Mytheresa’s Net-A-Porter acquisition consolidates ailing luxury ecommerce 

See chart in Dash.

Major US online luxury retailers sell less today than they did in 2021 according to Earnest credit card data. Sales at major “online department stores” Farfetch and SSENSE are down double digits since their pandemic heyday. Mytheresa has mostly been the exception to the downturn, with 2024 year-to-date sales at 94% (-6%) of 2021 levels. 

Mytheresa’s recently announced tie-up with Mr Porter (-33% since 2021) and Net-A-Porter (-44% since 2021) would create the 4th largest online luxury retailer in the US with the three online storefronts accounting for nearly 10% of online sales (see share in Dash). Still, major luxury department stores dominate the luxury ecommerce market in the US, with Saks Fifth Avenue and Neiman Marcus both controlling nearly 30% and 20% of sales, respectively. Saks and Neiman are also in talks for a planned acquisition after relatively disappointing holiday sales in 2023 and a tax refund season that failed to boost luxury spending.