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Steven Xu: The loyalty of top customers fuels Mytheresa's growth

By Agatha GUO
Updated Mar.25, 2024 13:45
Mytheresa's story could illuminate future pathways for online luxury retail

The fashion sector in 2023, shaped by the "post-pandemic era", is characterized by a nostalgic return to brand heritage and a standout practicality in runway designs. Consumer behavior reflects a shift towards more deliberate spending and value for money. The rapid rise and fall of trends in public discourse create an overwhelming "noise", leaving trend-followers disoriented.

 

Moreover, a significant shift in consumer behavior impacts fashion sales: a preference for in-person experiences, especially for high-value fashion items, as the convenience of online shopping is no longer sufficient against the desire for tangible product engagement.

 

This shift places immense pressure on online fashion, particularly luxury retailers. An article titled "How far is Farfetch from revolutionizing the online luxury retail market after acquiring YNAP?" by ConCall, lined the operational status of prominent online luxury retailers like YNAP, Farfetch, MatchesFashion, Ssense, and Mytheresa. Notably, Mytheresa is thriving with a 13% increase in Q4 (The reporting period ends on June 30, 2023) GMV to €222 million.

 

In China, the online luxury retail landscape is transforming rapidly. Despite Alibaba's restructuring, Tmall remains a powerhouse, JD Fashion is on the rise, WeChat mini-programs excel in sales conversion, and platforms like Douyin and Xiaohongshu are finding their footing in luxury brand collaborations.

 

International online luxury retailers face a challenging journey in China amidst such conditions, which led ConCall to interview Steven Xu, Mytheresa's President for China and the Asia Pacific, to discuss their strategies and operations.

 

According to the NYSE, Mytheresa's GMV for FY2023 reached €855.8 million, a 15% increase from the previous year. The company anticipates 8%-13% growth in the next fiscal year. Although smaller than some rivals, Mytheresa's success suggests a diverse market that welcomes all scales of business. Sharing Mytheresa's story could illuminate future pathways for online luxury retail.

 

Steven Xu, President for China and the Asia Pacific of Mytheresa. He served as Vice President of Digital Marketing and E-Commerce APAC at Ralph Lauren where he managed Ralph Lauren’s online business in the APAC region, particularly in China. In his recent roles as Head of Digital Activation at BAT (British American Tobacco) as well as Philip Morris, he focused on driving the regional digital transformation in the Asia Pacific and Middle Eastern markets. Previously he has also worked for eBay and Edipresse. Steven holds a Master’s degree in Electrical Engineering from the University of Paris-Saclay in France. He will be responsible for all Mytheresa consumer-facing activities in China and Asia Pacific.

 

On October 24, Mytheresa hosted a fashion dialogue at Beijing Mansion Feast by Jingyan, led by Sun Sai Sai and JUJU WANG, discussing art's influence on fashion and their Mytheresa experiences. Steven Xu concluded the event with a private dinner, highlighting Mytheresa's unique VIP engagement strategy.

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