London – After years of evoking luxury fantasy with trunk shows and misty events across the globe, Mytheresa is launching a new lifestyle category with products that reflect its aesthetics and respond to evolving customer needs.
On Wednesday, Mytheresa Life will launch, a new category that will sit alongside womenswear, menswear and children’s wear and embrace “all aspects of the luxury lifestyle,” including furniture, lighting, textiles, tables, decorative objects, pets and travel accessories.
The only thing you won’t be carrying around – for now – are the larger pieces like beds and sofas.
In an interview, Mytheresa CEO Michael Kliger said the company sees huge potential in the home and lifestyle category, and believes there is pent-up demand among its customers for more than just cashmere-scented blankets, pillows and candles.
“People who like to wear beautiful things tend to be the same people who want to surround themselves with beautiful things. This new category addresses our clients who are homeowners, perhaps even many homeowners. It is customer-driven, inspiring and very exciting for us. It is a step up for us,” Kleijer said. big”.
Mytheresa will curate the display and handle sales on the site, but will leave fulfillment and delivery to the 60 brands it has joined.
The retailer works with a variety of brands from the world of fashion, interiors and furniture for Life. They range from Loro Piana, Missoni, and Aquazzura to Vitra, Fornasetti, Cassina, Ginori 1735, Syracuse, and Zaha Hadid.
Mytheresa has already launched accessories for pets and is adding travel to the Life show as well. Kliger said demand for luxury baggage is back now that the lockdown has been lifted and customers are “on the move again.”
He believes the wide range of products will appeal to Mytheresa’s audience and in an effort to engage customers more, the site will also create new content, with editorial features, brand experiences, special campaigns, events, music and podcast projects.
Tiffany Hsu, Mytheresa Fashion Procurement Manager, will be responsible for the overall category and Mytheresa has assembled a dedicated purchasing team.
Prices will range from £250 to £1,500, in line with Mytheresa’s fashion show and its high-spending audience.
The average shopping cart for the site’s top customers is 1,000 euros, and their annual spending is 16,000 euros. They represent approximately 3 percent of Mytheresa’s customer base and generate a third of all revenue.
Mytheresa will also be doing pre-releases and exclusive capsules for some brands, as is the case with Fashion.
A look at the new Life collection from Mytheresa.
Courtesy of Mytheresa
Earlier this month, Mytheresa released Camille Miceli’s first designs for Pucci and Kliger told WWD that the plan is to “create experiences and produce content” around the brand.
Recently, Mytheresa made private capsules with Dries Van Noten and also tested a beauty class, creating a digital popup with Sisley.
As with fashion, Cleger said Mytheresa wants to inspire clients. With Life, you also want to give them “a little direction,” as lifestyle can be a challenging category.
“Have you ever been shopping for a table top?” Kliger asked.
“It can be confusing, so it’s important to have someone who can give you a little direction and inspiration,” Kliger said, adding that this month’s launch is just the beginning, and the plan is to add more products and brands.
Asked how big a lifestyle category could get, Kleijer said it’s customers who decide. He also noted that most department stores have spaces dedicated to homeware and furniture, and that Harrods in particular has a “large” home section.
Like department stores and online retailers, Mytheresa is benefiting from the seemingly unstoppable rise in the home décor and lifestyle categories that have grown in popularity during lockdown, as people work, exercise, cook and have fun under one roof.
A look at the new Life collection from Mytheresa.
Courtesy of Mytheresa
During the pandemic, sites including Matchesfashion have expanded their home offering, while designers and brand owners including JJ Martin, Martina Mondadori and Anissa Kermiche have begun creating or adding items for the home to their brands and businesses.
Net-a-Porter recently expanded its offering of homeware, adding fine art to the mix. He broke into the business through a partnership with e-commerce platform AP8. Fashion brands such as Versace, Missoni, Fendi, and Dior have increased their offerings of homeware and furniture in recent years.
Earlier this month, Artemest, a platform that connects Italian artisans and home furnishing manufacturers with consumers and interior designers, secured €15 million in a funding round led by Iris Ventures.
The launch of Life is part of Mytheresa’s broader strategy to cater to its loyal and upscale client base and forge close relationships with luxury brands.
Mytheresa takes pride in its location and has always prioritized targeted and profitable growth at scale.
Last week, Kleijer told analysts he believes Mytheresa is well positioned for growth.
“We are very confident in our business model, and demand continues to return as the world returns – hopefully and permanently – to normal,” Kleijer said following the presentation of third-quarter results last week.
For the full fiscal year ending June 30, the company said it expects to achieve previously disclosed guidance at the lower end of the specified ranges, with GMV in the range of €755 million to €775 million, representing growth of 23 to 26 percent; Net sales are between €700 million and €720 million, and adjusted EBITDA and amortization margin are in the range of 9 to 10 percent.
