Mytheresa Launches Life, A New Lux Category
● Life will encompass all aspects of luxury lifestyle, including furniture, textiles, decorative objects, pet and travel accessories.
LONDON — After years of conjuring the luxury fantasy with worldwide trunk shows and fizzy events, Mytheresa is launching a new lifestyle category with products that mirror its aesthetic and respond to customers' evolving needs.
On Wednesday, Mytheresa will launch Life, a new category that will sit alongside womenswear, menswear and kidswear and embrace “all aspects of luxury lifestyle," including furniture, lighting, textiles, tabletop, decorative objects, pet and travel accessories.
The only thing it won't be carrying — for now — are large pieces such as beds and sofas.
In an interview, Mytheresa's chief executive officer Michael Kliger said the company sees enormous potential in the home and lifestyle category and believes there is pent-up demand among its customers for more than just cashmere blankets, cushions and scented candles.
"People who love to dress in beautiful things tend to be the same ones who want to surround themselves with beautiful things. This new category is addressing our customers who are homeowners, and maybe even multiple homeowners. It's customer-driven, inspirational and very exciting for us. It's a big step," said Kliger.
Mytheresa will curate the offer and handle the sales on the site, but will leave fulfillment and delivery to the 60 brands it has taken on board.
The retailer is working with a variety of brands from the worlds of fashion, interiors and furniture for Life. They range from Loro Piana, Missoni and Aquazzura to Vitra, Fornasetti and Cassina, to Ginori 1735, Serax and Zaha Hadid.
Mytheresa has already launched pet accessories and is adding travel to the
Life offer, too. Luxury luggage is back in demand now that lockdowns have lifted and customers are "on the go once again," said Kliger.
He believes that the wide range of products will appeal to the Mytheresa audience and in a bid to engage customers further, the site will also be creating new content, with editorial features, brand experiences, special campaigns, events, music and podcast projects.
Tiffany Hsu, fashion buying director at Mytheresa, will be in charge of the overall category and Mytheresa has assembled a dedicated buying team.
Prices will range from 250 pounds to 1,500 pounds, in tune with Mytheresa's fashion offer and its high-spending audience.
The site's top customers have an average basket of 1,000 euros, and their annual spend is 16,000 euros.
They account for roughly 3 percent of Mytheresa's customer base and generate one-third of total revenue.
Mytheresa will also do pre-launches and exclusive capsules for certain brands, as it does with fashion.
Earlier this month Mytheresa launched Camille Miceli's first designs for Pucci and Kliger told WWD the plan is “to create experiences and produce content" around the brand.
Of late Mytheresa has done special capsules with Dries Van Noten and has also been testing the beauty category, creating a digital pop-up with Sisley.
As with fashion, Kliger said that Mytheresa wants to inspire customers. With Life, it also wants to give them
"a bit of direction," as lifestyle can be a tricky category.
"Have you ever shopped for tabletop?" asked Kliger.
"It can be overwhelming, so it's important to have someone there who can give you a bit of direction and inspiration," said Kliger, adding that this month's launch is just the beginning, and the plan is to add more products and brands.
Asked how big the lifestyle category could get, Kliger said that customers will be the ones to decide. He also noted that most major department stores have spaces dedicated to homeware and furniture, and that Harrods in particular has a "sizeable" home department.
Like the major department stores and online retailers, Mytheresa is tapping into the seemingly unstoppable rise of the home decor and lifestyle categories that surged in popularity during lockdown, with people working, exercising, cooking and entertaining under one roof.
During the pandemic, sites including Matchesfashion expanded their home offer, while designers and brand owners including J. J. Martin, Martina Mondadori, and Anissa Kermiche all began creating, or adding, objects for the home to their brands and businesses.
Net-a-porter has recently expanded its homeware offer, adding fine art to the mix. It has broken into the business through a partnership with the e- commerce platform AP8. Fashion brands such as Versace, Missoni, Fendi and Dior have increased their homeware and furniture offers in recent years.
Earlier this month Artemest, a platform that connects Italian artisans and home furnishings manufacturers to consumers and interior designers secured 15 million euros in a funding round led by Iris Ventures.
The launch of Life is part of a broader strategy by Mytheresa to cater to its loyal, high-end customer base and to forge close ties with the luxury brands.
Mytheresa is proud of its positioning and has always prioritized targeted, profitable growth over scale.
Last week, Kliger told analysts that he believes Mytheresa is well-positioned for growth.
"We are very confident in our business model, and demand continues to come back as the world — hopefully, and permanently — returns to normal," said Kliger following the third-quarter results presentation last week.
For the full fiscal year ending June 30, the company said it expects to achieve its previously disclosed guidance at the low end of the given ranges, with GMV in the range of 755 million euros to 775 million euros, representing 23 to 26 percent growth; net sales of between 700 million euros and 720 million euros, and adjusted earnings before interest, taxes, depreciation and amortization margin in the range of 9 to 10 percent.