Satyendra Pathak
Doha
Luxury online retailer Mytheresa hosted its first-ever event in Doha on Sunday. Guests were invited to an exclusive dinner at Nobu Restaurant at Four Seasons Hotel, Doha, to discover Mytheresa’s finest edit in luxury fashion.
A display of luxury ready-to-wear, exclusive handbags and shoes by the most coveted brands including Oscar de la Renta, Bottega Veneta, Valentino, Monique Lhullier, Loro Piana, Saint Laurent, and Christian Louboutin were presented.
Delivering a speech on the occasion, Mytheresa CEO Michael Kliger said that Qatar is a very important market for Mytheresa in the Middle East region. He was delighted to meet a few of the clients in Qatar as well as new friends of Mytheresa.
In an exclusive interview with Qatar Tribune prior to the event in Doha, Kliger said, "Qatar is a very important market for us in the Middle East region because of the high spending power of consumers and their love for fashion and luxury. The knowledge of consumers about the luxury products here in Qatar is unparalleled. During the pandemic, we saw fewer people from Qatar visiting Europe. So, there was more shopping of luxury and fashion products online.”
On the investment side of our stock, he said, "We also have a good presence from Qatar. The fantastic development of the country has also made it one of the most important markets for luxury products in the world.”
Kliger said that Mytheresa is bullish about the Middle East market in general and the Qatari market in particular.
While Mytheresa already has a good number of consumers for its products in the region, he said, "We need to take more efforts to further grow our presence in the region. We have fantastic product offers and the people in this part of the world like our products. We are pretty good in service. However, getting in closer touch with our customers, creating brand awareness, more marketing, more events in Qatar and in the region needs to be done.”
With roots as a boutique in Munich starting in 1987, Mytheresa has evolved alongside changes in luxury, including its launch of a menswear category in 2020 and the company’s IPO in January this year.
Targeting big spenders with busy schedules, not discount hunters, has been a profitable approach that led to an IPO exceeding expectations for Mytheresa.
Mytheresa was among a wave of e-commerce listings taking advantage of the pandemic-related pivot to online.
The very successful stock market debut in the US at the beginning of this year saw the company’s valuation rise above $3 billion.
After the successful listing, Kliger said, "We had very successful quarters since the listing in January this year. We have been growing every quarter by slightly above 30 percent, which is above our expectations. The IPO in the US also gave us additional recognition in the global market as more people heard about Mytheresa, particularly in the US.”
Talking about efforts and ideas that led to Mytheresa’s exceptional success during the pandemic, Kliger said, "One of the co-elements of Mytheresa is that we are multi-brand and curated. We have a very strong offer for people who like to buy luxury products. If you go to our website, you find all the luxury brands that are specially curated for our customers. We always try to find the best models, best brands.
"Particularly during the Pandemic when the stores were closed, we had the best offers because you don’t need to go to five different websites. You just go to one website and find everything you are interested in. So we found lots of new customers during the pandemic. There was a big spike in new customers.”
In contrast to other luxury retailers, Mytheresa carries fewer than 250 brands, living up to its tagline of, "The finest edit in luxury fashion.”
"So it’s really within luxury. I think that curation, that multi-brand was the big driving force for our success during the pandemic,” he said.
About how the COVID-19 pandemic changed the way people shop for luxury products, he said, "The pandemic has accelerated the migration of luxury products consumers online. Now we are customers who probably had done the switch in three years, but they have now done the switch. We see people that try it are very happy with the service, and they stay. So the pandemic has pushed us two, three years ahead. Now the growth continues. The online penetration has jumped up in the luxury segment and it will continue.”
It is not only that more customers are buying online, he said, "People are buying more expensive items online. So this is also an important trend.”
Commenting on a study by Bain that online penetration of the personal luxury goods market is expected to grow to over 30 percent by 2025, he said, "Yes, we see the growth potential of up to 30 percent in the next three years. Our projection is that we double every three years as a company and this confirms that there definitely an opportunity to grow in the luxury market. It doesn’t end in 2025, the trend will continue.”
The interesting part is, he said, it’s really the very wealthy consumers even within the luxury that love to buy online.
"It’s really the big spenders who love to shop online because it’s convenient, exciting, and inspirational. We have many such buyers in the Middle East region,” he said.
About the number of Mytheresa’s active customers globally, he said, "The last number we published, we have over 700,000 active customers worldwide. Of course, we have an elite customer base. So about 3 percent of this, they account for one-third of our business. We have many such customers from Qatar.”
Mytheresa received 1.6 million orders in the last 12 months, he said adding that the company shipped to over 130 countries in the world.
Asked about Mytheresa’s recipe for being so successful, he said, "To be successful in our business, I always say you need two things. One you need to be very inspirational, the products, the edit, the marketing, the campaigns. So you need to create this desire and the interest in the product, so that’s number one. Number two is of course if the customers bought something online, they expect fast service, perfect delivery, perfect packaging and if you have questions with customer care, immediate response should be given. So you need real operational excellence. We measure the satisfaction of our customers every week and we have found that they like our products and services.”
Doha
Luxury online retailer Mytheresa hosted its first-ever event in Doha on Sunday. Guests were invited to an exclusive dinner at Nobu Restaurant at Four Seasons Hotel, Doha, to discover Mytheresa’s finest edit in luxury fashion.
A display of luxury ready-to-wear, exclusive handbags and shoes by the most coveted brands including Oscar de la Renta, Bottega Veneta, Valentino, Monique Lhullier, Loro Piana, Saint Laurent, and Christian Louboutin were presented.
Delivering a speech on the occasion, Mytheresa CEO Michael Kliger said that Qatar is a very important market for Mytheresa in the Middle East region. He was delighted to meet a few of the clients in Qatar as well as new friends of Mytheresa.
In an exclusive interview with Qatar Tribune prior to the event in Doha, Kliger said, "Qatar is a very important market for us in the Middle East region because of the high spending power of consumers and their love for fashion and luxury. The knowledge of consumers about the luxury products here in Qatar is unparalleled. During the pandemic, we saw fewer people from Qatar visiting Europe. So, there was more shopping of luxury and fashion products online.”
On the investment side of our stock, he said, "We also have a good presence from Qatar. The fantastic development of the country has also made it one of the most important markets for luxury products in the world.”
Kliger said that Mytheresa is bullish about the Middle East market in general and the Qatari market in particular.
While Mytheresa already has a good number of consumers for its products in the region, he said, "We need to take more efforts to further grow our presence in the region. We have fantastic product offers and the people in this part of the world like our products. We are pretty good in service. However, getting in closer touch with our customers, creating brand awareness, more marketing, more events in Qatar and in the region needs to be done.”
With roots as a boutique in Munich starting in 1987, Mytheresa has evolved alongside changes in luxury, including its launch of a menswear category in 2020 and the company’s IPO in January this year.
Targeting big spenders with busy schedules, not discount hunters, has been a profitable approach that led to an IPO exceeding expectations for Mytheresa.
Mytheresa was among a wave of e-commerce listings taking advantage of the pandemic-related pivot to online.
The very successful stock market debut in the US at the beginning of this year saw the company’s valuation rise above $3 billion.
After the successful listing, Kliger said, "We had very successful quarters since the listing in January this year. We have been growing every quarter by slightly above 30 percent, which is above our expectations. The IPO in the US also gave us additional recognition in the global market as more people heard about Mytheresa, particularly in the US.”
Talking about efforts and ideas that led to Mytheresa’s exceptional success during the pandemic, Kliger said, "One of the co-elements of Mytheresa is that we are multi-brand and curated. We have a very strong offer for people who like to buy luxury products. If you go to our website, you find all the luxury brands that are specially curated for our customers. We always try to find the best models, best brands.
"Particularly during the Pandemic when the stores were closed, we had the best offers because you don’t need to go to five different websites. You just go to one website and find everything you are interested in. So we found lots of new customers during the pandemic. There was a big spike in new customers.”
In contrast to other luxury retailers, Mytheresa carries fewer than 250 brands, living up to its tagline of, "The finest edit in luxury fashion.”
"So it’s really within luxury. I think that curation, that multi-brand was the big driving force for our success during the pandemic,” he said.
About how the COVID-19 pandemic changed the way people shop for luxury products, he said, "The pandemic has accelerated the migration of luxury products consumers online. Now we are customers who probably had done the switch in three years, but they have now done the switch. We see people that try it are very happy with the service, and they stay. So the pandemic has pushed us two, three years ahead. Now the growth continues. The online penetration has jumped up in the luxury segment and it will continue.”
It is not only that more customers are buying online, he said, "People are buying more expensive items online. So this is also an important trend.”
Commenting on a study by Bain that online penetration of the personal luxury goods market is expected to grow to over 30 percent by 2025, he said, "Yes, we see the growth potential of up to 30 percent in the next three years. Our projection is that we double every three years as a company and this confirms that there definitely an opportunity to grow in the luxury market. It doesn’t end in 2025, the trend will continue.”
The interesting part is, he said, it’s really the very wealthy consumers even within the luxury that love to buy online.
"It’s really the big spenders who love to shop online because it’s convenient, exciting, and inspirational. We have many such buyers in the Middle East region,” he said.
About the number of Mytheresa’s active customers globally, he said, "The last number we published, we have over 700,000 active customers worldwide. Of course, we have an elite customer base. So about 3 percent of this, they account for one-third of our business. We have many such customers from Qatar.”
Mytheresa received 1.6 million orders in the last 12 months, he said adding that the company shipped to over 130 countries in the world.
Asked about Mytheresa’s recipe for being so successful, he said, "To be successful in our business, I always say you need two things. One you need to be very inspirational, the products, the edit, the marketing, the campaigns. So you need to create this desire and the interest in the product, so that’s number one. Number two is of course if the customers bought something online, they expect fast service, perfect delivery, perfect packaging and if you have questions with customer care, immediate response should be given. So you need real operational excellence. We measure the satisfaction of our customers every week and we have found that they like our products and services.”