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9 Jul

How Do the Top 3% of Customers Shop? Mytheresa

LONDON — Mytheresa is tapping into top clients’ cultural sensibilities, and wallets, with a by-invitation trip to Rome later this week that’s set to incorporate a non-public tour of the brand new Spazio Musja museum and the Valentino archive.

The trip is a component of a broader collaboration with Valentino that may see the retailer release seven exclusive, all-pink summer looks designed by Pier Paolo Piccioli exclusively for Mytheresa.

The designs, which include a zingy rose print and feathery trims, land on the Mytheresa site on Wednesday. There are lightweight maxidresses, a minidress adorned with feathers and a jaunty pair of drawstring shorts.

The editorial shoot was directed by Mytheresa chief creative officer Julian Paul with photographs by Jana Gerberding.

A couple of days later, the brand will host top clients in Rome.

They’ll visit Spazio Musja, a recent, private museum that houses the gathering of the late businessman and art lover Ovidio Jacorossi. They’ll later gather for an aperitivo and dinner at Pierluigi, a restaurant near Campo de’ Fiori that’s famous for its fish dishes.

On the next day, Mytheresa is taking the group to go to the Valentino archive followed by lunch at Dal Bolognese nearby. The dress code is “urban riviera.”

These full-price clients deliver for Mytheresa, and have grow to be increasingly essential as occasional customers pull back on spending as a result of rates of interest rise and the associated fee of living crisis.

An exclusive look from the Mytheresa and Valentino summer 2023 collaboration.

As reported, within the three months to March 31, the highest 3 percent of consumers generated 36 percent of Mytheresa’s sales. Rivals retailers resembling Net-a-porter and Neiman Marcus are seeing an identical trend, with an elite group of consumers driving as much as 40 percent of their businesses.

Mytheresa’s small-but-mighty clutch of shoppers grew by 28 percent in essentially the most recent quarter, and in GMV terms they spent 37 percent greater than within the corresponding period last 12 months. On average, their order values were greater than two times higher than those of the typical Mytheresa customer.

Mytheresa has been courting them for years, creating what it calls “memorable, money-can’t-buy” experiences in places starting from Venice and Paris to Aspen, Colorado. Last 12 months, Mytheresa organized a Pucci event in Capri; last month it focused on Loewe in Los Angeles.

Mytheresa defines these top customers as ones who “fulfil a big level of annual spend,” and who’re influential of their local fashion community.

CEO Michael Kliger said in an interview that Mytheresa wants to offer “a terrific mixture of culinary, cultural and entertainment elements. We serve a really sophisticated customer, and we’ll create a extremely special moment in Rome. These customers want, and expect, personal outreach, and we wish to construct personal relationships with them.”

An exclusive look from the Mytheresa and Valentino summer 2023 collaboration.

The retailers’ and customers’ prep work begins long before these destination events.

“The core purpose of such events is to strengthen the emotional bond between us, the brand partner, and the purchasers. But there’s also a variety of shopping happening,” Kliger said.

“Our personal shopping team is in direct contact with our customers from the moment the invitation has been send out. Our guests are putting together their wardrobes for various occasions during these event days, and we’re helping them to find the right items. During such events many purchasers will discover much more facets of the brand and their spending normally increases afterwards,” he added.

For the special trips Mytheresa picks “like-minded” customers who have already got an affinity for the partner brand.

“We pay close attention to create an exciting mix of various clients when it comes to background, and nationalities. One essential aspect for our clients on such events is to also meet like-minded people from many alternative walks of life, and to be a part of something really special,” Kliger said.

These moments are a way for Mytheresa to forge ties with the person brands.

Mytheresa is small in comparison with Net-a-porter and Farfetch, and has built its status on creating special capsules and exclusives for all of its clients, in addition to the special events for a select few.

Michael Kliger, CEO of Mytheresa.

Courtesy

Kliger described Valentino as one among Mytheresa’s “best” and longest-standing partners.

“We have now had many joint activations together over the past years. Last 12 months, we celebrated the exclusive launch of the Valentino Escape collection with a lovely two-day event in Saint-Tropez. This 12 months we desired to focus the activation more on urban summer within the maison’s hometown,” Kliger said.

While Mytheresa could also be doubling down on efforts to woo the high-end consumer, the corporate said it continues to value its broader customer base, and believes those “wait-and-see,” occasional consumers will return later this 12 months once inflation, rates of interest and the overall anxiety within the markets begins to settle.

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