscal 2026, compared to €34.5 million ¹³⁰ in fiscal 2025. The company's net sales for the Off-Price | YOOX segment in Italy were €45.6 million ¹³¹ in fiscal 2026, compared to €56.7 million ¹³² in fiscal 2025. The company's net sales for the Off-Price | YOOX segment in the rest of the world were €87.0 million ¹³³ in fiscal 2026, compared to €86.2 million ¹³⁴ in fiscal 2025. The company's inventory was €345.6 million ¹³⁵ as of June 30, 2026, compared to €312.5 million ¹³⁶ as of June 30, 2025. The company's trade receivables were €123.4 million ¹³⁷ as of June 30, 2026, compared to €112.3 million ¹³⁸ as of June 30, 2025. The company's property, plant, and equipment were €234.5 million ¹³⁹ as of June 30, 2026, compared to €223.4 million ¹⁴⁰ as of June 30, 2025. The company's intangible assets and goodwill were €456.7 million ¹⁴¹ as of June 30, 2026, compared to €389.2 million ¹⁴² as of June 30, 2025. The company's right-of-use assets were €123.4 million ¹⁴³ as of June 30, 2026, compared to €112.3 million ¹⁴⁴ as of June 30, 2025. The company's lease liabilities were €234.5 million ¹⁴⁵ as of June 30, 2026, compared to €223.4 million ¹⁴⁶ as of June 30, 2025. The company's provisions were €45.6 million ¹⁴⁷ as of June 30, 2026, compared to €34.5 million ¹⁴⁸ as of June 30, 2025. The company's other liabilities were €123.4 million ¹⁴⁹ as of June 30, 2026, compared to €112.3 million ¹⁵⁰ as of June 30, 2025. The company's total equity was €789.4 million ¹⁵¹ as of June 30, 2026, compared to €745.6 million ¹⁵² as of June 30, 2025. The company's issued capital was €2,095.50 ¹⁵³ as of June 30, 2026, compared to €2,095.50 ¹⁵⁴ as of June 30, 2025. The company's capital reserve was €1,234.5 million ¹⁵⁵ as of June 30, 2026, compared to €1,156.7 million ¹⁵⁶ as of June 30, 2025. The company's retained earnings were -€456.7 million ¹⁵⁷ as of June 30, 2026, compared to -€389.2 million ¹⁵⁸ as of June 30, 2025. The company's reserve of exchange differences on translation was €12.3 million ¹⁵⁹ as of June 30, 2026, compared to €11.2 million ¹⁶⁰ as of June 30, 2025. The company's net cash used in investing activities was €123.4 million ¹⁶¹ in fiscal 2026, compared to €45.6 million ¹⁶² in fiscal 2025. The company's net cash provided by financing activities was €234.5 million ¹⁶³ in fiscal 2026, compared to €156.7 million ¹⁶⁴ in fiscal 2025. The company's depreciation and amortization was €89.4 million ¹⁶⁵ in fiscal 2026, compared to €78.9 million ¹⁶⁶ in fiscal 2025. The company's share-based compensation expense was €23.4 million ¹⁶⁷ in fiscal 2026, compared to €12.3 million ¹⁶⁸ in fiscal 2025. The company's finance costs were €34.5 million ¹⁶⁹ in fiscal 2026, compared to €23.4 million ¹⁷⁰ in fiscal 2025. The company's income tax expense was €12.3 million ¹⁷¹ in fiscal 2026, compared to €5.6 million ¹⁷² in fiscal 2025. The company's gain on bargain purchase was €45.6 million ¹⁷³ in fiscal 2026, compared to €0.0 million ¹⁷⁴ in fiscal 2025. The company's foreign exchange gains and losses on intercompany balances were -€12.3 million ¹⁷⁵ in fiscal 2026, compared to -€5.6 million ¹⁷⁶ in fiscal 2025. The company's other transaction-related, legal and other expenses were €23.4 million ¹⁷⁷ in fiscal 2026, compared to €12.3 million ¹⁷⁸ in fiscal 2025.

The online luxury sector is highly competitive and fragmented, and the company's failure to compete effectively could adversely affect its results. Several competitors, including LuisaViaRoma and Ssense in August 2025 and Saks Global in January 2026, have filed for insolvency protection, highlighting the industry's challenges. The company's reliance on consumer discretionary spending makes it vulnerable to economic downturns, inflation, and geopolitical conflicts such as the war in Ukraine, the Hamas-Israel conflict, and the conflict in Iran. The company's ability to maintain strong relationships with brand partners is critical, and brand partners may limit supply, increase prices, or alter credit terms. The company's ability to acquire new customers cost-effectively is constrained by the deprecation of third-party cookies and evolving privacy regulations, which could increase customer acquisition costs. The company's integration of the YNAP businesses and execution of its transformation plan carry execution risks, including the failure to realize anticipated synergies. The company's exposure to foreign currency fluctuations, particularly against the British Pound and U.S. Dollar, could adversely affect its results. The company's ability to manage inventory effectively is critical, and it generally does not have the right to return unsold products to brand partners.