A year and a half after acquiring Yoox Net-a-Porter, LuxExperience — a German group listed in the United States on the New York Stock Exchange (NYSE) under the ticker LUXE — has managed to put Net-a-Porter and Mr Porter back on a path to growth and profitability.
LuxExperience has managed to put Net-a-Porter and Mr Porter back on a path to growth and profitability (Shutterstock)
In the fourth quarter of its 2026 fiscal year, which ended on June 30, Net-a-Porter and Mr Porter together posted a 5.6% increase in sales, to €273.9 million. It was their first quarter of both growth and profitability since being integrated into LuxExperience. In the United States, revenue surged 15.1%. For the full fiscal year, sales rose more modestly, by 0.5%, to €994.8 million.
The performance comes after a difficult period. In the first quarter of fiscal 2026, sales at Net-a-Porter and Mr Porter had still been falling, down 10.8% to €238.1 million. LuxExperience had identified the two brands as the first priorities in its transformation plan.
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The Mytheresa Formula
The turnaround is largely based on a strategy already proven by Mytheresa: focusing on high-value customers, limiting promotions, and strengthening both product selection and the customer experience. LuxExperience also says it has tightened costs and improved customer engagement.
The strategy is also organizational. Following its acquisition of YNAP from Richemont, completed in April 2025, the group chose to preserve separate identities for Mytheresa, Net-a-Porter, Mr Porter and Yoox, rather than merging the brands into a single platform.
This autonomy is intended to allow each brand to retain its positioning while benefiting from a shared financial and operational infrastructure. It marks a significant change for Net-a-Porter, whose years leading up to the sale had been characterized by losses and restructuring.
America as a Growth Engine
The U.S. market has emerged as one of the key drivers of the turnaround. More than half of the business generated by the segment comprising Net-a-Porter and Mr Porter now comes from the United States. Their 15.1% growth in the fourth quarter underscores the potential of the region.
At group level, momentum is also positive. LuxExperience generated €653.6 million in sales in the fourth quarter, up 7.6% at constant exchange rates. For the full fiscal year, revenue reached €2.47 billion, while EBITDA returned to positive territory at €10.8 million, compared with a €53 million loss the previous year.
LuxExperience has not yet completed its transformation, however. Yoox remains loss-making, while the group still needs to demonstrate that the rebound at Net-a-Porter and Mr Porter can be sustained over time.
For fiscal 2027, management is targeting revenue growth in the mid- to high-single-digit range, along with an adjusted EBITDA margin of 2% to 3%. After several years of decline, the challenge is now less about saving Net-a-Porter and Mr Porter than proving that they can once again become sustainable growth engines for online luxury.
Key points:
· Net-a-Porter and Mr Porter return to growth and profitability, with sales up 5.6% in Q4 FY2026.
· The U.S. is driving the recovery, with revenue from the two brands rising 15.1% in the region.
· LuxExperience’s turnaround is gaining traction, but sustaining the momentum and returning Yoox to profitability remain key challenges.
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