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MYT Netherlands Parent BV (MYTE)

Participants
Martin Beer Chief Financial Officer
Michael Kliger Chief Executive Officer
Kimberly Greenberger Morgan Stanley
Matthew Boss JPMorgan
Michael Binetti Credit Suisse
Eric Sheridan UBS
Oliver Chen Cowen
Call transcript
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Operator

Greetings and welcome to the Mytheresa Second Quarter Fiscal 2021 Earnings Conference Call. [Operator Instructions] Today's conference call is being recorded and we have allocated one hour for prepared remarks and Q&A. It is now my pleasure to introduce your host; Martin Beer, Mytheresa's Chief Financial Officer. Thank you sir. Please begin.

Martin Beer

welcome quarter Mytheresa's of and for conference operator second the fiscal you everyone investor to call Thank year XXXX. is today me our; Kliger. Michael With CEO

differ Before actual risks make in Many about that are remind uncertainties materially. forward-looking include we described are like our results including expectations statements. discussions factors subject the and to and forward-looking we today report. will uncertainties, could begin you comments Any to statements would and cause we quarterly our to risks

no under forward-looking are update We duty statements. to

addition, reported we on will measures In refer to in this financial certain not IFRS accordance with call.

find over is financial measures available to Michael. can now at in which Investor of our will release website Relations press You these on investors.mytheresa.com. reconciliations call our the non-IFRS I earnings turn

Michael Kliger

you as our to Martin. quarterly first proud call Thank you, a I'm company. all to public welcome earnings

by developed brand for over me our the Mytheresa as all Let of luxury world. platforms fashion support in for and customers the cash their thanking first and trust the leading into foremost years our digital start teams, one last partners

very around opportunity world. are roadshow, for the very luxury the share from our with describe During we positive feedback digital from had our support many unique of investors the we and story received positioning IPO We and which in space to the you thankful.

fantastic major our Mytheresa. more ever Our to management proud journey a as is us company, than the now for teams future about are than say of for a still are even and business The and to excited beginning we but at was create milestone before the as more that future Mytheresa. IPO all focused we I'm a

to into would of fantastic FY XXXX, jump behind of Mytheresa. like quarter our I second again highlights story investment the I the summarize Before

rapidly the in market reach a The projected XXXX. roughly First Xx XXXX expanding of share XX% luxury global is size over or we then €XXX in digital billion to fashion of market. by a operate all representing

for we Secondly Mytheresa competitive the market we Therefore curation. will end this differentiated is platforms. over lead customers retain strong wardrobe focus with uniquely our believe, positioned in on looking other high building a

and just We aggregates. not about are inspiration

Thirdly, combined delivered profitability base, last believe customer stable model over we high-growth years future. loyal to continually of the strong we and consistent with have which do the execution, continue because our so in will we business

luxury in-house events. unrivaled For offer to added an of of access our available end exclusive and experience true of and only offers curated capsules outstanding our high constant Mytheresa managed customers course products through with us luxury service world the an

brand our brand accessible that finally shopping We And or offer a to create as provide aggregators. behavior. clients. equity strong luxury insights we sales. sites on we the analyze specific through We full base protect visibility addressing price focus For assets can partners, valuable customer is through marketing easily customer partner solely we simple not mono-brand multi-brand

Therefore we focus. continue in needing allow not growth to full to stay will our profitability retain customer and strategic sacrifice a value current to feed while of Our outstanding true which wanting to cycle relationships invest the to economics customer then to superior that acquire industry customer base creates commitment reinforcing our in proposition our level. us strong a generate heavily brand the best or

precisely results quarter second Our reflect strategy. this

is strong want But draw fundamentally for second in so it future COVID I very success is based we geographies, the our on strategy far While and Martin execution. key detail. walk through tailwinds some our from that attention greater currently to some to some your and benefit in the highlights quarter. success clear will related financials our

decrease a costs; XXXX. single the through for continuity on record December first of number for of XX,XXX we a to operations the we of fight FY COVID-XX. time we had quarter and well-being health first-time day. On acquisition number more of XX.X% again Mytheresa XX, warehouse by employees leaving strong reaching maintained a the our second customer grew on managed during than of sales net focus record a and quarter a our to buyers Our over shipments had XXX,XXX We

Our above expectations categories. into than net menswear to accounting more underlines in XX% already business for continues of extend develop to growth sales ability which December new our our

VIC able For designer our Khaite. digital brands; NYC. host top customers, and the organize Shanghai to we December. Eera Wardrobe in like with physical we events event did in And were

Net Our of QX and from present Gabbana, level XXXX our XX% in internally Valentino, Louboutin, to many We Christian of collections Moncler, in Dolce Loewe, able Max second customers fiscal increased year others. launches Mara, record Promoter like a measured to capsule & were amongst brands to the Score quarter. exclusive

We are availability. positive brands very discussions also partnership with to merchandise further major our current increase models develop in some to

profit year Fiscal is margin QX Finally, business in a of our XX.X% we as price a you And of know focus XXXX. characteristic to again reported of key on gross sales. stable full

As been the you can very in from discuss I over detail. Martin even pandemic. now, considering to tailwinds second some the see, has successful hand to results financial our And guidance quarter COVID and

Martin Beer

topics will the Thank figures that results will additional previously reference mentioned. be financial I now provide for I'll euros. the detail on of you, and some quarter the I All review fiscal Michael. second in key financial

full and we second the strong strong attracting growth growth quarter we're high online topline driving customers, marketing efficiencies topline sales focus during end exceptional on and brand net ability top and bottom-line profitability. sell-through slightly the with The our a positioning. the continuing the delivered existing increasing increasing speaking With our on strong where performance. are margin Michael growth and cohort achieved our highlighted, gross based customer on strong our new we stable very to As retaining performance price pleased with customer

top may QX in COVID in and bottom-line. re-openings. the with restrictions Michael the and down tailwinds regions world. at and especially our due tailwinds beneficial several related above expectations in As both we're effects moment store from These store create to QX said, benefiting in currently the Those closures at results slow

please we performance Nevertheless, expectation combined the growth quarter due of believe In a QX tailwinds terms that years. the COVID profitability always the second addition, sales to in bear in of meet low continued clear our to without net as in XXs% would consistent with of mid mind our that quarter seasonality. is fiscal strong last any performance of each achieved

During the XX.X% second or by quarter, net €XX.X million. million to sales increased €XXX.X year-over-year

to increase We A by profit by increased XX.X% compared total basis million of of for with We and Shipping XXX,XXX to should million orders be million, fiscal quarter. by last driven points taken sales, profit increased XX year in year-over-year. shipped. customer momentum X.XXX XX or sell also increase the sales the strong our XX.X% gross margin an €XX.X quarter driven see increase continue by €XX or active the and Cost to as prior is expansion the gross orders engagement €X.X XX.X% last our and orders positive in a year. growth achieved shopped the to months by grew shipped margin in grew million typical who customers months to by million as our not by two total us our for in costs of €XX.X an €XX.X total a whole XX the during million an payment Gross driven to second trend through. profit of was shipped. of XX.X% net period, XX.X% in price in full fiscal

this As in a effects, in XX.X% cost an quarter from stability XX.X%. of year. expect overall ratio Brexit sales, and this and seasonal net the costs Due fiscal percentage shipping we decreased for full payment to to upcoming

spend. We continue to marketing online drive our efficiency in

quarter, expenses €XX.X to second customers increased XX.X% XX.X% grew the million, XXX,XXX. by while our marketing active by During to

offset prior We also in that by orders pandemic. sales million. new significant events fulfillment the the year marketing as sales general, period. offline million percentage year. net new million public XX.X% believe being that of sales believe As from sales, of We to a campaigns adding period. net drop driven to SG&A percentage to and net X.XX in shipped XX.X% improved to tailwinds year costs prior expenses the from a grew net of increase from EBITDA to X.X And cost the was Adjusted of XX.X% personnel in €XX.X support the administrative we improved is to predominantly leverage more from also year million, increased year. XX.X% year marketing many fiscal €XX.X will from the COVID in and XX.X% driven cost compared hopefully the million prior executing SG&A Selling, remaining by million partly EBITDA €X.X as in quarter. the by fiscal the €XX.X expenses €XX.X to quarter. further start €X.X the will million prior in in million

basis Depreciation of cost compared €XX.X €X.X ratios, Adjusted this points leverage €X online million. marketing million. million cost continuing net stable excludes €X.X the grew €X.X while performance, of prior to million expansion costs increased some Subsequently, operating of XX% margin mainly XXX topline to by and adjusted by income strong EBITDA million. period to consistent and IPO the EBITDA expenses SG&A drove operating Our preparation to in million, quarter relatively €XX.X sales. amortization year adjusted cost remaining were income operating efficiencies, around

the as During prior €X.X period. compared net million to million was income the was period, compared while €XX.X the €X.X to prior year million €XX.X income net million in adjusted in second quarter as year

and minor our expenses is loans, comprehensible do associated not to On level, the shareholder the indicative And for income on we with growth. of profitable tax we and consider adjusted focused easily in performance, core remain delivering We very clearly only visible and net our effect. finance be simple for we adjusted resulting P&L, also with which our transparent this adjustments.

profitable and measures. income operated always a operating have We are adjusted adjusted income model. business net non-IFRS EBITDA, high-growth EBITDA, adjusted and

Moving cash statement. to flow the

timing €XX.X trade in sales and and million is of payables. growth by continued is XX, XX, line inventories a sales, six anticipation million increase the purchases towards XXXX, in and with while in a end our cash million inventory other €XX.X The primarily of and driven the and inventories increase payment activities result six trade in exceptional months During payables other operating ended in months of increase the increased used in as cash a equivalents, December XXXX. December for ended strong €X.X

was cash tax availability the liquidity, cash in borrowings had million. terms €XX.X December to on end equivalents revolving in exercised and US$XXX.X principal of second million rate plus the quarter facilities, credit XX, deducting million contract successfully approximately XX, facilities for €X.X to We million approximately which the to outstanding Subsequent January €X.X revolving while rental IPO ended US$XXX.X net underwriting Total we raise with million. XXXX of of fixed guarantees XX, of option loans In under after of €XX fiscal of commissions. Mytheresa the XXXX, XXXX shareholder million. proceeds million and IPO a portion discounts proceeds, interest On as unused of outflows €XXX resulted and guarantees. the repay Mytheresa quarter or the on credit January reserved its was completed our cash the with

of shareholder seasonal revolving repayment Mytheresa now loans credit cash million With and the has the hand. our borrowings the over €XX facilities, is at debt-free and under

year quite for XX, net our half of expectations sales of the first our the to with XXXX. now our for Turning excellent pleased fiscal ended XX.X% We're June growth year.

second expectation to million, of However, resulting growth. to for XX% of we expect €XXX €XXX COVID our effects, net the in or million fiscal of half year-over-year in as sales the year, flattening the a range to driven we growth the XX% look

fund online stability and marketing We drive full fiscal strategic expect for brand our we the gross awareness to initiatives. to year, to expect cost efficiencies margin continue

to the X.X%. to the growth range this our expect call over I sales range will be and of adjusted now XX% €XX offset we Consequently, remarks. we of to continue low targets mid-XXs to addition, costs. by Apart XX% of tailwinds, EBITDA in an EBITDA expect company to SG&A, million X.X% the concluding year-over-year representing back adjusted but adjusted growth, see will margins. to to current In COVID stable leverage in Michael from in for which into public translates turn partly long-term to million, the €XX we net EBITDA margin stick his

Michael Kliger

XXXX. in started was Mytheresa Martin. you, Thank

for IPO are at we but of the journey. proud our achievements, major I company. our a achieved we beginning of am With milestone extremely our the only

play will We now our in customer. of the act of are our The two play. remain key protagonists

core support. and Our analytical there's for sauce ask that, to us. open on you much so we opportunity of customer company with is secret more believe, assets also value I'd operator up our focus company. passion the our to for the your the thank for And your We for questions. defines and like And

Operator

of first Instructions]Your comes [Operator Stanley. the [Operator first from comes line from Morgan -- Instructions] question Kimberly from Your Greenberger question

open. is Your line

Kimberly Greenberger

morning very start hinted on expand nice to your the I Michael with with Good remarks a how your And just And I much. at them so talked of have brand the think discussed in US here. that on a you with And to potentially and they've during of some if partners. Thank assortments model Congratulations partners. question Europe. prepared maybe afternoon wanted in you're this wondering, in debut assortment? discussion select to I'm if about brand expand a you? concession any you

Michael Kliger

evolves. I during in the with clearly we and stress model are believe also say that, Yes. we that the Thanks. past discussions months will our brands, industry overall always I evolve

in of discussions brands has access would basis more discussions. terms fully to products and more continuous that out to These allow Nothing been We some fully have major in on ongoing are financials. with developed are laid products. also us a

other discussions, and developing partnerships are to we with brand and we brands keen major are than there's disclose that and on at So further this positive partners. key nothing in stage our

Kimberly Greenberger

Okay. the follow-up Great. in XQ. is number of buyers then record-high my And on here fiscal first-time

I talk XXX,XXX that think over bit factors? you this have Is you so trajectory or Thanks about potentially the little its new on – and Maybe marketing brick-and-mortar unpack even you're said was maybe do helped us the of or improvement think in would because you closures much. that pre-COVID that store that for buyers. been contributing a just can effectiveness. first-time

Michael Kliger

Sure. will I try.

you correctly bit difficult. them contributing I is the think a Unpacking factors. named

-- tailwinds. our from So is I records business would reaching in trajectory that we geographies such cost on that COVID believe a mean, constantly. benefiting pandemic have we we are We do are some the

time quarter, So is thing XX% this least anyway of What next at the will happen global share obviously speculation driver some There first-time buyers of pure is next hit over a maybe how is pure in in online. The four the as are so are is closed record customers new fashion of those And speculation. they quarter, quarter, also. to second stores this quarter. new of would triple. year the good at with was tailwinds maybe we are years, XXX,XXX have point will single all not fundamental stores business -- large during our last that reopening, of about the bought this that luxury many

we pandemic through time. they what the place and be the fundamental So driver the between are after has variations living in quite volatile will in in been before pandemic are place a are and

Kimberly Greenberger

color. Thank you so Great much.

Operator

Your next from from of comes the line question Boss Matthew JPMorgan.

open. is line Your

Matthew Boss

Great, thanks. And congrats on your first call.

XX%, maybe If even XX if you you're seeing pandemic, have So what in crisis I'm versus on so, clearly, in the think US? you're embedded is acceleration seeing Michael that my more was Europe maybe down, over And online about which has before potentially forecast? accelerated target. forward XX line into the versus to question curious the penetration Have or broke touch your geography, forecast I changed period. of think or that been on by guess, I terms XX% the what time potentially any the by for Asia we we I the potential luxury to going it think XXXX. that expecting

Michael Kliger

Thank the you. question also for you Great congrats. I thank and

may consumer by trend. -- have we should the not It have published analysts We behavior XX%. end general may XX further a share go hopefully months something that accelerated impacted correctly a accelerated this XXXX, that last you market general is epidemic. have the It not and over quoted acceleration soon. had should not the was Again, have trend. any will have seen It acceleration that in heavily researchers forecast built reach or by being about any beyond by

the just or expectations one quarters. strong on forward-looking of basis our changed not two have We

by markets times, that Number pandemic market. interesting maybe wrong the answer or and by have There the a pandemic. our is The is that's number not always -- many, many some global this in been different has has differences unfortunately to So market the was one. is And it two differences hit word geographies. everyone. global it hit a but And characteristic of dramatic geographies. that's -- interesting it

places by markets that have yields many calendars to Asia seen the social events, Asia the fact even clearly that "uncomfortable buying come patterns which and to restarted. markets same driven Asian before, have have is seen back between So that bags difference and the in and evening Americas. gowns we seen patterns meaning and in in unfortunately we the have high just loungewear" Europe versus ability the parties we and Pacific the clearly buying many There in not the organize have

retail has Asia it Europe it retailers the was bricks-and-mortar the that as in never as long unfortunately and it reopened is hand, On was in other US. than been impacted

So what by luxury and Asia many in been been we consumption comment that's of Mytheresa. of quite significant has related so published a of see terms in brands. has I to general rebound Asia, The in think numbers the in not recovery that seen

of and so And come frontrunner the has past. consumer traditionally pandemic, the actually Asia European in consumer The what before. been for is just UK, general the precursor The in to a not may or the come in good trends in online in -- may the some markets the has has unrelated lower US. in the US, that or Europe is digital actually of preference been more been consumer --

whats business see is is based again, only not little business in may a not a on of our actually This driving lot for online ifs, adoption we even our of lot of or This But may not driving that. management. we a speculation. So a exploration Europe lot planning.

We right our kind on customers of the all decisions right attracting are offers. basing the with

fact me acquisition. only good for highlights we've in one seen the top is line think customer the QX key I that and of not

is business a is key for of again the me which model. characteristic margin key of our highlight stable One gross

Matthew Boss

that my going Martin... you that say It's to was follow-up funny be question.

Michael Kliger

that. knew I

Matthew Boss

quarter think of Could help maybe walk puts of you gross to the some the through year? takes And of just drivers of about the margin in the the half margin gross just back the behind to second us strength? and

Martin Beer

bear do Yeah. stable I has model. been gross last in the a stable I always years, margin. margin gross achieved three so. will our mind mean we business in the And

positioning margin model. of So to our speaks business gross our our

brand high-end and the side high-end the on side the on On customer side.

so that And always achieved also going of it's gross margin obviously we've in stability focus the and forward.

other customers A to uptake successfully. so quarters due a no high-end the brands reported continuing is share. is and sales gross gross is determinant key margin. quarter high-end big to we this the different focusing on do margin where the on the price That So in higher and full of as the

Matthew Boss

Best luck. Great. of

Operator

from comes Credit Michael Suisse. the question from line next Your Binetti of

Your line is open.

Michael Binetti

some half as X.X%, through Hi, conservatism the for the fiscal the like the congrats guys. X.X%. out guidance to to stores past a looks of all I'd said the second But taking on year on in times reopen. start in bake quarter process on Thanks forward of first EBITDA visibility you I and what that to around margin and half number ask gate the love three years second that want margin the you you've tell can in the the we luxury to the from about here. today questions, world reduce EBITDA of in know the margins. X.X%,

I think second X.X% about pencils the out your X.X% guidance in half. to to

next different to is fund the seeing much think your know about want investments baked look right you're now versus our to on you that models. growth we make we the how in through conservatism how there want I So lines to just that in thoughts as should do

Martin Beer

that. I add Michael answer to Maybe can can and Yes. then

so half year to EBITDA December compared that So half. bear July to in stronger second mind always first the margin the than there's fiscal the a of

we're clearly paired what given from on we COVID the why line costs we that decrease so events with that And that's we increase being additional the the put in right the tailwinds outlined expect not in year offline this guidance, and will SG&A marketing have public our focus margin, cost clear will growing guidance side, lines X.X% a we give top we with to very EBITDA much And customer the this focus, base. margin. on so the comfortable on and more we X.X% with EBITDA that attracting but With for stick to and fiscal the the XXXX.

Michael Binetti

the contained tell I'd view. digital, we COVID consider one global your digital that Do digital fit as and in to still in the conservative any to any Okay. stores rest have And are that's that there contained accelerate is really have ask where fairly some you see in see big need markets similar COVID a for you I'd is demand Australia, COVID a people like Maybe indicators of and perhaps retailers characteristic market of the the And are you, where business. getting perspective places would consensus of a versus some are are global -- luxury that in other you sales few trends where these the digital? would brick-and-mortar. little early there world. that more think know seeing heard bit. leading well a some to of all trends in both even strong we're -- starting follow-up. countries heard about digital has indicators model then been so be you leading summertime reopen is on some signs love you're controlled digital, fairly to And We've wondering seeing I those from celebrating pent-up they're well we've be it's the

Michael Kliger

go through happy factors all the think to I very I Yes, customers feel take to is it's the the What comfortable and of stops I sense in happen people pandemic that interesting that would of again. question. factors. think hopefully the mean,

On the one of reopen. stores bricks a mortar of hand, lot lot a will and department

is customers maybe that high back argue degree to physical. driving a So to you could

hand, goods seen as to continued it been calendar, driver control we lot of to that haven't have A be the back isolate have part red luxury we a is gowns the carpet, to is events, a which of other on the know the stop, which of social, name business. you because start of themselves. ready-to-wear, pandemic under a particularly On big shopping will coming our a big areas and which on component

border the leisure achieved trial or have been in by great the pandemic holiday travel, still possible, achieved have not under to more driver for goods. where demand were Asia also a they through seems be travel, So for controls. at results And or Pacific also destinations. control is it's big travel, but even strict is still luxury travel the But lot because mainly also only sales retail in a done luxury not past travel least of

many are would And again endless game, benefiting be there which factors. So honestly it less is probably which of more us. would an be

And Our years. winter buy And what expect it preparing buying team Asian guidance of in there from the the a behavior be seen spending there social in any growth just has And very some consistently we have we the that is follow past be something is clear modesty pure is now for will because there. a about, been XXXX. them consumer speculations speculation. a for markets crisis, will have Making it's that strategic we new because it. the revenge we refrain --

stay consistency have six guide did on true to system rely on course, seen guide crisis And stay model we driver don't last best success. have laid strategy. -- system, a was the clearly thing the on And have predictions mean, big as but and tough we seen seen We but as out indicators they now, to full price. but I leading we business we level, a always or believe leading our the growth tough have year And management crisis predictions the the on consistent years. always financial long-term not for indicators business last are is key a right been I

Michael Binetti

much so guys, and Thank congrats you again.

Operator

comes Eric from of UBS. from Your Instructions] Sheridan line next question [Operator the

Your line open. is

Eric Sheridan

Thank far. can much a I having you two the we've maybe been parter And if brand discussion so taking question. the so on for follow-up with

over flexibility what In you discussion they getting want as do Thanks you relationship between over of the the and versus the the think so into conversations you time? inventory flexibility you more that brands how model about output much. gives those in what your going expand more with categories can brands to the of more then how pull platform -- like new part the be where putting about think children, men's into terms long-term, into talked terms you you see curation of do of about would you your the with you deepening do medium second you've the And brands?

Michael Kliger

relationships to our and Thanks, really create make always for sides partnerships. taking approach and Eric. business we Brand are both key it the are to work true

our So excite buy to at there in the the all the with we customers products are focused on brands do together something luxury can end, to is of discussions brand question.

as a but what that, for it's customer have a were one the so we platform business proposition talking involvement we that about serving value looking with really a inspiration. are trying we that important, of to our further and exactly segment. that achieve And models special is end one improve is a as customer base. brand can Because are we lot the in It's for

and out is distribution inspiration, selection, that our more highly are even with limited driving with are to business that edits are to our to customers. We more course, items already with items sold partnering. of And that's special capsules, access where we more access interesting are with

and value fabric Menswear of be And certain as a into is kidswear, the mean our side unique also and community improves women, this have -- it's the served menswear towards said, So in inventory as customer we're inventory marketing seem known that with mens, to always when to groups a us can in point social a mean customer, feature. into we be stories used is brands. particular positive customer of decade. yes, on we already same to also proposition without the is create have can on allow both are our customer. it's perform But working a to done new the course be is our offering really that good. that the customer ability allow us women create core have And that models partnership. but point. I service of kids in done to value sort quite womens And lives story owning that's I strengthens very allow that an kidswear. angle, of the the The our probably the extension that kidswear. also on customer. not I our we also marketing extending and for for excellent customer owning to that a ends, how course, we seen create, business new reaction with more And it customers us partnerships. across a luxury do And we than that present today brand proposition to for

We womenswear in the more importantly also menswear, angles kidswear. always and year and also case, last not be that it across additional launched actually And solidify this create will does broaden while collections the the and we have with partnership brands. believe that cut capsule can

potential by all for revenue strategic a the out there's three these there at in least So with but categories is growth new as rightly moment. value categories, present you the being pointed also

Eric Sheridan

Thank you.

Operator

from Your line Oliver the from next Chen of comes question Cowen.

Your line is open.

Oliver Chen

Congrats great Martin. and Michael quarter. you, a Thank on Hi.

customer And the opportunity? -- in time? opportunity about the in used composition how your Our context awareness innovate the you do awareness think building a to of marketing indicate regions, forward seek of the terms going mix and priorities US lot what that's over certain might in your great what and there in you see are reopening change China. something surveys How of the that's also with we brand a spend relevant big marketing continually is As wants? and evolving how ambassadors you've spend marketing

Michael Kliger

our company know in clear awareness is traditional even lower website Europe. high sort of the we in shopping a than opportunities both mean, in as while China far or have in do that and Thanks Oliver. our as in markets of that we we I that see that level Yes. we satisfaction brand Europe, on in it more customers Asia, US is express see actually same

boosting upper generate funnel reputation. past an trial convince offers. marketing directed is upper really and services customers opportunity discussed great and familiarity in the to The So retain there awareness, brand at and is funnel is first strategy with to as and

marketing still believe So opportunity online is we that's more to why improve efficiencies. there

the bottom bring We will not that line. to

We to the up of forms, And months, of course constrained of didn't do many in you course, with take of sense. which we lot funnel are no make the we will the metropolitan can funnel over what marketing of some the up in or were the funnel it sometimes bring last up were, invest that areas, because big events couple a outdoor postings traffic marketing.

But drive but is opportunities we the last also we market, particularly we from to the what other forward. ratios. hopefully US as digital of end, on awareness there from for different have proposition. our cost step clearly Europe within in be in moving Asia, moving That in Asia. we guide in the in one that see that's the are we to drive pandemic see do upper the different growth focus buckets some will funnel really go cost with pure markets, constantly marketing possible that and on retreats. So, increasing both will had platforms conversion are but away marketing strategies the those the value we you in again different media western a of very the social -- spend, but also increasing reputation sub-bucket why don't stable growth digital What with media shifts all at the in the also side social And still be as platforms mind

Oliver Chen

within out. you marketplace called Martin that when promotions And timing? follow-up And may Thank pay that in evolve how what timing and you. control? you. with for a the modeling to not or attention Thank we QX your seasonality we're should on What's

Martin Beer

of I season the strong in performance upcoming about the also and quarters mean, delivered. talked The on we QX delivered. years fully talked earlier years. the quarterly on Mytheresa Oliver. see mostly and seasons past obviously Thanks, two QX being we with Yes. And upcoming stability

it the continue. mean, receive and from different obviously, then to certain delivered to we due what quarter from or And due obviously QX, They will to sell-through, merchandise behavior. the then is right once we -- the and shift major We modeling it or one see the there's three because in as QX are minor possible, no being high-end to and So, COVID full the forward a want end. very looking fully weaker mean, to to targets that, buy. next year, we've on upcoming earlier as delivered -- fiscal brand price merchandise -- season as now have and that happy outlined mostly early seasonal to early the I And there's always we brands QX forward a we seen I what to earlier later. that shifts our delivering what best have. customers sell-through this trend, achieving expect And have and we good with bit in

change in we behavior see. that there's far that no So, quarterly

Oliver Chen

Thank you very regards. Best much.

Operator

this everybody time. everybody second would no at like for thank conference I fiscal joining. to are quarter further XXXX for the earnings appreciate joining We Mytheresa There questions call.

now You disconnect. may