LuxExperience B.V. American Depositary Shares, each representing one Ordinary Share Goldman Sachs Global Consumer & Retail Conference

Thanks, Aaron. Good to be here, to see you, and very big question. Obviously, it is a key question that everybody is looking at. What is the state of the luxury consumer and what are the nuances? Maybe I can answer that from two angles. First angle is more the broader angle, the digital luxury. We all have to bear in mind that the luxury market, EUR 400 billion, the digital part is the part that is growing. If you take the Bain & Company, Altagamma or whoever, the digital part is growing 8%-10% CAGR per year. As a digital player, we operate in a market that has a lot of tailwind from the market, operating in a growing market.

That obviously is also, you have to bear that in mind that digital luxury always has been the best growth opportunity, on a more general level, especially if you look at brands that you also mentioned that rely on physical stores.

be it in China or Middle East, and obviously have to face certain challenges. The second topic is, the second angle is the top customer. Everybody is trying to grasp the K-shaped situation where brands succeed more, that cater more to the higher end of the top customers and brands that are more lower have less success. This top customer is really very demanding, and it requires innovation. It is about emotions, it is about curation. With that defines fashion and luxury as part of a lifestyle. Therefore is a much more resilient customer.

We see that also in our numbers. The last quarters you have seen that we, at Mytheresa, double-digit growth in the last quarters. Because we have always focused on that top customer, that high-end customer. If you look at more bigger brands, they are to a certain degree, more back-selling companies and therefore have a much higher share of aspirational customers.

per definition. With that top customer focus, that enables us to continue to grow and to have a very resilient business model. As you mentioned, the last quarters, number of top customer increased double digit, very strong. Revenue per top customer increased. All the KPIs, AOV, or with that top customer notion, higher full price share. Therefore, that is also kind of the logic or that results in why we have such a good and strong business model on the top customer side. For us, it is a very stable, resilient top customer cohort and for us as a multi-brand player, that top customer is per definition a multi-brand customer because you cannot just buy for two years now only Gucci or something.

You usually do not do this. That caters and that helps us as a multi-brand luxury player, and we are the number one in the world, and can therefore sustain that positioning towards a top customer. Maybe last word, it is also, and we can grow with the successful brands and can defocus, descope more the unsuccessful brands. We are in that ideal situation of being a multi-brand digital luxury player. Also from an investment perspective, and I think that is why you are all here. It is also, I think, a good space if you want to invest in the luxury industry. We are kind of a more actively managed customer, a luxury ETF.

Right so to say, because we can balance the effects.

For us to answer your question a bit longer, the customer state is very differentiated.

Right. We can talk about geographies, but on the top customer side, it is a very high resilience.

It has always been. You mentioned U.S. In the last quarters, we grew U.S. +20%, 25%, 30%. That shows you that also, in addition to the top customer focus, we are a bit detached from how does the overall luxury customer develops.

The overall story of Mytheresa before LuxExperience was always intact, always double-digit growth and strong profitability with the focus on this top customer. With that, we have two key ingredients that you need to have to be successful, which is a very loyal customer base, top customer that comes back, not just because of discounts or marketing efforts. With that positioning, a very high AOV. We have more than EUR 800 AOV, and that helps you on the unit economics, and that translates into a very profitable business model. On the overall market side, yeah, you mentioned that we are now the undisputed number one global multi-brand digital luxury player, and that helped here, obviously, with Farfetch, MatchesFashion, Ssense, LuisaViaRoma, and also the new situation on Saks.