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.

The interesting question for retail is whether the Mytheresa playbook actually transfers.

Q3 FY26 by segment, at a glance Segment / brand Q3 FY26 net sales Adjusted EBITDA Direction Group €618.4M, flat CCY (-5.2% reported) €5.7M (0.9% margin) 2nd straight profitable quarter Mytheresa (luxury) €256M, +9.9% CCY (+5.6% reported) €14.1M, +50.4% YoY (5.5% margin) Clear leader; ~41% of group net sales NET-A-PORTER & MR PORTER (luxury) €231.6M, -5.1% CCY (-11.7% reported) Improving sequentially Turnaround underway; full-price focus YOOX (off-price) €130.7M, -7.4% CCY (-11.4% reported) Loss narrowed to -€7.2M Deliberately shrinking to core Source: LuxExperience Group Q3 FY26 results (May 19, 2026); WWD, FashionNetwork and LevelFields coverage…