The German powerhouse of fashion is looking to cut a slice of the multi-billion menswear market.
Mytheresa is in a good place, posting profits of +25% ending June 2019. This within a competitive but healthy luxury sector. E-commerce brand purchases and investments over the past few years of the likes of Matches Fashion and Net-a-porter are evidence of this buoyancy.
Luxury menswear is also proving fruitful for a lot of retailers. Notably due to streetwear brands that have seamlessly nestled themselves alongside the stalwarts of designer fashion on sites like Matches and Mr Porter. This has created a surge in demand that has boosted overall luxury menswear sales.
Now with streetwear ascendency in the space starting to slow, Mytheresa sees this as an opportunity to stake their claim. Their key approach is with brand exclusives. They have partnered with the likes of Prada, Thom Browne and Valentino on exclusive ranges. Hopefully, this gives customers a reason to come to the site.
We can give our customers access to something special they can only find at Mytheresa, and this makes us a unique luxury experience destination for them.President and CEO of Mytheresa, Michael Kilger
They don’t expect a quick-win with menswear though. The womenswear proposition has taken time to hone in on 250 focused designers (compared to 1,000 on Net-a-porter), and build customer loyalty. Data is key to business growth, and marketing spends are built on analysing the life cycles of their core customer base. The same will apply with menswear but it will need to take time to develop.
It will be interesting to see how Mytheresa positions itself within the menswear ecosystem. Whether they go more classic like Mr Porter or push towards catwalk fashion like Matches. Time will tell.