Mytheresa CEO Michael Kliger discusses how the luxury online retailer maintains its exclusive appeal in a rapidly evolving market. He explains their strategy of curating a limited selection of high-end brands, adapting to changing customer tastes influenced by trends and global events like the pandemic, and focusing on occasion-based shopping to provide a unique customer journey. This episode offers insights into navigating the complexities of luxury e-commerce and brand positioning.
Key takeaways
Curate a limited, 'finest edit' of brands rather than offering an exhaustive catalog to maintain exclusivity and brand integrity in the luxury space.
Focus on 'occasion-based shopping' by understanding what customers are buying for (e.g., 'garden party' vs. 'product in mind') to better serve their needs and differentiate the shopping experience.
Continuously adapt your product assortment to evolving customer tastes, integrating 'cooler, new brands' alongside traditional luxury stalwarts to stay relevant.
Embrace an omnichannel approach that honors the brand's heritage (e.g., Mytheresa's boutique roots) while expanding into digital and new categories like menswear to capture a broader market.
Recognize that 'the customer is the judge' and use their evolving preferences and purchasing habits as the ultimate guide for merchandising and strategy.
Luxury fashion has quickly morphed away from Old Hollywood glamour to sneakers and nylon belts. But for online retailer Mytheresa, that air of sophistication and charm is still the heart of its business.
"We love the true luxury part of the [fashion] business," said Michael Kliger, CEO of Mytheresa, on this week's Glossy Podcast. "It is by definition a limited set of brands that you could count as luxury."
With roots as a boutique in Munich starting in 1987, Mytheresa has evolved alongside changes in luxury, including with its launch of a menswear category in 2020 and the company's IPO in January. Although the retailer maintains a focus on "traditional" luxury brands, like Valentino, Prada and Gucci, as well as occasions, like a "garden party," Mytheresa also carries "cooler, new [brands] like Jacquemus," in response to evolving customer tastes, which accelerated during the pandemic, said Kliger. In contrast to other luxury retailers, Mytheresa carries fewer than 250 brands, living up to its tagline of, 'The finest edit in luxury fashion."
"We always say the journey of our customers starts with an occasion in mind, not with a product in mind," said Kliger.
Mytheresa's focus on occasion did not falter during the pandemic, when sales of cashmere, knitwear, sneakers and slide shoes boomed as shoppers traded in galas for the living room couch. And on the other side of luxury, categories like vacation wear, formal dresses and party clothes have rebounded more recently, he said.
What does this episode say about retail & omnichannel?
Curate a limited, 'finest edit' of brands rather than offering an exhaustive catalog to maintain exclusivity and brand integrity in the luxury space.
What does this episode say about brand & content?
Focus on 'occasion-based shopping' by understanding what customers are buying for (e.g., 'garden party' vs. 'product in mind') to better serve their needs and differentiate the shopping experience.
What does this episode say about product & merchandising?
Continuously adapt your product assortment to evolving customer tastes, integrating 'cooler, new brands' alongside traditional luxury stalwarts to stay relevant.
What does this episode say about founder & leadership?
Embrace an omnichannel approach that honors the brand's heritage (e.g., Mytheresa's boutique roots) while expanding into digital and new categories like menswear to capture a broader market.
What does this episode say about retail & omnichannel?
Recognize that 'the customer is the judge' and use their evolving preferences and purchasing habits as the ultimate guide for merchandising and strategy.
