Mytheresa Bought Net-a-Porter. One Year In, One Brand Is Carrying the Turnaround

On May 19, 2026, LuxExperience Group reported third-quarter results for fiscal 2026 and said it had delivered positive adjusted EBITDA for the second consecutive quarter, confirming full-year guidance with the transformation plan fully on track. If the name is unfamiliar, the brands are not.

LuxExperience is the company Mytheresa became after it completed its acquisition of YOOX Net-a-Porter from Richemont in April 2025 and rebranded the enlarged group. It now operates four store brands across two segments: the luxury trio of Mytheresa, NET-A-PORTER and MR PORTER, and the off-price site YOOX.

This is, at heart, a digestion story. A smaller, profitable, well-run business swallowed a larger, troubled one and is now applying its own operating model across the whole portfolio.

One year in, the Q3 numbers make the internal hierarchy unmistakable: Mytheresa is doing the heavy lifting, the acquired NET-A-PORTER and MR PORTER are improving but not yet pulling their weight, and YOOX is being deliberately shrunk to a healthier core…