In this week’s gorgeous briefing, Kering slides further into red, with Mytheresa reporting a surge in sales. If you have any comments about this briefing or tips for future editions, please email zofia@glossy.co.
Kering’s full year 2024 revenue reflects a liquid luxury powerhouse. Revenue slipped 12% to $18.5 billion, but repeated operating profits fell sharply to 46% to $2.8 billion. Free cash flow from operations recorded at $1.5 billion is silver lining in a otherwise challenging year.
Gucci, Kering’s Crown Jewel, struggled with $8 billion and 21% operating certificates, falling 23% in revenue. Wholesale revenue fell 28%, while retailers fell 21%.
Still, CEO François Henry Pineau said he is confident. “Gucci will be back,” he said in a revenue call. “There’s no doubt about this.”
He added, “The long-term health of our brand is not compatible with short-term compromises and quick fixes.”
But not everyone shares his optimism.
The record-speaking gorgeous M&A specialists provided a more important perspective on Kering’s strategy and positioning. “Customers decided who was really luxurious and who wasn’t,” he said. “Brands like Post Covid and Hermes maintained their luxury status, while other brands like Gucci took advantage of post Covid spending, but may have sacrificed long-term brand equity. Kering saw the opportunity to grow faster, they took it. But in luxury you need to play a long game. Otherwise your company will be hot for 3 or 4 years. Maybe, but then the core luxury consumers move.”
Post-Covid Gucci Expanded is an entry-level product, with increased collaboration and leaning towards designs with a lot of hype-driven logos.
Mytheresa reported another trajectory. Munich-based e-Tailer posted a 13.4% net sales at $263 million in the second quarter of 2025. Total profit margin rose to 50.9% thanks to full price sales and operational efficiency.
The US market has increased by 17.6% year-on-year, and now accounts for more than 20% of total sales. Europe gave a 12.8% boost, while massive China showed signs of recovery despite macroeconomic headwinds.
“Luxury is a truly global consumer sector offering natural geographical diversification. Mytheresa CEO Michael Kliger told Glossy.
He added: “The US and the Arabian Peninsula are powerful factors for growth. The highly curated selection of true luxury brands resonates very well with large US luxury customers looking for multi-brand inspiration. However, we believe strongly because Chinese consumers have a very strong desire and understanding of luxury. We strengthen our efforts in the region, becoming better known, and It offers an understanding, seamless and convenient shopping experience. Overall, we are part of China’s luxury ecosystem, so we are prepared for the Chinese market recovery.”
In September 2024, Mytheresa launched the WeChat Mini programme to expand its reach to Chinese consumers and introduce the Chinese name to highlight unique positioning. Over the next few months, we will host several top customer events to further engage with audiences in the region.
Top customers are at the heart of Mytheresa’s growth, with GMV in this segment increasing by 9.1%, with average spending per top customers rising 13.6% worldwide. 34.7% in the US alone.
The company’s new focus is great gems. “We have been extending our offer since the launch of The Fine Jewelry and Watches category at the end of 2023,” Kliger said, noting that Mytheresa recently launched Bvlgari Fine Jewelry and Watches.
“Our customers are becoming more and more comfortable buying these pieces and trusting us,” he said. “We currently sell around 20,000 euros ($21,500) online, and our personal shoppers focus on pieces ranging from 50,000 euros to 100,000 euros ($54,000 to 108,000) of our personal shoppers. It’s obviously time-consuming, but selling great jewelry online follows the same path we went 15 years ago when we pioneered luxury fashion online. It’s a journey, and I We are constantly focused on building relationships with our lasting clients.”
In the second quarter, the company hosted physical experiences for top customers, including an intimate New York dinner with Oscar de la Renta and a Zenna-led mountain retreat in the Viera Alps. Next is an aspen pop-up with Bemelman’s Bar from February 14th to March 2nd. According to Kliger, the company already has a strong waiting list of 2,000 people at the table.
Exclusive brand partnerships are also driving growth. In the second quarter, Mytheresa began capsule collections with Victoria Beckham, Moncler Grenoble and Miu Miu.
The biggest move on the horizon is the acquisition of Yoox Net-a-Porter’s Mytheresa, which is scheduled to close in the first half of 2025. The total company is called Luxexperience and trades NYSE under Luxe in the NYSE.
“Mytheresa, Net-a-Porter, Mr Porter, Yoox and The Outnet have each gained strong reputation in the luxury industry for their pioneering roles in innovation, prestigious editorial voice and curation, and quality customer service. “We’re doing that,” Kliger said. “They represent a multi-brand product that is clearly distinguished but complementary to luxury customers around the world. They have a strong heritage and have a strong customer focus, curation, inspiration and unique The same principles are shared, including the creation of what is desirable through digital and physical experience. Within the group, we further strengthen and develop our own store brands and their identities with our dedicated purchasing and marketing teams.”
As Kering stabilises and Mytheresa accelerates digital and experiential strategies, the contrast between these gorgeous players highlights the evolving landscape that must meet innovation to remain relevant.
Do you need a beambull for luxury? Another personal shopping app will be on the market
In an ever-evolving world of luxury retail, the personal shopping app Beamble is the latest competitor aimed at filling the gap between digital convenience and personalized services. The London-based app, launched in February 2025, connects users to in-store advisors via one-on-one video calls and delivers ultra-fast delivery within 30 minutes to Uber if the customer is within 10km. Provides options. 6 miles, radius.
“It’s about democratizing VIP services that are usually reserved for high spending,” says Sophia Elizabeth Hedjeres, founder of Beamble. “Even if you have a basket of 100 euros ($104) you can still get the same personalized advice you’d expect from a luxurious boutique.” Beamble has already partnered with department stores such as Printemps in Paris, and is now at the end of the year. The company plans to expand to Italy, New York and Dubai by the time.
Offering personalized luxury shopping through digital platforms is nothing new. In 2020, Gucci launched Gucci Live, offering a custom-built video shopping experience directly from the brand’s Florence-based showroom. The Floor, a personal shopping company launched in 2021, has partnered with Browns, Louis Savia Roma, Farfetch, among others.
“Apps like Beamble Bridge bridge the gap between high-tech and personal services,” said Rebecca Bingley, formerly a premium retail expert at Net-A-Porter. “It’s more of a concierge, fewer robots, and that distinction is important in a gorgeous space.”
“Video shopping helps customers better understand fabrics, fits and colors,” says Hedjeres.
Beamble distinguishes it from features such as a 3D store experience, integration with Shopify for seamless brand management, and assortment including young designers and vintage shops along with existing luxury brands. The app will expand to New York in April 2025, with Italy scheduled to expand by the end of the year, with plans for the future for Miami, Louisiana and Dubai.
Beamble introduces a hierarchical, personal shopper service, offering errand basics ($31), stylists and architects, and celebrity stylist experts. The company is currently in the middle of a fundraising round raise.
Essilorluxottica bets on smart eyewear for future growth
Essilorluxottica closed its fourth quarter of 2024 with an increase in revenues of 8.2%, reaching $7.2 billion due to strong performance in North America and Europe. However, the real topic was around Meta Smart Glasses from the portfolio brand Ray-Ban, which was launched in October 2023.
The Super Bowl ads, which attracted attention from smart glasses, have created a new interest in glasses. The ad featured Chris Hemsworth, Chris Pratt and Kris Jenner, and was directed by Matthew Vaughn. Reports suggest that over 90% of buyers have been discontinued using the device, making it difficult to integrate glasses into everyday life. But now they have new AI-powered features such as real-time translation, visual aid, memory AIDS, voice messaging and enhanced music integration announced in early 2025. Fashion and functionality. ”
Essilorluxottica has been growing in the single digits in 2025 in a medium-sized single digit growth. Another portfolio brand, Oakley also has smart glasses in her work.
Executive Movement
Max Retail, an AI-powered B2B marketplace, has helped independent retailers turn excess inventory into revenue and has appointed former Moda Operandi CFO Hoddi Hafsteinsson as new CFO. The move was oversubscribed at 50% after the company’s $15 million Series A funding round last year, bringing total funding to $25 million with a $65 million money valuation.
Hafsteinsson has helped guide Moda Operandi through rapid expansion and joined Max Retail as independent retailers suffer from over-stock growth. “What I’m most excited about joining Max Retail is the opportunity to bring financial discipline and strategic growth plans to companies that are redefine how fashion inventory works,” Hafsteinsson said. Masu.
Founded by CEO Melodie van der Baan, Max Retail is grown significantly, especially among modern and designer retailers. The company currently rolls out new AI-powered features such as automated inventory tagging and Ask Max, a chatbot that will be launched in late 2025, helping retailers make smarter inventory decisions. I’m doing it. “We provide retailers with proactive tools rather than reactive,” Vander Byrne said. “That’s the future of retail.”
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