Consolidated Statements of Profit or Loss and Comprehensive Loss - EUR (€) € in Thousands, shares in Millions |
12 Months Ended | ||||
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Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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| Consolidated Statements of Profit or Loss and Comprehensive Loss | |||||
| Net sales | € 840,852 | € 766,003 | € 687,781 | ||
| Cost of sales, exclusive of depreciation and amortization | (456,320) | (386,027) | (334,758) | ||
| Gross profit | 384,532 | 379,976 | 353,023 | ||
| Shipping and payment cost | (135,547) | (114,785) | (97,697) | ||
| Marketing expenses | (96,708) | (112,001) | (96,093) | ||
| Selling, general and administrative expenses | (159,292) | (147,691) | (148,172) | ||
| Depreciation and amortization | (15,205) | (11,653) | (9,088) | ||
| Other income (loss), net | 267 | (2,527) | 892 | ||
| Operating income (loss) | (21,953) | (8,682) | 2,865 | ||
| Finance income | 5 | 358 | 0 | ||
| Finance costs | (4,777) | (2,818) | (998) | ||
| Finance income (costs), net | (4,772) | (2,460) | (998) | ||
| Income (Loss) before income taxes | (26,725) | (11,142) | 1,867 | ||
| Income tax expense | 1,814 | (5,877) | (11,184) | ||
| Net loss | (24,911) | (17,019) | (9,317) | ||
| Foreign currency translation | (13) | (19) | (74) | ||
| Other comprehensive loss | (13) | (19) | (74) | ||
| Comprehensive income (loss) | € (24,923) | € (17,038) | € (9,391) | ||
| Basic earnings per share | € (0.29) | € (0.20) | € (0.11) | ||
| Diluted earnings per share | € (0.29) | € (0.20) | € (0.11) | ||
| Weighted average ordinary shares outstanding (basic) | [1] | 86.8 | 86.6 | 86.3 | |
| Weighted average ordinary shares outstanding (diluted) | 86.8 | 86.6 | 86.3 | ||
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Consolidated Statements of Profit or Loss and Comprehensive Loss (Parenthetical) |
Jun. 30, 2024
€ / shares
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| Consolidated Statements of Profit or Loss and Comprehensive Loss | |
| Exercise price of contingently issuable shares, per share | € 0 |
Corporate information |
12 Months Ended |
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Jun. 30, 2024 | |
| Corporate information | |
| Corporate information | 1. Corporate information MYT Netherlands Parent B.V. (the “Company”, together with its subsidiaries, “Mytheresa Group”) is a private company with limited liability, incorporated by MYT Holding LLC under the laws of the Netherlands on May 31, 2019. The statutory seat of the Company is in Amsterdam, the Netherlands. The registered office address of the Company is at Einsteinring 9, 85609 Aschheim, Germany. The Company is registered at the trade register of the German Chamber of Commerce under number 261084. As of June 30, 2024, 77.9% of the shares of the Company were held by MYT Holding LLC, USA. The Company is an operating holding company. Through its subsidiary Mytheresa Group GmbH (“MGG”), Mytheresa Group operates a digital platform for the global luxury fashion consumer, in addition to its flagship retail store and men’s location in Munich. Mytheresa Group started as one of the first multi-brand luxury boutiques in Germany and launched its online business in 2006. Mytheresa Group provides customers with a highly curated selection of products, access to exclusive capsule collections, in-house produced content, and a personalized, memorable shopping experience. Except where the context otherwise requires or where otherwise indicated, references to the MYT Netherlands Parent B.V. or the Company includes the predecessor Mariposa I. S.à.r.l. (“Mariposa I”). The consolidated financial statements of Mytheresa Group were authorized for issue by the Management and Supervisory Board on September 12, 2024. |
Basis of presentation |
12 Months Ended |
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Jun. 30, 2024 | |
| Basis of presentation | |
| Basis of presentation | 2. Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), taking into account the interpretations of the International Financial Reporting Standards Interpretations Committee (“IFRIC”). The accounting principles set out below, unless stated otherwise, have been applied consistently for all periods presented in the consolidated financial statements. Mytheresa Group’s fiscal year ends June 30. All intercompany transactions are eliminated during the preparation of the consolidated financial statements. The consolidated financial statements are presented in EUR (“EUR”) which is the Group’s functional currency. The consolidated financial statements have been prepared on a historical cost basis, unless otherwise stated. All amounts presented are rounded to the nearest thousand except when otherwise indicated. Due to rounding, differences may arise when individual amounts or percentages are added together. The consolidated financial statements are prepared under the assumption that the business will continue as a going concern. Management believes that Mytheresa Group has adequate resources to continue operations for the foreseeable future. The comparative information is revised on account of revision of comparative figures. Please see Note 6. |
Impacts to the consolidated financial statements due to economic recession, inflation and war in Ukraine as well as in the Middle East |
12 Months Ended | ||
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Jun. 30, 2024 | |||
| Impacts to the consolidated financial statements due to economic recession, inflation and war in Ukraine as well as in the Middle East | |||
| Impacts to the consolidated financial statements due to economic recession, inflation and war in Ukraine as well as in the Middle East |
As of the reporting date, the Group has maintained operational stability, experiencing no major disruptions in its supply chain, logistics, or partnerships. The global economic uncertainties, exacerbated by the war in Ukraine and Middle East and other geopolitical factors, may impact the Group’s business activities and future sales. The inflationary pressures are affecting customer prices, and Mytheresa Group considers expected increases in recommended retail prices from suppliers in its pricing strategy. Despite the luxury product market showing resilience to inflation-induced demand shifts, the Group is not immune to increased cost inflation in various aspects of its business model. Furthermore, macro-economic factors such as rising interest rates may contribute to a potential recession in certain markets, leading to a temporary negative impact on overall customer demand and sentiment. These economic uncertainties, coupled with the effects of geopolitical events, may pose challenges to Mytheresa Group’s brand partners, customers, and other business activities. The negative effect of these economic uncertainties e.g. of softer customer demand, were visible in the year ended June 30, 2024, |
Scope of Consolidation and Summary of Significant Accounting Policies |
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| Scope of Consolidation and Summary of Significant Accounting Policies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Scope of Consolidation and Summary of Significant Accounting Policies | 4. Scope of Consolidation and Summary of Significant Accounting Policies
The consolidated financial statements include the accounts and results of the Company and its wholly owned subsidiaries. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has the right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control commences until the date on which control ceases. Besides MYT Netherlands Parent B.V. the following subsidiaries are included in the scope of consolidation:
a)Current versus non-current classification Mytheresa Group classifies assets and liabilities by maturity. They are regarded as current if they mature within one year or within the normal operating business cycle of Mytheresa Group. The normal operating business cycle, which is less than one year, begins with the procurement of inventory and ends with the receipt of cash or cash equivalents as consideration for the sale of inventory. Inventories, trade and other receivables, and trade and other payables are always presented as current items. b)Foreign currency translation Mytheresa Group’s consolidated financial statements are presented in Euro. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Functional currency is defined as the currency of the primary economic environment in which each entity operates. The assets and liabilities of entities with a functional currency other than the Euro, are translated into Euro at the exchange rates at the reporting date. The income and expenses of such companies are translated into Euro at the exchange rates at the dates of the transactions. Foreign currency translation differences are recognized in other comprehensive income and accumulated in the foreign currency translation reserve. For entities with Euro as their functional currency, transactions denominated in foreign currencies are translated at the exchange rates prevailing on the date of transaction. Balance sheet items denominated in currencies other than Euro, are translated at the closing rate for each reporting period, with resulting translation differences recognized within finance expenses, net. c)Revenue recognition All revenue generated by Mytheresa Group is included within net sales on the consolidated statement of profit and comprehensive loss. Mytheresa Group generates revenue primarily from the sale of merchandise shipped to customers. In 2021, Mytheresa also introduced the Curated Platform Model (CPM), whereby it recognizes commission revenue for the rendering of services. Management applies the following five step model when determining the timing and amount of revenue recognition:
All revenues of Mytheresa Group qualify as contracts with customers and fall in the scope of IFRS 15. Mytheresa Group recognizes revenues to reflect the transfer of goods or services to customers at an amount that represents the consideration the entity expects to receive including fixed amounts, variable amounts or both, such as returns, rebates and discounts. Shipping and payment costs consist primarily of shipping fees paid to our delivery providers, packaging costs, delivery duties paid for international sales and payment processing fees paid to third parties. Shipping and payment costs fluctuate based on the number of orders shipped and net sales. General increases are due to a higher share of international sales and a higher share of countries where the company bears all customs duties for the customer, for example in the USA. Retail sales Mytheresa acts as a principal and sells merchandise through its online website as well as physical stores. Revenue is recognized when control of the goods is transferred to the customer, which occurs upon delivery to the customer or point of sale for sales in physical stores. Goods sold for online sales to the customers can be returned or exchanged within 30 days of receipt of the goods. For expected returns, Mytheresa Group recognizes a refund liability as a reduction of revenue and a corresponding right of return asset as reduction of cost of sales, based on actual returns as of the date of authorization for issue of the financial statements as well as and expected future return rates that is derived from historical data. Delivery occurs when the products have been shipped to the specific location, the risks of loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or Mytheresa Group has objective evidence that all criteria for acceptance have been satisfied. A contract liability is therefore recognized for products which have shipped, but delivery to the customer has not yet occurred. The related revenue is recognized when the customer obtains control of the product. A contract liability is also recognized from the sale of gift cards and vouchers. As the entity expects to be entitled to a breakage amount, it recognizes the expected breakage amount as revenue in proportion to the pattern of rights exercised by the customer. The expected breakage is based on historical data adjusted for current expectations. Mytheresa Group assesses all promised goods and services and identified performance obligations at contract inception. Contracts with customers include single performance obligation, for example, the sale of a distinct bundle of goods, including related activities to provide these goods and services (packaging, shipping, credit card processing, settlement of duties and other transaction processing activities). As these related activities are not distinct performance obligations, revenue for these services is recognized concurrently with the delivery of the product. No element of financing is deemed present as sales require immediate upfront payment from the customer, and satisfaction of the performance obligation is within a short period of time, which is consistent with market practice. Variable consideration might occur in form of promotional discounts. Mytheresa Group includes variable consideration estimated in accordance with IFRS 15.53 in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. As the contracts include only a single performance obligation, the transaction price is allocated to that performance obligation. Commission sales This revenue stream is related to the Curated Platform Model (CPM), which provides sellers (brand partners) the ability to sell their goods to customers on the Mytheresa platform. In this case, Mytheresa generates a commission fee (normally a percentage of the selling price), which is based on agreements with brand partners. Mytheresa’s performance obligation with respect to these transactions is to arrange the transaction through its online platform and to provide related services, which include shipping and payment-related activities. Those are not considered separate promises to the end customer and therefore the revenue recognition of the related fees occurs concurrently with the commission which is when goods are delivered to the end customer. However, the Group does not obtain control over the goods in advance of transferring the goods to the end customer and does not have any discretion in setting the price of the goods to be sold, nor does it bear the inventory risk for the goods to be shipped to the customer. As such, the Group is considered to be an agent in these transactions and recognizes revenue on a net basis for the agreed upon commission at the point in time when the goods are delivered to the end customer. For expected returns, Mytheresa Group recognizes a refund liability for commissions that will be refunded upon return of the goods. d)Intangible assets and goodwill Mytheresa Group’s intangible assets and goodwill primarily result from the acquisition of the Mytheresa operations by Mytheresa Group GmbH (“MGG”) in 2014. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses, if any. The useful life of intangible assets is assessed as either finite or indefinite. Intangible assets with a finite useful life Intangible assets with a finite useful life consist of licenses and software. Intangible assets with a finite life are amortized over their estimated useful economic life on a straight-line basis and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method of intangible assets with a finite useful life are reviewed at least annually, with any changes treated as changes in accounting estimates. Changes in the expected useful life or the expected pattern of consumption of the assets’ future economic benefits are considered when assessing the amortization method and useful life of the asset. Amortization expense on intangible assets with finite lives is recognized in the consolidated statement of profit and comprehensive loss within depreciation and amortization. The estimated useful life of licenses is based on the contractual term period and for purchased software is three years. Intangible asset with indefinite life Mytheresa Group recognizes trademarks intangible assets for Mytheresa brand names. As the trademarks are core to the business and as there is no foreseeable limit to the future cash flows generated by the intangible asset, trademarks are assessed as indefinitely lived. Mytheresa Group assesses trademarks for impairment and potential changes in useful life annually in the fourth quarter, or when an event becomes known that may trigger impairment. Goodwill Mytheresa Group’s goodwill originated from the MGG acquisition in 2014 and represents the difference between the purchase price and the net identifiable assets acquired. Goodwill is not amortized but reviewed for impairment at least annually. Mytheresa Group consists of two cash generating units (“CGU”), which represent the lowest level in which the goodwill is monitored for internal management purposes. Any potential impairment of goodwill is identified by comparing the recoverable amount of a CGU to its carrying value. Goodwill is reduced by the amount of impairment, if any. If the impairment exceeds the carrying amount of goodwill, the carrying values of the remaining assets in the CGU are reduced by the excess on a pro-rata basis. The Company tests goodwill for impairment annually in the fourth quarter of the year, or when an event becomes known that may trigger impairment. e)Property and equipment Property and equipment is stated at historical cost, net of accumulated depreciation and accumulated impairment losses, if any. Historical cost includes any expenditures that are directly attributable to the acquisition of the asset, including costs incurred to prepare the asset for its intended use. Property and equipment, net is depreciated on a straight-line basis over each asset’s expected useful life. When significant parts of a fixed asset have different useful lives, they are accounted for as separate components and depreciated separately. Depreciation methods, useful lives and residual values are reviewed at least annually and adjusted prospectively, if appropriate. Mytheresa Group applies the following useful lives when estimating depreciation of property and equipment, net:
Construction in progress are being capitalized but not depreciated yet. If a leasehold improvement is expected to be in use after the expected expiration date of its associated lease, then it is depreciated over its estimated useful life. All repair and maintenance costs are expensed when incurred. Mytheresa Group assesses property and equipment, net for impairment whenever there is an indication of potential impairment. f)Leases The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at inception. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement. Mytheresa Group assesses at the inception of the contract whether the contract is or contains a lease. Mytheresa Group’s leases consist of real estate and company cars. Lease terms are negotiated on an individual basis and may contain a range of different terms and conditions. Lease contracts may be negotiated for fixed periods or include extension options. To determine the lease terms, all facts and circumstances which offer economic incentives to exercise extension options are included. If it is reasonably certain that a lease term will be extended, the related extension option is included. The lease terms include fixed payments as well as variable payments that depend on an index. Extension options are included in the determination of the lease liability to the extent that it is reasonably certain that those options will be exercised by Mytheresa Group. Management of Mytheresa Group reviews forecasts, planned growth and facility capacity when determining whether an extension option is reasonably certain to be exercised. The lease liability is subsequently measured as the present value of the expected lease payments. To determine the present value, Mytheresa Group discounts the remaining lease payments with the incremental borrowing rate of the lessee. The incremental borrowing rate is the interest rate that Mytheresa Group would be required to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset as the underlying lease agreement in a similar economic environment. Mytheresa Group applied incremental borrowing rates between 0.96% and 7.5% for the periods presented. Right-of-use assets are measured at cost at the date of lease commencement. The cost is comprised of the initial lease liability measurement and any lease payments made before the commencement date, less any lease incentives received and estimated cost of dismantling and removing the underlying asset incurred by the lessee. After the commencement date, Mytheresa Group measures right-of-use assets at cost less accumulated depreciation and any accumulated impairment losses. For subsequent measurement, the carrying amount of the lease liability is increased to reflect the interest on the lease liability and reduced to reflect the lease payments made. The finance expenses associated with the lease term are recognized in the consolidated statement of profit and comprehensive loss over the lease term. To date, no impairment losses have been identified on Mytheresa Group’s right-of-use assets. Mytheresa Group elected to apply an exemption for low value leases in accordance with IFRS 16. Low value leases are leases with contract amounts below EUR 5 thousand. Lease payments associated with low value leases are expensed on a straight-line basis over the lease term. Accordingly, no right-of-use assets or lease liabilities are recognized for low value leases. g)Inventories and Cost of Sales Inventories are measured at the lower of cost or net realizable value. Costs are assigned to individual items using the weighted average cost method. Costs of purchased inventory are determined after deducting rebates and discounts. Inventory is written down when its net realizable value is below its carrying amount. Mytheresa Group estimates net realizable value as the amount at which inventories are expected to be sold, taking into consideration fluctuations in selling prices due to seasonality, less estimated costs necessary to complete the sale. When circumstances that previously caused inventories to be written down below cost no longer exist or when there is clear evidence of an increase in selling prices, the amount of the write-down previously recorded is reversed. The carrying amount of inventories is expensed as inventories are sold and recognized in cost of goods sold. Write-downs to net realizable value and losses are expensed in the period they occur. Any reversal of write-downs is recognized in the period the reversal occurs. Cost of sales, exclusive of depreciation and amortization includes the cost of merchandise sold, net of trade discounts, in addition to inventory write-offs and delivery costs of product from our brand partners to our central distribution center, where we act as the principal. These costs fluctuate with changes in net sales and changes in inventory write-offs due to inventory aging. For CPM revenue, we do not incur cost of sales as the purchase price of the goods sold is borne by the CPM brand partner. h)Financial instruments—Initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one party and a financial liability or equity instrument of another party. These include both non-derivative financial instruments, such as trade and other receivables and payables, and derivative financial instruments, such as foreign exchange contracts. Financial instruments are recognized when Mytheresa Group becomes party to the contractual provisions of the financial instrument. Generally, purchases and sales of financial assets are initially recognized at the settlement date. Upon initial recognition, all financial assets and financial liabilities are measured at fair value plus or minus any directly attributable transaction costs, unless a financial instrument is classified at fair value through profit or loss. Mytheresa Group categorizes all financial assets and financial liabilities at initial recognition. Mytheresa Group generally do not require collateral or other security from our customers. Measurement categories Financial assets and financial liabilities are grouped into the following categories according to IFRS 9:
Classification of financial assets depends on the business model used for managing financial assets and on the characteristics of the contractual cash flows involved. Financial assets are classified within AC category only when they are held exclusively to collect the contractual cash flows and when their contractual terms comprise cash flows that are solely payments of principal and interest on the principal amount outstanding. With the exception of derivatives, all financial assets are classified at AC. Cash and cash equivalents consist of cash held at banks or financial institutions, with a bank license e.g. PayPal and cash on hand. Trade and other receivables are generally accounted for at AC less any impairment using the simplified approach. Deposits granted for rent which are not related to credit lines are recorded under Non-current financial assets as restricted cash since they are not available for use in the operating business of Mytheresa Group. Non-current financial assets are recognized at nominal value. Financial liabilities are generally classified at amortized cost. There are some exceptions, for example financial liabilities at fair value through profit or loss including derivatives not designated as hedging instruments. Financial liabilities need to be analyzed to determine whether they contain any embedded derivative. If the embedded derivative is not closely related to the host contract, such derivatives must be separated and be accounted for separately at FVPL. Subsequent measurement Financial assets and financial liabilities in the AC category are subsequently measured using the effective interest method. Using the effective interest method, all directly attributable fees, consideration paid or received, transaction costs and other premiums or discounts included in the calculation of the effective interest rate are amortized over the expected term of the financial instrument. Interest income and expenses from the application of the effective interest method are presented as finance income, net in the consolidated statement of profit and comprehensive loss. Financial assets and financial liabilities in the FVTPL category are subsequently measured at fair value, with changes in value recognized in the consolidated statement of profit and comprehensive loss. Impairment The Group applies the simplified approach in accordance with IFRS 9.5.5.15 for its trade receivables where the loss allowance is always measured at an amount equal to lifetime expected credit losses. Each exposure is allocated to a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts and cash flow projections and available press information about customers). Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default. Exposures within each credit risk grade are segmented by geographic region and industry classification and an ECL rate is calculated for each segment based on delinquency status and actual credit loss experience over the past years. These rates are adjusted to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions as well as the Group’s view of economic conditions over the expected life of the receivables. Mytheresa Group considers a financial asset to be in default when:
Mytheresa Group applies this general approach for cash and cash equivalents as well as other assets. These assets are considered to have a low credit risk when the issuer has a strong capacity to meet its contractual cash flow obligations in the near term. Cash and cash equivalents are only placed at banks and financial institutions with a bank license with credit ratings of investment grade or higher. Rental deposits are trust assets that, in case of a default of the counterparty, are separated from insolvency estate and are paid back primarily. Considering that, the impairment for these assets is not material. Hedge Accounting Mytheresa Group is exposed to currency risks as a result of participating in business activities outside the Euro zone. Mytheresa Group uses foreign currency forward contracts to hedge and thus limit currency risks from sales in foreign currencies. The sales are hedged each fiscal year so that no forward contracts are still in place at the balance sheet date. Currency risks are managed centrally within Mytheresa Group. Regular reports on the Group-wide development of risks and open positions with currency risk are made. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Mytheresa Group only enters into foreign exchange derivatives (“foreign exchange forwards”) that are all designated as hedges of the foreign currency risk associated with the cash flows of highly probable forecast sales denominated in foreign currency. Mytheresa Group determines the existence of an economic relationship between the hedging instrument and the hedged underlying sales transaction on the basis of the currency, amount and timing of their respective cash flows. As changes in the cash flows of the hedging instrument offset changes in the cash flows of the hedged transaction offset, the relationship is effective. Potential sources of ineffectiveness are changes of the payment dates or a reduction in the total amount of the hedged item and a significant change of the credit risk of either party to the hedging relationship. Ineffective cash flow hedges in the periods presented were immaterial. At the inception of a hedge relationship, Mytheresa Group documents the economic relationship between the hedging instruments and hedged items, including whether changes in the fair value of the hedged items are offset by changes in the fair value of the hedging instruments. Mytheresa Group documents its risk management objective and strategy for undertaking its hedging transactions. Detailed information on risk management and risks arising from Mytheresa Group’s financial instruments can be found in Note 28. A hedging relationship qualifies for hedge accounting only if all of the following requirements for hedge effectiveness are met: there is an economic relationship between the hedged item and the hedging instrument, the effect of the credit risk does not dominate the changes in value that result from this economic relationship, the hedging relationship is the same as that which results from the amount of the hedged item that the Company actually hedges and the amount of the hedging instrument that the Company actually uses to hedge that amount of the hedged item. Hedging instruments are expected to be highly effective in achieving offsetting changes in cash flows. Hedging instruments are reviewed on an ongoing basis to determine that they have actually been highly effective throughout the financial year for which they are designated. Mytheresa Group applies cash flow hedge accounting, whereby the spot component of the forward exchange contracts is designated as the hedging instrument. The effective portion of changes in the fair value of the designated cash component is recognized in the hedge reserve in other comprehensive income (“OCI I”, “cash flow hedge reserve”) within equity. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. In addition, Mytheresa Group recognizes changes in fair value related to the forward element in other comprehensive income (“OCI II”, “Cost of Hedging Reserve”) within equity. Amounts accumulated in equity are reclassified in the periods in which the hedging instrument affects profit or loss. Application of hedge accounting in fiscal 2024 resulted in a €1,511 thousand decrease to net sales. If hedge accounting had not been applied, the amounts would have been recognized immediately within in other income (expense), as free-standing derivatives. Derecognition A financial asset is derecognized when the contractual rights to receive cash flows from the financial assets have expired or have been transferred and Mytheresa Group substantially transferred all rewards and risks associated with the ownership. In the case of sales of trade receivables, essentially all rewards and risks are transferred to the buyer of the receivables. Financial liabilities are derecognized when the obligation under the liability is settled, cancelled or expired. Fair value measurement Fair value is the price that would be received to sell an asset or paid to settle or transfer a liability in an orderly transaction between market participants as of the measurement date in the principal or, in its absence, the most advantageous market to which Mytheresa Group has access at that date. The fair value of a liability reflects its non-performance risk. A number of Mytheresa Group’s accounting policies and disclosures require the measurement of fair value for both financial and non-financial assets and liabilities. Mytheresa Group measures the fair value of an instrument using the quoted price in an active market for that instrument, if such price is available. A market is regarded as “active” if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then Mytheresa Group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all factors that market participants would take into account in pricing a transaction. Based on the input parameters used for valuation the fair values have to be assigned to one of the following levels of the fair value hierarchy:
Foreign exchange forwards are valued according to their present value of future cash flows based on forward exchange rates at the balance sheet date. The fair values of these instruments are also considered as level 2 fair values. no of the fair value hierarchy as of June 30, 2023 and June 30, 2024. Mytheresa Group’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. i)Provisions Mytheresa Group recognizes provisions when it has a present obligation, legal or constructive, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The increase in provision due to the passage of time is recognized as finance expenses. j)Income taxes Current income taxes Current income tax is the expected tax payable or receivable based on the taxable income or loss for the period and the tax laws that have been enacted or substantively enacted as of the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes tax liabilities where appropriate on the basis of amounts expected to be paid to the tax authorities. In case of uncertainties related to income taxes, they are accounted for in accordance with IFRIC 23 and IAS 12 based on the best estimate of those uncertainties. Current income taxes are calculated based on the respective local taxable income and local tax rules for the period. In addition, current income taxes presented for the period include adjustments for uncertain tax payments or tax refunds for periods not yet finally assessed, however, excluding interest expenses and interest refunds and penalties on the underpayment of taxes. In cases for which it is probable that amounts declared as expenses in the tax returns might not be recognized (uncertain tax positions), a liability for income taxes is recognized. The amount is based on the best estimate of the expected tax payment (expected value or most likely amount). Deferred taxes Deferred taxes are recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable income and are accounted for using the balance sheet-liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable income will be available against which deductible temporary differences can be utilized. Current and deferred tax is charged or credited in the consolidated statement of profit and comprehensive loss, except when it relates to items charged or credited directly to equity, in which case the current or deferred tax is also recognized directly in equity. Deferred tax assets or liabilities are calculated on the basis of temporary differences between the tax basis and the financial reporting of assets and liabilities including differences from consolidation and on unused tax-loss carryforwards. For this purpose, deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets are recognized to the extent that it is probable that there will be future taxable income available against which the deductible temporary differences and tax-loss carryforwards can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be recovered. Mytheresa Group establishes tax liabilities on the basis of expected tax payments. Liabilities for trade taxes, corporate taxes and similar taxes on income are determined based on the taxable income of the consolidated entities less any prepayments made. Calculation of tax liabilities is based on the recent tax rates applicable in the tax jurisdiction of Mytheresa Group. k)Segment reporting An operating segment is a component of Mytheresa Group that engages in business activities from which it may earn revenues and incur expenses and for which discrete financial information is available and used by the Chief Operating Decision Maker (“CODM”) to make decisions around resource allocation and review operating results of Mytheresa Group. Mytheresa Group identified its Chief Executive Officer and Chief Financial Officer as the CODM, collectively. Mytheresa Group does not separately present net sales by product category, because such information is not maintained on a basis consistent with IFRS and the preparation of such information would be unduly costly. l)Impairment of non-financial assets excluding Goodwill and intangible assets Mytheresa Group assesses whether an asset may be impaired at each reporting date. If any indication of impairment exists, or when annual impairment testing for such an asset is required, Mytheresa Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal or its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Mytheresa Group bases its impairment calculation on detailed budgets and forecasted cash flows, which generally cover a period of five years. Impairment losses are recognized in the consolidated statement of profit and comprehensive loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill and indefinite lived intangible assets, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or has decreased. If such indication exists, Mytheresa Group estimates the asset’s or CGU’s recoverable amount. Impairment losses relating to goodwill cannot be reversed in future periods. m)Management equity incentive plan Share-based compensation arrangements The grant-date fair value of equity-settled share-based compensation arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. Cash-settled transactions For cash-settled share-based payments, a liability is recognized for the goods or services acquired, measured at the fair value of the liability. At each balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss for the reporting period. See note 12. a) i) on share-based compensation for further details. The company intends to continue to settle all remaining awards in equity.
The amendments included above do not have a material effect on the consolidated financial statements and thus no further details are disclosed.
At the date of authorization of these financial statements, Mytheresa Group has not applied the following new and revised IFRS standards that have been issued, but are not yet effective:
A number of new accounting standards, amendments and interpretations have been published that are not mandatory for reporting periods ended June 30, 2024 and have not been early adopted by the Mytheresa Group. The standards, amendments, and interpretations not yet effective are not expected to have a significant impact on the Group’s consolidated financial statements as of the date of authorization for issuance.
The Mytheresa Group applied “International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12)” after its publication on May 23, 2023. The amendments contain a temporary, mandatory, and immediately applicable exemption from the recognition of deferred taxes resulting from the introduction of global minimum taxation; they also require, if already possible, specific disclosures in the notes on the impact of the minimum taxation (see note 26). The mandatory exemption is to be applied retrospectively. However, since as of 30 June 2023 no global minimum taxation laws were applicable in any of the countries in which the Group operates and hence no related deferred taxes were recognized at that time, the retrospective application has no impact on the consolidated financial statements. |
Critical accounting judgments and key estimates and assumptions |
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| Critical accounting judgments and key estimates and assumptions | 5. Critical accounting judgments and key estimates and assumptions The preparation of Mytheresa Group’s consolidated financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of net sales, expenses, assets and liabilities, and the accompanying note disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods. The estimates and underlying assumptions are subject to continuous review. Below is a summary of the critical measurement processes and the key assumptions used by management in applying accounting policies with regard to the future, and which could have significant effects on carrying amounts stated in the consolidated financial statements, or for which there is a risk that significant adjustments may be made to the carrying amount of assets and liabilities in subsequent years. Inventory write-downs Inventory is carried at the lower of cost or net realizable value, which requires an estimation of the products future net selling prices. When assessing the net realizable value of the inventory, Mytheresa Group considers multiple factors and assumptions including the quantity and aging of inventory on hand, anticipated sales volume, expected selling prices and selling cost, as well as historical recovery experience and risk of obsolescence from changes in economic conditions. Refer to Note 17 for further details. Share-based compensation Determining the fair value of share-based compensation options at the grant date requires judgment, including estimating the expected term that options will be outstanding prior to exercise, the associated volatility, the appropriate risk-free interest rate, dividend yield and the expected achievement of non - market performance conditions. Upon grant of the awards, we also estimate an amount of forfeitures that will occur prior to vesting. If actual forfeitures differ significantly from the estimates, share-based compensation expense could be impacted. For further disclosures relating to share-based payments, see Note 27. Impairment of Goodwill Impairment exists when the carrying value of an asset, CGU or group of CGU’s exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget and projections for the next five years, according to the development and maturity of each CGU. The significant judgements and assumptions used in calculating the recoverable amount are (i)the expected future revenue growth rates, including the terminal growth rate (ii)the anticipated EBITDA margin and (iii)the discount rates applied to the future cash flows of the CGUs. These estimates are relevant to goodwill recognized by the Group. Refer to Note 14, Intangible assets and goodwill for further details on the assumptions and associated sensitivities. |
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| Revision of comparative figures |
In the company’s application of IFRS 15 Revenue from Contracts with Customers, the measurement of the breakage amount for certain vouchers issued to customers was incorrectly determined for the periods 2021, 2022 and 2023. To correct for the effects of this error, which is immaterial for all prior periods, the comparative figures for the fiscal years ended June 30, 2023 and June 30, 2022 have been revised as follows:
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Segment and geographic information |
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| Segment and geographic information | 7. Segment and geographic information In line with the management approach, the operating segments were identified on the basis of Mytheresa Group’s internal reporting and how our chief operating decision maker (CODM), assesses the performance of the business. Mytheresa Group collectively identifies its Chief Executive Officer and Chief Financial Officer as the CODM. On this basis, Mytheresa Group identifies its online operations and retail store as separate operating segments. Segment EBITDA is used to measure performance, because management believes that this information is the most relevant in evaluating the respective segments relative to other entities that operate in the retail business. Segment EBITDA is defined as operating income excluding depreciation and amortization. Assets are not allocated to the different business segments for internal reporting purposes. The following is a reconciliation of the Company’s segment EBITDA to consolidated net income.
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Selling, general and administrative expenses |
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| Selling, general and administrative expenses | 8. Selling, general and administrative expenses Selling, general and administrative expenses include all personnel costs for Mytheresa Group, IT expenses, costs associated with the distribution center, and other overhead costs. Selling, general and administrative expenses consist of the following:
The total selling, general and administrative (SG&A) expenses increased by €11.6 million from €147.7 million in fiscal year ended June 30, 2023 to €159.3 million in fiscal year ended June 30, 2024. The increase is mainly due to increases in personnel expenses, rental costs, travel expenses, expenses related to the new distribution center in Leipzig and other operating expenses in the period. The Mytheresa Group recognized Share-based compensation expenses for the fiscal year ended June 30, 2024 of €18.5 million and €30.0 million for the fiscal year ended June 30, 2023. |
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Other income (loss), net |
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| Other income (loss), net | 9. Other income (loss), net Other income, net consists of the following:
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Finance income (costs), net |
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| Finance income (costs), net | 10. Finance income (costs), net Finance expenses, net consists of the following:
Further information on interest expenses on leases can be found in Note 16. |
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Income tax expense |
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| Income tax expense | 11. Income tax expense Income taxes are comprised of current income taxes and deferred taxes and consists of the following:
During fiscal year 2024, Mytheresa Group’s primary statutory tax rate for current income taxes was 27.74% (2023: 27.74% and 2022: 27.52%), consisting of the German corporate tax rate of 15%, a 5.5% solidarity surcharge on the German corporate tax rate, and in fiscal year 2024 a trade tax rate of 11.92%, being the statutory income tax rate of the German income tax group parent, MYT Netherlands Parent B.V., located in Aschheim, Germany which changed due to the change in composition of the weighted average trade tax rate. The primary deferred tax rate for German entities in 2024 was 27.74% (2023: 27.45%). For non-German companies, the current and deferred taxes at period-end were calculated using a range of applicable income tax rates between 8.25% to 31.0%. (2023: 2.5% to 29.4%). The table below reconciles the expected income tax expense amount, based on Mytheresa Group’s expected tax rate (2024: 27.74%, 2023: 27.74%, 2022: 27.52%) to the actual income tax expense amounts for fiscal 2022, fiscal 2023 as well as fiscal 2024.
The material drivers leading to the difference between expected income tax expense and income tax expense are as follows: Other non-deductible expenses in fiscal year 2024 mainly include the tax effect of expenses related to share-based payments under IFRS of €5,134 (2023: €8,328, 2022: €14,137) thousand which are not deductible for German income tax purposes. Utilization of interest expense carried forward reduced income tax expense by € 0 in fiscal year 2024 (2023: €0; 2022: €1.822 thousand. Deferred tax assets of €1 thousand in fiscal year 2024 € (2023: €3 thousand €; 2022: € 0 thousand) related to current tax losses were not recorded. In 2024, €0 thousand (2023: €45 thousand; 2022: € 0 thousand) in income tax credits have been utilized in the current period for which no deferred tax asset has previously been recognized. In addition, deferred tax assets on tax loss carryforwards for MYT Netherlands Parent B.V. were fully recognized in fiscal year 2022 in accordance with IAS 12.36 (d). Management expects utilization of the tax loss carryforwards and deductible temporary differences within a forecasting period of five years to be sufficiently probable as the entity entered the German income tax group in fiscal year 2023 and, from then onwards, can utilize its losses against the taxable income of the income tax group. In total, a deferred tax asset of €6,046 thousand was recognized in 2022. Thereof, €1,249 thousand was recognized according to IAS 12.61A directly to equity in fiscal 2022 as part of the tax loss carryforwards include tax deductible expenses related to IPO transaction costs which were originally recorded directly to equity under IFRS. In fiscal year 2023, a portion of the deferred tax asset has been reversed due to partial utilization of tax loss carryforwards. In 2024, additional deferred tax assets on current tax losses have been recognized at the amount of € 2,135 thousand by MYT Netherlands Parent B.V. For temporary differences associated with investments in subsidiaries at the amount of €5,733 thousand (2023: €5,370 thousand, 2022: €2,060 thousand), no deferred taxes have been recognized as the respective parent is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. |
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Earnings per Share |
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| Earnings per Share | 12. Earnings per Share Basic earnings per share are determined by dividing the net income for the period attributable to the ordinary shareholders of the MYT Netherlands B.V. by the basic weighted average number of ordinary shares outstanding during the period.
Basic earnings per share are calculated in accordance with IAS 33 (“Earnings per Share”) based on earnings attributable to the Company’s shareholders and the weighted average number of shares outstanding during the period. The ordinary shares outstanding used for computation of earnings per share reflect the Legal Reorganization, adjusted for the share split described in Note 20. This presentation is consistent with the principles in IAS 33.64, which requires calculation of basic and diluted earnings per share for all periods presented to be adjusted retrospectively if changes occur to the capital structure after the reporting period but before the financial statements are authorized for issue. Diluted earnings per share are determined by dividing the net income for the period attributable to the ordinary shareholders by the diluted weighted average number of shares outstanding during the period. In 2022, 2023 and 2024, potential ordinary shares with a dilutive effect (stock options) were excluded, because the effect would be anti-dilutive. Hence, the basic earnings per share correspond to diluted earnings per share in fiscal 2022, 2023 and 2024 and prior periods. Pursuant to paragraphs 21(g) and 24 of IAS 33, as certain shares are fully vested and contingently issuable for no consideration, they are treated as outstanding and included in the calculation of both basic and diluted earnings per share. Potential ordinary shares excluded from diluted earnings per share as their conversion would have an antidilutive effect are as follows (in millions):
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Net Sales |
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| Net Sales | 13.Net sales Mytheresa Group earns revenues worldwide through its online operations, while all revenue associated with the two retail stores is earned in Germany. Geographic location of online revenue is determined based on the location of delivery. Mytheresa Group generates revenue from the sale of merchandise shipped to customers as well as from commission for the rendering of services in connection with the Curated Platform Model (CPM). Mytheresa introduced the Curated Platform Model (CPM) in April 2021, whereby it recognizes commission revenue for the rendering of services. The following table provides Mytheresa Group’s net sales by geographic location:
(1)No individual country other than Germany and the United States accounted for more than 10% of net sales. Substantially all amounts classified within net sales are derived from the sale of luxury goods and rendering of services. Net sales related to rendering of services is below 10% of total net sales and is therefore not separately disclosed. No single customer accounted for more than 10% of Mytheresa Group’s net sales in any of the periods presented. Substantially, all long-lived assets are located in Germany. Net sales recognized from contract liabilities were €2,007 thousand in fiscal 2024 (2023: (€1,233) thousand, 2022: (€563) thousand. Application of hedge accounting in fiscal 2024 resulted in a €1,511 thousand (2023: €1,650 thousand decrease) decrease to net sales. |
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| Intangible assets and goodwill | 14. Intangible assets and goodwill Mytheresa Group’s intangible assets and goodwill consist of the following:
Intangible assets with a finite useful life Mytheresa Group has intangible assets with a finite useful life, consisting of licenses and software. Amortization expense of the intangible assets is entirely classified within depreciation and amortization in the consolidated statements of profit and comprehensive loss. The following table presents the changes in Mytheresa Group’s finite-lived intangible assets during fiscal 2022, 2023 and fiscal 2024:
Indefinite-lived intangible assets - Trademark Mytheresa Group’s MYTHERESA and mytheresa.com trademarks represent an indefinite-lived intangible asset. Mytheresa Group assessed the trademarks for potential impairment during the fourth quarters of each fiscal year, determining that no impairments had occurred. The recoverable amount of Mytheresa Group’s two identified trademarks was based on fair value less costs of disposal, estimated using discounted cash flows. The fair value measurement was categorized as Level 3 fair value based on the inputs in the valuation technique used. When assessing the trademarks for potential impairment, the fair value of the trademarks was determined using the relief from royalty income approach. Under this approach, management estimated future cash flows based on internal projections considering Mytheresa Group’s past performance and forecasted growth which includes also industry terminal growth revenue growth rate forecast of 2.0% p.a. (2023: 2.0%) in the planning periods, an assumed royalty rate of 2.0% (2023: 2.0%) and discount rate of 9.4% (2023:10.6%) for MYTHERESA and 8.8% (2023: 10.2%) for the THERESA (retail store CGU) Trademark. The discount rate used was a trademark specific post-tax discount rate. Revenue growth is estimated based on internal projections considering Mytheresa Group’s past performance and forecasted growth which includes also industry growth forecast. The revenue growth rates over the period are the same for trademarks as for the goodwill for the CGU-Online and retail store. The terminal growth rates applied in the impairment assessments do not exceed the average long-term growth rate for either the online operations or retail store CGUs. The discount rate and royalty rate are based on market participant assumptions. The assumed terminal growth rates applied in Mytheresa Group’s trademark impairment assessments were as follows:
Goodwill MGG acquired 100% of the outstanding shares of mytheresa.com GmbH on October 9, 2014 and Warenvertrieb GmbH on October 31, 2014. The goodwill resulting from this acquisition is attributable to Mytheresa Group’s online operations and retail store and is not deductible for tax purposes. There were no acquisitions in the periods presented. Goodwill has been allocated to Mytheresa Group’s two identified CGUs, the online operations and the retail store. Mytheresa Group allocates €137,933 thousand and €959 thousand of goodwill to online operations and the retail store, respectively, which remained unchanged for all periods presented. The recoverable amounts of the CGUs are determined based on each respective CGU’s value in use. The present value of the future cash flows expected to be derived from an asset or CGU based on the value in use (VIU) approach. The key assumptions for determining the value in use are the discount rates, budgeted and expected revenue growth rates (CAGR for the next five years) and EBITDA margin in Terminal value. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGU’s. The budgeted and expected revenue growth rates are based on internal projections considering Mytheresa Group’s historical growth rates and the estimated sales volume in the next five years taking into account external industry growth forecasts and an increase of Mytheresa’s overall market share. Further we expect that the effects on growth rates from overall economic trends, such as inflation, recessionary trends as well as political tension all around the world are only temporary and will return back to historic levels in the mid-term. The terminal value considers an expected growth rate in net sales by 2% (2023: 2.0%), and EBITDA margin of 7.5% (2023: 7.8%) in the online CGU. The budgeted terminal value EBITDA margin takes into account an expected increase in gross profit margin, related to the focus in Top Customers and sale of full price items, as well as a decrease in Selling, general and administrative expenses ratio over the next 5 years in each of the CGU’s. Mytheresa Group prepares cash flow forecasts derived from the most recent financial budgets approved by management for the next . The assumed key assumptions for terminal growth rates and discount rates applied in Mytheresa Group’s goodwill impairment assessments were as follows:
This terminal growth rates applied in the impairment assessments do not exceed the average long-term growth rate for either the online operations or retail store CGUs. The terminal value growth rate was determined based on management’ estimate of the long-term growth rate of the relevant markets, consistent with the assumptions that a market participant would make. The discount rate is based on a risk free rate of 2.50% (FY23: 2.50%) and a market risk premium of 7.00% (FY23: 7.00%). In addition, individual beta factors derived from the respective peer group, the cost of debt and the capital structure are taken into account for the respective CGUs. The estimated recoverable amount of the online CGU exceeded its carrying amount by approximately €205 million (FY23: €263 million). Management has identified that a reasonably possible change in three key assumptions could cause the carrying amount to exceed the recoverable amount. The following table shows the amount by which these three assumptions would need to change individually for the estimated recoverable amount to be equal to the carrying amount.
Management has identified that even if the terminal growth rate were to reduce to 0%, there would still be an impairment for the Online CGU when keeping all other assumptions unchanged. |
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| Property and equipment | 15. Property and equipment Changes in Property and equipment during the years presented were as follows:
Property and equipment increased from €37,227 thousand as of June 30, 2023 to €43,653 thousand as of June 30, 2024 mainly due to our new distribution center in Leipzig, Germany, which started operating in September 2023. |
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| Leases | 16. Leases Expenses on leases under the low value exemption amounted to €197 thousand in fiscal 2024 (2023: €191 thousand, 2022: €185 thousand). Expenses relating to variable lease payments not included in the measurement of lease liabilities amounted to €0 thousand in fiscal 2024 (2023: €0 thousand, 2022: €292 thousand). Mytheresa Group incurred depreciation and interest expenses in an amount of €12,406 thousand in fiscal 2024 (2023: €10,909 thousand, 2022: €6,269 thousand). Rent concessions in an amount of €0 thousand had an impact on the incurred expenses in fiscal 2024 (2023: €0 thousand, 2022: €56 thousand). The non-current lease liabilities in fiscal 2024 amounted to €40,483 thousand (2023: €49,518, thousand, 2022: €16,817 thousand) and the current lease liabilities amounted to €9,282 thousand (2023: €8,155 thousand, 2022: €5,189 thousand). See Note 28 for a maturity analysis of the Company’s future lease payments. Some property leases contain extension options exercisable by Mytheresa Group up to one year before the end of the non-cancellable contract period. Where practicable, Mytheresa Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by Mytheresa Group and not by the lessors. Mytheresa Group assesses at the lease commencement date whether it is reasonably certain to exercise the extension options. Mytheresa Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control. Mytheresa Group estimated, if all extension options would be exercised for current leases, it would result in an increase in lease liability of €42.2 million. Mytheresa Group classified rent cash deposits under other non-current asset of €1,431 thousand (2023: €552 thousand). The total cash outflow for leases amounted €7,924 thousand in fiscal 2024 (2023: €4,059 thousand, 2022: €5,425 thousand). Interest expenses from lease liabilities amounted to €2,916 thousand in fiscal 2024 (2023: €2,417 thousand, 2022: €612 thousand). Right-of-use asset activity during the reporting periods presented is comprised of the following:
Mytheresa Group signed the second rental addendum in February 2024 for an existing office space in Shanghai, China, with a new contractual term from March 1, 2024 until February 28, 2025. The Group recognized an additional €124 thousand of right-of-use asset and corresponding lease liability upon commencement in March 2024. |
Inventories |
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| Inventories | |
| Inventories | 17. Inventories Mytheresa Group’s inventories consist mainly of finished goods merchandise acquired from fashion designers. Mytheresa Group records inventories at the lower of cost or net realizable value. Cost of inventory amounted to €449,590 thousand in fiscal 2024 (2023: €383,115 thousand, 2022: €328,749 thousand). Inventory write-downs classified as cost of sales during fiscal 2024 were €6,658 thousand (2023: €2,913 thousand, 2022: €6,009 thousand). No reversals on write-downs are recorded in fiscal 2024 and 2023. Inventory is written down when its net realizable value is below its carrying amount. Mytheresa Group estimates net realizable value as the amount at which inventories are expected to be sold, taking into consideration fluctuations in selling prices due to seasonality, less estimated costs necessary to complete the sale. |
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| Trade and other receivables. | |
| Trade and other receivables | 18. Trade and other receivables The carrying amount of trade and other receivables approximates their fair value due to their short-term nature. The trade and other receivables are non-interest bearing. The maximum credit risk at the balance sheet date, which corresponds to the carrying amount of trade and other receivables, was taken into account in accordance with IFRS 9 when measuring the allowance for expected credit losses. Information about the impairment of trade and other receivables and Mytheresa Group’s exposure to credit risk, currency risk and interest rate risk can be found in Note 28. The amount of impairment allowance at June 30, 2024 is €0 thousand (2023: €278 thousand). |
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| Other assets and non-current assets | 19. Other assets and non-current assets Other assets consist of the following:
Details of other non-current assets consist of the following:
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| Shareholder's equity | 20. Shareholder’s equity Subscribed capital As of June 30, 2018 and 2019, Subscribed capital is €72 thousand, representing 8,000 shares outstanding with a nominal value per share of USD 1 issued by Mariposa I S.à.r.l. Following the Prior Restructuring Transactions and the Legal Reorganization in August 2019, subscribed capital reduced to €1 thousand, representing 1,000 shares outstanding with a nominal value per share of €1.00 issued by MYT Netherlands Parent B.V. The subscribed capital is fully paid, and repayment of subscribed capital is restricted. On January 12, 2021, the Company effected a 70,190,687 (with a nominal value per share of €0.000015) for one share split of its ordinary shares outstanding. Accordingly, all share and per share amounts for all periods presented in these consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this share split. Capital reserve On January 21, 2021, the Company completed its initial public offering (“IPO”) of 17,994,117 American Depositary Shares (“ADSs”), representing an equal number of 17,994,117 ordinary shares, including the full exercise by the underwriters of their option to purchase 2,347,058 additional ADSs, representing 2,347,058 ordinary shares, at a public offering price of $26.00 per ADS. The Company issued 14,233,823 ADSs in its IPO and received proceeds, net of underwriting discounts and before related expenses of $344.2 million. Its sole shareholder sold 3,760,294 ADSs in the offering, including 586,764 ADSs sold by the Company and 1,760,294 ADSs sold by the sole shareholder pursuant to the exercise in full of the underwriters’ option to purchase additional ADSs. Total transaction costs of €16,740 thousand relating to the initial public offering were incurred, of which €12,190 thousand have been expensed and are included in the selling, general and administrative expenses within the condensed consolidated statement of operations and are part of operating cash flows in the statement of cash flow. Transaction costs of €4,550 thousand have been directly deducted from the capital reserve, after recognizing €1,249 thousand taxes connected to the Transaction costs. Profits are reflected within the accumulated deficit of Mytheresa Group.
Please see Note 12 for further explanation of the weighted average number of ordinary shares outstanding used in the EPS calculation. All ordinary shares rank equally with regard to the Company’s residual assets. Holders of these shares are entitled to dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company. All rights attached to the Company’s shares held by the Group are suspended until those shares are reissued. Please Note 27 for further explanation on types of ordinary shares. Foreign currency translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. |
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Liabilities to banks |
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| Liabilities to banks | 21. Liabilities to banks As of June 30, 2024, Mytheresa Group has entered into a new Revolving Credit Facility agreement totaling €75.0 million that replaced the existing Revolving Credit Facilities. The new Revolving Credit Facility has a maturity until September 2026. Under the new Revolving Credit Facility, Mytheresa is subject to financial covenants that include requirements related to working capital as a borrowing base and a maximum group net debt leverage ratio.
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| Tax liabilities | 22. Tax liabilities Tax liabilities result from current income taxes. Changes in Mytheresa Group’s tax liabilities were as follows:
The decrease in tax liabilities is due to the current income taxes which are calculated based on the respective local taxable income and local tax rules for the period. |
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| Provisions | 23. Provisions Provisions consist of obligations resulting in an expected outflow of economic benefits and were non-current for each of the periods presented. Provisions consist of the following as of June 30, 2024:
Mytheresa Group leases its Corporate headquarter, central distribution centers and the retail stores in Germany. Mytheresa Group recognizes a provision for expected dismantling costs to be incurred at the end of the respective lease terms for these facilities based on external data sources and internal experience from past dismantling activities. The increase is mainly due to the recognized dismantling provision connected to the distribution center in Leipzig, Germany. |
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| Other liabilities | 24. Other liabilities Other current liabilities consist of the following:
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| Deferred income tax assets and liabilities, net | 25. Deferred income tax assets and liabilities, net The following table depicts the changes in deferred tax balances through equity and profit or loss for the periods presented.
Mytheresa Group’s deferred tax balance for each of the years presented consist of the following as of June 30:
Deferred tax assets and deferred tax liabilities are offset if the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority and if there is the right to set off current tax assets against current tax liabilities. In the presentation of deferred tax assets and liabilities in the Consolidated Statement of Financial Position, no difference is made between current and non-current. The actual non-current portion of (gross) deferred tax assets in the table above amounts to € 16,356 thousand (2023; 16,266; 2022: €11,068 thousand), the non-current portion of (gross) deferred tax liabilities in the table above amounts to € (16,995) (2023: € (18,953) thousand; 2022: € (6,064) thousand). For existing unused tax loss carryforwards of €123 thousand, no deferred tax asset has been recognized in 2024 (2023: €119 thousand; 2022: €131 thousand). The tax loss carryforwards existing at the end of fiscal year 2024 relate to Mytheresa SE, Germany (no expiry date). |
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| Global minimum top-up tax | |
| Global minimum top-up tax | 26. Global minimum top-up tax The Group falls within the scope of the OECD model rules of the second pillar for the national implementation of the global minimum tax (Pillar Two). The implementation into German law took place through the introduction of a minimum tax law in December 2023, which applies to all financial years beginning after December 30, 2023. As the legislation was not applicable on the reporting date in any country in which the Mytheresa Group has relevant entities, there was no related current income tax burden for the financial year 2024. In addition, Mytheresa Group applies the exemption in accounting standard IAS 12 for the recognition and disclosure of information on deferred tax assets and liabilities in connection with income taxes from global minimum taxation. In accordance with the minimum tax legislation applicable from 2024, the Group is obliged to determine the effective tax rate for each country in which relevant entities exist and, if the effective tax rate determined is below the minimum tax rate of 15%, a so-called supplementary tax in the amount of the difference between the effective tax rate and the minimum tax rate has to be paid. Mytheresa Group is currently in the process of assessing the future impact of Pillar Two. Due to the complexity of the application of the legislation and the calculation of the so-called “GloBE income”, the quantitative effects of the legislation cannot yet be reliably estimated. Even for entities with an effective tax rate of over 15%, Pillar Two could therefore have tax implications. We are supported by tax specialists in the application and implementation of the Pillar Two legislation. |
Related party transactions |
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| Related party transactions | 27. Related party transactions As of June 30, 2024, Mytheresa Group was 77.9% (2023: 78.3)% owned subsidiary of MYT Holding LLC, USA. The ultimate controlling party of Mytheresa Group is MYT Ultimate Parent LLC, USA as of June 30, 2024.
As of June 30, 2024, Mytheresa Group had a receivable against MYT Ultimate Parent LLC, USA in an amount of €213 thousand (2023: €213 thousand). Further, Mytheresa Group had liabilities to MYT Ultimate Parent LLC, USA in an amount of €838 thousand (2023: €838 thousand). These balances resulted from various intercompany charges incurred before July 2020.
Key management personnel as defined by IAS 24 are persons who, by virtue of their positions, are responsible for the operations of Mytheresa Group. The managing directors of the Company and MGG have the authority and responsibility for planning, directing and controlling Mytheresa Group´s operating activities. The following table shows the personnel expenses for managing directors:
Refer to Note 27 for further details regarding the Share-based compensation. The personnel expenses in fiscal 2021 accounting for IPO-related share-based compensation awards was based on a share price of 31 USD. |
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| Share-based compensation | 28. Share-based compensation a)Description of share-based compensation arrangements In connection with the Initial Public Offering (“IPO”) of MYT Netherlands Parent B.V. in January 2021, we adopted the 2020 Plan (MYT Netherlands Parent B.V. 2020 Omnibus Incentive Compensation Plan), under which we granted equity-based awards to selected key management members and supervisory board members on January 20, 2021. Selected key management members were granted an IPO related award package. This package consists of the “Alignment Grant” and the “Restoration Grant”. Furthermore, restricted shares were granted to supervisory board members as part of the annual plan. Additionally, the Compensation Committee of the Supervisory Board decides annually about a Long-Term Incentive Plan (LTI). As of July 1, 2021, 2022 and 2023 the LTI was granted to certain key management members consisting of restricted share units (“RSUs”) with time and performance obligations and for the LTI granted on July 1, 2023 certain stock options were granted to selected key management members under the new 2023 Omnibus Incentive Compensation Plan on the 8th of November 2023. Mytheresa Group established an Employee Share Purchase Plan, with the intent to encourage long-term relationship with the company and its employees. Pursuant to paragraphs 21(g) and 24 of IAS 33, as certain shares are fully vested and contingently issuable for no consideration, they are treated as outstanding and included in the calculation of both basic and diluted earnings per share.
Alignment Grant Under 2020 Omnibus Incentive Compensation Plan share-based payment program, options were granted to selected key management members. The options vest and become exercisable with respect to 25 % on each on the first four anniversaries of the grant date (January 20, 2021). After vesting, each option grants the right to purchase one American Depositary Share (each, an “ADS”) at a predefined exercise price per share. The vested options can be exercised up to 10 years after the grant date. The granted options are divided into three different tranches which have varying exercise prices. Overall, 6,478,761 options were granted to 21 key management members. The amount recognized as share-based compensation expense under this program is based on a weighted average historical share price of 31 USD. Please also refer to the section titled, “b) Measurement of fair values”. Restoration Grant Under 2020 Omnibus Incentive Compensation Plan share-based payment program, phantom shares were granted to selected key management members. Each phantom share represents the right of the grantee to receive one ADS in exchange for a phantom share. The granted phantom share vested immediately on the grant date and can be converted into an ADS at any time but are subject to transfer restrictions after conversion. Up to 25% of the granted phantom shares can be transferred after conversion at any time after the second anniversary of the grant date. The remaining 75% of the granted phantom shares can be transferred after conversion if certain conditions are met or at the fourth anniversary of the grant date at latest. The phantom shares can be converted into ADSs up to 10 years after the grant date. Overall, 1,875,677 phantom shares were granted to 21 key management members. The amount recognized as share-based compensation expense under this program is based on a weighted average historical share price of 31 USD. Please also refer to b) Measurement of fair values. The following table summarizes the main features of the one-time award package:
Supervisory Board Members Plan As of February 9, 2022, four Supervisory Board Members have been granted 22,880 RSUs. The ADSs (and the shares represented thereby) issued on the grant date pursuant to the restricted share award are subject to forfeiture in the event that grantee resigns or is removed from the supervisory board prior to the vesting date. The granted equity instruments vested on February 9, 2023. As the restricted share awards are not subject to an exercise price, the grant date fair value amounts to USD 16.02, the closing share price on the grant date. As of July 1, 2022, one Supervisory Board Member has been granted 11,467 RSUs. The ADSs (and the shares represented thereby) issued on the grant date pursuant to the restricted share award are subject to forfeiture in the event that grantee resigns or is removed from the supervisory board prior to the vesting date. The granted equity instruments vested on June 30, 2023. As the restricted share awards are not subject to an exercise price, the grant date fair value amounts to USD 9.68, the closing share price on the grant date. As of May 8, 2023, 67,264 RSUs were granted to four Supervisory Board Members. Each RSU represents the right to receive an ADS (and the ordinary shares represented thereby) of MYT Netherlands Parent B.V. upon vesting, based on the deemed value of award on grant date. The total number of RSU’s vested on May 8, 2024. As the RSUs are not subject to an exercise price, the grant date fair value amounts to USD 4.46, the closing share price of the grant date. As of September 5, 2023, 11,478 RSUs were granted to one Supervisory Board Member. Each RSU represents the right to receive an ADS (and the ordinary shares represented thereby) of MYT Netherlands Parent B.V. upon vesting, based on the deemed value of award on grant date. The total number of RSU’s will vest on September 5, 2024. As the RSUs are not subject to an exercise price, the grant date fair value amounts to USD 3.63, the closing share price of the grant date. As of November 8, 2023, 149,147 RSUs were granted to five Supervisory Board Members. Each RSU represents the right to receive an ADS (and the ordinary shares represented thereby) of MYT Netherlands Parent B.V. upon vesting, based on the deemed value of award on grant date. The total number of RSU’s will vest on November 8, 2024. As the RSUs are not subject to an exercise price, the grant date fair value amounts to USD 3.52, the closing share price of the day before the grant date. The following table summarizes the main features of the annual plan:
Long-Term Incentive Plan As of July 1, 2021, 171,164 restricted share units (“RSUs”) were granted to selected key management members. Each restricted share unit (“RSU”) represents the right to receive an ADS (and the ordinary shares represented thereby) of MYT Netherlands Parent B.V. upon vesting, based on the deemed value of award on grant date. Out of the granted RSUs, 62,217 RSUs; “time-vesting RSUs” will be subject to a time-based vesting and 108,947 RSUs; “non-market performance RSUs” will be subject to a time and performance-based vesting. (1/3) of the time-vesting RSUs awarded vested in substantially equal installments on each of June 30, 2022, June 30, 2023 and June 30, 2024, subject to continued service on such vesting dates. The non-market performance RSUs vested after 3 years on June 30, 2024 and contain a performance condition that will determine the number of shares awardable at the end of the performance period pursuant to the respective vested restricted share units. The performance condition is based upon the three-year cumulative gross profit target. Potential award levels range from 25-200% of the grant depending on the achievement of a gross profit target over the three-year period. As the RSUs are not subject to an exercise price, the grant date fair value amounts to USD 30.68 for 170,221 RSUs and USD 22.38 for 943 RSUs, the closing share price of the grant date. As of July 1, 2022, 674,106 RSUs were granted to selected key management members. Each RSU represents the right to receive an ADS (and the ordinary shares represented thereby) of MYT Netherlands Parent B.V. upon vesting, based on the deemed value of award on grant date. Out of the granted RSUs, 255,754 RSUs; “time-vesting RSUs” will be subject to a time-based vesting and 418,352 RSUs; “non-market performance RSUs” will be subject to a time and performance-based vesting. (1/3) of the time-vesting RSUs awarded will vest in substantially equal installments on each of June 30, 2023, June 30, 2024 and June 30, 2025, subject to continued service on such vesting dates. The non-market performance RSUs will vest after 3 years on June 30, 2025 and contain a performance condition that will determine the number of shares awardable at the end of the performance period pursuant to the respective vested restricted share units. The performance condition is based upon the three-year cumulative gross profit target. Potential award levels range from 25-200% of the grant depending on the achievement of a gross profit target over the three-year period. As the RSUs are not subject to an exercise price, the grant date fair value amounts to USD 9.68 for 674,106 RSUs. As of July 1, 2023, 3,113,125 RSUs were granted to selected key management members. Each RSU represents the right to receive an ADS (and the ordinary shares represented thereby) of MYT Netherlands Parent B.V. upon vesting, based on the deemed value of award on grant date. As the LTI awarded on July 1, 2023 was subject to approval by the shareholders, the grant date was the date of the Annual General Meeting (AGM) when approval was obtained on November 8, 2023. Out of the granted RSUs, 1,696,022 RSUs; “time-vesting RSUs” will be subject to a time-based vesting and 1,417,103 RSUs; “non-market performance RSUs” will be subject to a time and performance-based vesting. (1/3) of the time-vesting RSUs awarded will vest in substantially equal installments on each of June 30, 2024, June 30, 2025 and June 30, 2026, subject to continued service on such vesting dates. The non-market performance RSUs will vest after 3 years on June 30, 2026 and contain a performance condition that will determine the number of shares awardable at the end of the performance period pursuant to the respective vested restricted share units. Potential award levels range from 25-200% and management is currently estimating an award level of 26%, of the grant depending on the achievement of a GMV growth and an adjusted EBITDA margin target over the three-year period. As the RSUs are not subject to an exercise price, the grant date fair value amounts to USD 3.41 for 3,113,125 RSUs, which was approved in the AGM on November 8, 2023. As of July 1,2023, 2,923,280 stock options were granted to selected key management members. (1/3) of the options vest and become exercisable on each on the first three anniversaries of the service commencement date. After vesting, each option grants the right to purchase one share at a price of USD 4.00. The vested options can be exercised up to 10 years after the service commencement date. The granted options are divided into three different tranches which have varying grant date fair values. As the stock options awarded on July 1, 2023 were subject to approval by the shareholders, the grant date is the date of the AGM when approval was obtained on November 8, 2023. Additionally, On December 15, 2023 further 682,021 stock options were granted, with service commencement date July 1, 2023 on similar terms to same selected key management members. (1/3) of the options vest and become exercisable on each on the first three anniversaries of the service commencement date. After vesting, each option grants the right to purchase one share at a price of USD 4.00. The vested options can be exercised up to 10 years after the service commencement date. The granted options are divided into three different tranches which have varying grant date fair values. The following table summarizes the main features of the annual plan:
Employee Share Purchase Program (ESPP) On May 29, 2023, the Company commenced its first open enrollment period for its Employee Share Purchase Program (“ESPP”), which was approved by the shareholders on October 27, 2022, at the Company’s annual general meeting. The objective of the ESPP is to allow employees of the Company (or any of its subsidiaries) to participate in the growth of the Company and to promote long-term corporate engagement by offering eligible employees the opportunity to acquire American Depositary Shares representing shares in the capital of the Company, at a discount, subject to the terms of the ESPP. The discount is fixed to of the investment by the participant. The discount is implemented by increasing the number of shares with (e.g. a participant receives ). The expense that was recorded in equity, displaying the contribution of Mytheresa to the employees, amounted to €28 thousand. 29,641 shares were issued in the program. The grant date fair value amounts to USD 4.00. On May 17, 2024 the Company commenced its second open enrollment period for its Employee Share Purchase Program. The expense that was recorded in equity, displaying the contribution of Mytheresa to the employees, amounted to €18 thousand. 13,149 shares were issued in the program. The grant date fair value amounts to USD 6.00. b)Measurement of fair values Alignment Grant The fair value of the employee share options has been measured using the Black-Scholes formula. The inputs used in the measurement of the fair values at grant date of the equity-settled share-based payment plans were as follows.
Expected volatility has been based on an evaluation of the historical volatility of publicly traded peer companies, particularly over the historical period commensurate with the expected term. Stock Options from Long-Term Incentive Plan The fair value of the employee share options has been measured using the Black-Scholes formula. The inputs used in the measurement of the fair values at grant date of the equity-settled share-based payment plans were as follows.
Expected volatility has been based on an evaluation of the historical volatility of publicly traded peer companies, particularly over the historical period commensurate with the expected term. Restoration Grant As the phantom shares granted under the Restoration Award are not subject to an exercise price, the grant date fair value amounts to USD 31, the closing share price on the first trading day. c)Share-based compensation expense recognized Amounts recognized for share based payment programs were as follows:
During the year ended June 30, 2024, the Company withheld 287,511 shares to cover tax obligations related to the vesting of RSUs. The total value of the shares withheld was €1,370 thousand which was based on the market price of the Company’s shares on the vesting date.
The number and weighted-average exercise prices of share options under the share option programs described under the Alignment award were as follows.
The range of exercise prices for the share options outstanding as of June 30, 2024 is between 5.79 USD and 11.58 USD. The average remaining contractual life is 6.5 years. For options vested on January 20, 2023, the beneficiaries have been given the choice for a cash settlement instead of equity. The amount of the cash settlement was determined based on the difference between the Company’s share price at the time of exercise and the option strike price. €1,545 thousand has been reclassified from equity and recognized as a cash-settled share-based payment liability with giving the option for a cash settlement as of June 30, 2023. Only a total of 24,187 options have been exercised with a payout of €57 thousand as of June 30, 2023. The remaining fair value and corresponding options have been again reclassed to equity and will be settled in shares at future exercises. For all remaining options, the company intends to continue to settle this award in equity. The number and weighted-average exercise prices of share options under the share option programs described in Long-Term Incentive Plan for share options were as follows.
The exercise prices for the share options outstanding as of June 30, 2024 is 4.00 USD. The average remaining contractual life is 9.0 years. |
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| Financial instruments and financial risk management | 29. Financial instruments and financial risk management The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. Due to their nature, the carrying amounts of cash and cash equivalents, trade and other receivables, and trade and other payables approximate their fair value. Financial instruments as of June 30, 2023 is as follows:
Financial instruments as of June 30, 2024 is as follows:
The carrying amounts of each of the measurement categories listed above and defined by IFRS 9 are as follows:
Due to their nature, the carrying amounts of cash and cash equivalents, trade and other receivables, and trade and other payables approximate their fair value. There were no transfers of the fair value hierarchy during fiscal 2023 and fiscal 2024. Mytheresa Group’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the end of the reporting period. As Mytheresa Group does meet the criteria for offsetting, no financial instruments are netted. Foreign exchange derivatives held only during the year were designated as hedging instruments, the effective fair value changes of which were recognized in separate components of equity. The development of the corresponding reserves is shown in the following table:
Net gains or losses The table below shows the net gains and losses of financial instruments per measurement categories defined by IFRS 9:
Net gains and losses on financial liabilities measured at amortized cost include gains and losses from interest expenses. Net gains and losses on financial assets and financial liabilities measured at fair value through profit or loss represent changes in fair value measurement. Interest income and expenses Interest expense is calculated by applying the effective interest rate to the gross carrying amount of liabilities measured at amortized cost (See Note 10). Loss allowance The movement in the loss allowance for expected credit losses in respect to trade and other receivables during fiscal 2023 and fiscal 2024 was as follows:
Default risks from other financial instruments are immaterial. The represented receivables are current nature against service providers with no exposure and low risk ranking from BBB to AAA, representing a low risk, with an effective loss rate of 0.00%. Financial risk management Mytheresa Group’s management has the overall responsibility to establish and oversee Mytheresa Group’s financial risk management. Mytheresa Group’s financial risk management policies are established to identify and analyze the risks faced by Mytheresa Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and Mytheresa Group’s activities. Mytheresa Group, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations. Mytheresa Group has exposure to the following risks arising from financial instruments: Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates or interest rates will affect Mytheresa Group’s income or the value of its financial instruments. Mytheresa Group manages its market risk on a centralized basis with the objectives of managing and controlling market risk exposures within acceptable parameters.
Currency risks exist in particular where trade receivables, trade payables, cash and cash equivalents and planned transactions are not or will not be denominated in Euro and based on the financial currency of the subsidiaries. Mytheresa Group generates net sales in several different currencies, mostly denominated in either Euro or U.S. Dollars. Mytheresa Group economically hedges its net foreign currency exposure at around 70%, by entering into foreign exchange hedging transactions with a maximum duration of one year. Mytheresa Group applied hedge accounting to these transactions during fiscal 2024. As of June 30, 2024 and 2023, Mytheresa Group has no derivatives outstanding. The following tables show the impact to profit or loss if the foreign currencies would increase or decrease against the Euro (foreign exchange sensitivity), based on the exposures in GBP and U.S. Dollars as of the reporting date.
The fair value of our cash and cash equivalents that were held primarily in cash deposits would not be significantly affected by either an increase or decrease in interest rates due to the short-term nature of these instruments. We do not expect that interest rates will have a material impact on our results of operations as the financing is completely based on EUR interest rates. Interest expense under our Revolving Credit Facilities is historically immaterial. Liquidity risk Liquidity risk is the risk that Mytheresa Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. Mytheresa Group monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables to ensure that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or creating other risks. Cash inflow from trade receivables are received usually within week. Mid-to long-term payment terms with suppliers compensate for risks arising from financing of inventories. Mytheresa Group has a revolving credit facility in place to balance monthly cash flow volatility. No funds were drawn as of June 30th, 2024 from the €75 million facility. The following table details undiscounted contractually agreed future cash outflows from financial liabilities. Maturity analysis of financial liabilities as of June 30, 2023:
Maturity analysis of financial liabilities as of June 30, 2024:
Credit risk Credit risk is the risk of financial loss to Mytheresa Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk includes both the immediate default risk and the danger of a decline in the customer’s creditworthiness. Mytheresa Group’s exposure to credit risk is limited, as the goods are not delivered until payment by the customer has been confirmed. Trade receivables are only generated via online and in-store sales, where customers pay the invoice amount by credit card or a comparable payment method. Due to these advanced payments, Mytheresa Group does not face significant credit risk related to its customers. Mytheresa Group also has no significant credit risk towards credit card companies, which only act as intermediaries for customer payment transactions. However, credit risk might occur in case of credit card fraud. Mytheresa Group has a team within its finance function, which is in charge of detecting early stage credit card fraud. Credit card fraud is considered objective evidence of impairment for which Mytheresa Group recognizes lifetime ECL. Mytheresa Group is exposed to credit risk on cash and cash equivalents, which it monitors centrally. Mytheresa Group maintains its cash deposits at financial institutions with top credit ratings. The creditworthiness of these financial institutions is constantly monitored. Mytheresa Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of these financial institutions. The loss allowance is immaterial. The following table provides the gross carrying amounts of cash and cash equivalents by ratings as of June 30, 2023 and 2024:
Rating Class 1 reflects financial institutions based in the European Union; Rating Class 2 are financial institutions, with a bank license e.g. PayPal; Class 3 positions with cash held on hand and financial institutions outside the European Union. The movement in the loss allowance for expected credit losses in respect to trade and other receivables was €0 thousand in fiscal 2024 and fiscal 2023. Default risks from other financial instruments are immaterial. Capital risk management Mytheresa Group’s objective when managing capital is to safeguard Mytheresa Group’s ability to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. Mytheresa Group is not subject to any externally imposed capital requirements. |
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Notes to the consolidated statement of cash flows |
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| Notes to the consolidated statement of cash flows | 30. Notes to the consolidated statement of cash flows
As of June 30, 2024 Mytheresa, Group cash equivalent balances are available for use. |
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Events after the reporting year |
12 Months Ended |
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Jun. 30, 2024 | |
| Events after the reporting year | |
| Events after the reporting year | 31. Events after the reporting year The company announced on July 16, 2024, the consolidation of its distribution and shipping functions into its newly opened distribution center in Leipzig, Germany, which already covers 80% of all customer shipments. As a result, the distribution center in Heimstetten, Germany will be closed as part of its strategic focus on global growth, operational excellence and continued profitability. The closure is expected to be completed as of our reporting date of September 12,2024. Since the communication to the affected parties was made subsequent to our year end June 30,2024, it is considered a non-adjusting event under IAS 10. A restructuring provision will be recognized only when the company has a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. The estimated costs associated with the closure, including severance payments and other expenses estimated to be around € 5 million EUR, will be recognized in the financial statements for the year ending June 30, 2025. Beginning with fiscal year 2025, the Mytheresa Group executed a new long-term incentive compensation (“LTI”) program for members of the top management under the MYT Netherlands Omnibus Incentive Compensation Plan. The LTI for fiscal year 2025 is a three-year, long-term incentive program as combination of awarded performance share units, option awards and awarded restricted stock units. The performance share units are based on the company’s performance over the three-year period and vest after three years. The restricted stock units and option awards vest annually during the three-year period. The estimated expense for fiscal year 2025 will be approximately €6.8 million. |
Recovery of Erroneously Awarded Compensation |
12 Months Ended |
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Jun. 30, 2024 | |
| Restatement Determination Date:: 2024-08-13 | |
| Erroneously Awarded Compensation Recovery | |
| Restatement does not require Recovery | On August 13, 2024, we identified an error in our consolidated financial statements for fiscal years 2022 and 2023, which related to the measurement of the breakage amount related to vouchers issued to customers. See note 6 in the Notes in the Consolidated Financial Statements for further details. In accordance with the Company’s Executive Officer Incentive Compensation Recovery Policy, it was determined that the amount of incentive-based compensation received by managing directors on or after October 2, 2023, as determined pursuant to Section 303A.14 of the NYSE Listed Company Manual, did not exceed the amount of incentive-based compensation that otherwise would have been received had it been determined based on the revised amounts. Accordingly, no incentive compensation was erroneously awarded or subject to recovery. |
Insider Trading Policies and Procedures |
12 Months Ended |
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Jun. 30, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Scope of Consolidation and Summary of Significant Accounting Policies (Policies) |
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| Scope of Consolidation and Summary of Significant Accounting Policies | ||||||||||||||||||||||
| Current versus non-current classification | a)Current versus non-current classification Mytheresa Group classifies assets and liabilities by maturity. They are regarded as current if they mature within one year or within the normal operating business cycle of Mytheresa Group. The normal operating business cycle, which is less than one year, begins with the procurement of inventory and ends with the receipt of cash or cash equivalents as consideration for the sale of inventory. Inventories, trade and other receivables, and trade and other payables are always presented as current items. |
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| Foreign currency translation | b)Foreign currency translation Mytheresa Group’s consolidated financial statements are presented in Euro. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Functional currency is defined as the currency of the primary economic environment in which each entity operates. The assets and liabilities of entities with a functional currency other than the Euro, are translated into Euro at the exchange rates at the reporting date. The income and expenses of such companies are translated into Euro at the exchange rates at the dates of the transactions. Foreign currency translation differences are recognized in other comprehensive income and accumulated in the foreign currency translation reserve. For entities with Euro as their functional currency, transactions denominated in foreign currencies are translated at the exchange rates prevailing on the date of transaction. Balance sheet items denominated in currencies other than Euro, are translated at the closing rate for each reporting period, with resulting translation differences recognized within finance expenses, net. |
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| Revenue recognition | c)Revenue recognition All revenue generated by Mytheresa Group is included within net sales on the consolidated statement of profit and comprehensive loss. Mytheresa Group generates revenue primarily from the sale of merchandise shipped to customers. In 2021, Mytheresa also introduced the Curated Platform Model (CPM), whereby it recognizes commission revenue for the rendering of services. Management applies the following five step model when determining the timing and amount of revenue recognition:
All revenues of Mytheresa Group qualify as contracts with customers and fall in the scope of IFRS 15. Mytheresa Group recognizes revenues to reflect the transfer of goods or services to customers at an amount that represents the consideration the entity expects to receive including fixed amounts, variable amounts or both, such as returns, rebates and discounts. Shipping and payment costs consist primarily of shipping fees paid to our delivery providers, packaging costs, delivery duties paid for international sales and payment processing fees paid to third parties. Shipping and payment costs fluctuate based on the number of orders shipped and net sales. General increases are due to a higher share of international sales and a higher share of countries where the company bears all customs duties for the customer, for example in the USA. Retail sales Mytheresa acts as a principal and sells merchandise through its online website as well as physical stores. Revenue is recognized when control of the goods is transferred to the customer, which occurs upon delivery to the customer or point of sale for sales in physical stores. Goods sold for online sales to the customers can be returned or exchanged within 30 days of receipt of the goods. For expected returns, Mytheresa Group recognizes a refund liability as a reduction of revenue and a corresponding right of return asset as reduction of cost of sales, based on actual returns as of the date of authorization for issue of the financial statements as well as and expected future return rates that is derived from historical data. Delivery occurs when the products have been shipped to the specific location, the risks of loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or Mytheresa Group has objective evidence that all criteria for acceptance have been satisfied. A contract liability is therefore recognized for products which have shipped, but delivery to the customer has not yet occurred. The related revenue is recognized when the customer obtains control of the product. A contract liability is also recognized from the sale of gift cards and vouchers. As the entity expects to be entitled to a breakage amount, it recognizes the expected breakage amount as revenue in proportion to the pattern of rights exercised by the customer. The expected breakage is based on historical data adjusted for current expectations. Mytheresa Group assesses all promised goods and services and identified performance obligations at contract inception. Contracts with customers include single performance obligation, for example, the sale of a distinct bundle of goods, including related activities to provide these goods and services (packaging, shipping, credit card processing, settlement of duties and other transaction processing activities). As these related activities are not distinct performance obligations, revenue for these services is recognized concurrently with the delivery of the product. No element of financing is deemed present as sales require immediate upfront payment from the customer, and satisfaction of the performance obligation is within a short period of time, which is consistent with market practice. Variable consideration might occur in form of promotional discounts. Mytheresa Group includes variable consideration estimated in accordance with IFRS 15.53 in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. As the contracts include only a single performance obligation, the transaction price is allocated to that performance obligation. Commission sales This revenue stream is related to the Curated Platform Model (CPM), which provides sellers (brand partners) the ability to sell their goods to customers on the Mytheresa platform. In this case, Mytheresa generates a commission fee (normally a percentage of the selling price), which is based on agreements with brand partners. Mytheresa’s performance obligation with respect to these transactions is to arrange the transaction through its online platform and to provide related services, which include shipping and payment-related activities. Those are not considered separate promises to the end customer and therefore the revenue recognition of the related fees occurs concurrently with the commission which is when goods are delivered to the end customer. However, the Group does not obtain control over the goods in advance of transferring the goods to the end customer and does not have any discretion in setting the price of the goods to be sold, nor does it bear the inventory risk for the goods to be shipped to the customer. As such, the Group is considered to be an agent in these transactions and recognizes revenue on a net basis for the agreed upon commission at the point in time when the goods are delivered to the end customer. For expected returns, Mytheresa Group recognizes a refund liability for commissions that will be refunded upon return of the goods. |
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| Intangible assets and goodwill | d)Intangible assets and goodwill Mytheresa Group’s intangible assets and goodwill primarily result from the acquisition of the Mytheresa operations by Mytheresa Group GmbH (“MGG”) in 2014. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses, if any. The useful life of intangible assets is assessed as either finite or indefinite. Intangible assets with a finite useful life Intangible assets with a finite useful life consist of licenses and software. Intangible assets with a finite life are amortized over their estimated useful economic life on a straight-line basis and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method of intangible assets with a finite useful life are reviewed at least annually, with any changes treated as changes in accounting estimates. Changes in the expected useful life or the expected pattern of consumption of the assets’ future economic benefits are considered when assessing the amortization method and useful life of the asset. Amortization expense on intangible assets with finite lives is recognized in the consolidated statement of profit and comprehensive loss within depreciation and amortization. The estimated useful life of licenses is based on the contractual term period and for purchased software is three years. Intangible asset with indefinite life Mytheresa Group recognizes trademarks intangible assets for Mytheresa brand names. As the trademarks are core to the business and as there is no foreseeable limit to the future cash flows generated by the intangible asset, trademarks are assessed as indefinitely lived. Mytheresa Group assesses trademarks for impairment and potential changes in useful life annually in the fourth quarter, or when an event becomes known that may trigger impairment. Goodwill Mytheresa Group’s goodwill originated from the MGG acquisition in 2014 and represents the difference between the purchase price and the net identifiable assets acquired. Goodwill is not amortized but reviewed for impairment at least annually. Mytheresa Group consists of two cash generating units (“CGU”), which represent the lowest level in which the goodwill is monitored for internal management purposes. Any potential impairment of goodwill is identified by comparing the recoverable amount of a CGU to its carrying value. Goodwill is reduced by the amount of impairment, if any. If the impairment exceeds the carrying amount of goodwill, the carrying values of the remaining assets in the CGU are reduced by the excess on a pro-rata basis. The Company tests goodwill for impairment annually in the fourth quarter of the year, or when an event becomes known that may trigger impairment. |
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| Property and equipment | e)Property and equipment Property and equipment is stated at historical cost, net of accumulated depreciation and accumulated impairment losses, if any. Historical cost includes any expenditures that are directly attributable to the acquisition of the asset, including costs incurred to prepare the asset for its intended use. Property and equipment, net is depreciated on a straight-line basis over each asset’s expected useful life. When significant parts of a fixed asset have different useful lives, they are accounted for as separate components and depreciated separately. Depreciation methods, useful lives and residual values are reviewed at least annually and adjusted prospectively, if appropriate. Mytheresa Group applies the following useful lives when estimating depreciation of property and equipment, net:
Construction in progress are being capitalized but not depreciated yet. If a leasehold improvement is expected to be in use after the expected expiration date of its associated lease, then it is depreciated over its estimated useful life. All repair and maintenance costs are expensed when incurred. Mytheresa Group assesses property and equipment, net for impairment whenever there is an indication of potential impairment. |
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| Leases | f)Leases The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at inception. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement. Mytheresa Group assesses at the inception of the contract whether the contract is or contains a lease. Mytheresa Group’s leases consist of real estate and company cars. Lease terms are negotiated on an individual basis and may contain a range of different terms and conditions. Lease contracts may be negotiated for fixed periods or include extension options. To determine the lease terms, all facts and circumstances which offer economic incentives to exercise extension options are included. If it is reasonably certain that a lease term will be extended, the related extension option is included. The lease terms include fixed payments as well as variable payments that depend on an index. Extension options are included in the determination of the lease liability to the extent that it is reasonably certain that those options will be exercised by Mytheresa Group. Management of Mytheresa Group reviews forecasts, planned growth and facility capacity when determining whether an extension option is reasonably certain to be exercised. The lease liability is subsequently measured as the present value of the expected lease payments. To determine the present value, Mytheresa Group discounts the remaining lease payments with the incremental borrowing rate of the lessee. The incremental borrowing rate is the interest rate that Mytheresa Group would be required to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset as the underlying lease agreement in a similar economic environment. Mytheresa Group applied incremental borrowing rates between 0.96% and 7.5% for the periods presented. Right-of-use assets are measured at cost at the date of lease commencement. The cost is comprised of the initial lease liability measurement and any lease payments made before the commencement date, less any lease incentives received and estimated cost of dismantling and removing the underlying asset incurred by the lessee. After the commencement date, Mytheresa Group measures right-of-use assets at cost less accumulated depreciation and any accumulated impairment losses. For subsequent measurement, the carrying amount of the lease liability is increased to reflect the interest on the lease liability and reduced to reflect the lease payments made. The finance expenses associated with the lease term are recognized in the consolidated statement of profit and comprehensive loss over the lease term. To date, no impairment losses have been identified on Mytheresa Group’s right-of-use assets. Mytheresa Group elected to apply an exemption for low value leases in accordance with IFRS 16. Low value leases are leases with contract amounts below EUR 5 thousand. Lease payments associated with low value leases are expensed on a straight-line basis over the lease term. Accordingly, no right-of-use assets or lease liabilities are recognized for low value leases. |
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| Inventories and Cost of Sales | g)Inventories and Cost of Sales Inventories are measured at the lower of cost or net realizable value. Costs are assigned to individual items using the weighted average cost method. Costs of purchased inventory are determined after deducting rebates and discounts. Inventory is written down when its net realizable value is below its carrying amount. Mytheresa Group estimates net realizable value as the amount at which inventories are expected to be sold, taking into consideration fluctuations in selling prices due to seasonality, less estimated costs necessary to complete the sale. When circumstances that previously caused inventories to be written down below cost no longer exist or when there is clear evidence of an increase in selling prices, the amount of the write-down previously recorded is reversed. The carrying amount of inventories is expensed as inventories are sold and recognized in cost of goods sold. Write-downs to net realizable value and losses are expensed in the period they occur. Any reversal of write-downs is recognized in the period the reversal occurs. Cost of sales, exclusive of depreciation and amortization includes the cost of merchandise sold, net of trade discounts, in addition to inventory write-offs and delivery costs of product from our brand partners to our central distribution center, where we act as the principal. These costs fluctuate with changes in net sales and changes in inventory write-offs due to inventory aging. For CPM revenue, we do not incur cost of sales as the purchase price of the goods sold is borne by the CPM brand partner. |
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| Financial instruments-Initial recognition and subsequent measurement | h)Financial instruments—Initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one party and a financial liability or equity instrument of another party. These include both non-derivative financial instruments, such as trade and other receivables and payables, and derivative financial instruments, such as foreign exchange contracts. Financial instruments are recognized when Mytheresa Group becomes party to the contractual provisions of the financial instrument. Generally, purchases and sales of financial assets are initially recognized at the settlement date. Upon initial recognition, all financial assets and financial liabilities are measured at fair value plus or minus any directly attributable transaction costs, unless a financial instrument is classified at fair value through profit or loss. Mytheresa Group categorizes all financial assets and financial liabilities at initial recognition. Mytheresa Group generally do not require collateral or other security from our customers. Measurement categories Financial assets and financial liabilities are grouped into the following categories according to IFRS 9:
Classification of financial assets depends on the business model used for managing financial assets and on the characteristics of the contractual cash flows involved. Financial assets are classified within AC category only when they are held exclusively to collect the contractual cash flows and when their contractual terms comprise cash flows that are solely payments of principal and interest on the principal amount outstanding. With the exception of derivatives, all financial assets are classified at AC. Cash and cash equivalents consist of cash held at banks or financial institutions, with a bank license e.g. PayPal and cash on hand. Trade and other receivables are generally accounted for at AC less any impairment using the simplified approach. Deposits granted for rent which are not related to credit lines are recorded under Non-current financial assets as restricted cash since they are not available for use in the operating business of Mytheresa Group. Non-current financial assets are recognized at nominal value. Financial liabilities are generally classified at amortized cost. There are some exceptions, for example financial liabilities at fair value through profit or loss including derivatives not designated as hedging instruments. Financial liabilities need to be analyzed to determine whether they contain any embedded derivative. If the embedded derivative is not closely related to the host contract, such derivatives must be separated and be accounted for separately at FVPL. Subsequent measurement Financial assets and financial liabilities in the AC category are subsequently measured using the effective interest method. Using the effective interest method, all directly attributable fees, consideration paid or received, transaction costs and other premiums or discounts included in the calculation of the effective interest rate are amortized over the expected term of the financial instrument. Interest income and expenses from the application of the effective interest method are presented as finance income, net in the consolidated statement of profit and comprehensive loss. Financial assets and financial liabilities in the FVTPL category are subsequently measured at fair value, with changes in value recognized in the consolidated statement of profit and comprehensive loss. Impairment The Group applies the simplified approach in accordance with IFRS 9.5.5.15 for its trade receivables where the loss allowance is always measured at an amount equal to lifetime expected credit losses. Each exposure is allocated to a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts and cash flow projections and available press information about customers). Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default. Exposures within each credit risk grade are segmented by geographic region and industry classification and an ECL rate is calculated for each segment based on delinquency status and actual credit loss experience over the past years. These rates are adjusted to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions as well as the Group’s view of economic conditions over the expected life of the receivables. Mytheresa Group considers a financial asset to be in default when:
Mytheresa Group applies this general approach for cash and cash equivalents as well as other assets. These assets are considered to have a low credit risk when the issuer has a strong capacity to meet its contractual cash flow obligations in the near term. Cash and cash equivalents are only placed at banks and financial institutions with a bank license with credit ratings of investment grade or higher. Rental deposits are trust assets that, in case of a default of the counterparty, are separated from insolvency estate and are paid back primarily. Considering that, the impairment for these assets is not material. Hedge Accounting Mytheresa Group is exposed to currency risks as a result of participating in business activities outside the Euro zone. Mytheresa Group uses foreign currency forward contracts to hedge and thus limit currency risks from sales in foreign currencies. The sales are hedged each fiscal year so that no forward contracts are still in place at the balance sheet date. Currency risks are managed centrally within Mytheresa Group. Regular reports on the Group-wide development of risks and open positions with currency risk are made. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Mytheresa Group only enters into foreign exchange derivatives (“foreign exchange forwards”) that are all designated as hedges of the foreign currency risk associated with the cash flows of highly probable forecast sales denominated in foreign currency. Mytheresa Group determines the existence of an economic relationship between the hedging instrument and the hedged underlying sales transaction on the basis of the currency, amount and timing of their respective cash flows. As changes in the cash flows of the hedging instrument offset changes in the cash flows of the hedged transaction offset, the relationship is effective. Potential sources of ineffectiveness are changes of the payment dates or a reduction in the total amount of the hedged item and a significant change of the credit risk of either party to the hedging relationship. Ineffective cash flow hedges in the periods presented were immaterial. At the inception of a hedge relationship, Mytheresa Group documents the economic relationship between the hedging instruments and hedged items, including whether changes in the fair value of the hedged items are offset by changes in the fair value of the hedging instruments. Mytheresa Group documents its risk management objective and strategy for undertaking its hedging transactions. Detailed information on risk management and risks arising from Mytheresa Group’s financial instruments can be found in Note 28. A hedging relationship qualifies for hedge accounting only if all of the following requirements for hedge effectiveness are met: there is an economic relationship between the hedged item and the hedging instrument, the effect of the credit risk does not dominate the changes in value that result from this economic relationship, the hedging relationship is the same as that which results from the amount of the hedged item that the Company actually hedges and the amount of the hedging instrument that the Company actually uses to hedge that amount of the hedged item. Hedging instruments are expected to be highly effective in achieving offsetting changes in cash flows. Hedging instruments are reviewed on an ongoing basis to determine that they have actually been highly effective throughout the financial year for which they are designated. Mytheresa Group applies cash flow hedge accounting, whereby the spot component of the forward exchange contracts is designated as the hedging instrument. The effective portion of changes in the fair value of the designated cash component is recognized in the hedge reserve in other comprehensive income (“OCI I”, “cash flow hedge reserve”) within equity. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. In addition, Mytheresa Group recognizes changes in fair value related to the forward element in other comprehensive income (“OCI II”, “Cost of Hedging Reserve”) within equity. Amounts accumulated in equity are reclassified in the periods in which the hedging instrument affects profit or loss. Application of hedge accounting in fiscal 2024 resulted in a €1,511 thousand decrease to net sales. If hedge accounting had not been applied, the amounts would have been recognized immediately within in other income (expense), as free-standing derivatives. Derecognition A financial asset is derecognized when the contractual rights to receive cash flows from the financial assets have expired or have been transferred and Mytheresa Group substantially transferred all rewards and risks associated with the ownership. In the case of sales of trade receivables, essentially all rewards and risks are transferred to the buyer of the receivables. Financial liabilities are derecognized when the obligation under the liability is settled, cancelled or expired. Fair value measurement Fair value is the price that would be received to sell an asset or paid to settle or transfer a liability in an orderly transaction between market participants as of the measurement date in the principal or, in its absence, the most advantageous market to which Mytheresa Group has access at that date. The fair value of a liability reflects its non-performance risk. A number of Mytheresa Group’s accounting policies and disclosures require the measurement of fair value for both financial and non-financial assets and liabilities. Mytheresa Group measures the fair value of an instrument using the quoted price in an active market for that instrument, if such price is available. A market is regarded as “active” if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then Mytheresa Group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all factors that market participants would take into account in pricing a transaction. Based on the input parameters used for valuation the fair values have to be assigned to one of the following levels of the fair value hierarchy:
Foreign exchange forwards are valued according to their present value of future cash flows based on forward exchange rates at the balance sheet date. The fair values of these instruments are also considered as level 2 fair values. no of the fair value hierarchy as of June 30, 2023 and June 30, 2024. Mytheresa Group’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. |
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| Provisions | i)Provisions Mytheresa Group recognizes provisions when it has a present obligation, legal or constructive, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The increase in provision due to the passage of time is recognized as finance expenses. |
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| Income taxes | j)Income taxes Current income taxes Current income tax is the expected tax payable or receivable based on the taxable income or loss for the period and the tax laws that have been enacted or substantively enacted as of the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes tax liabilities where appropriate on the basis of amounts expected to be paid to the tax authorities. In case of uncertainties related to income taxes, they are accounted for in accordance with IFRIC 23 and IAS 12 based on the best estimate of those uncertainties. Current income taxes are calculated based on the respective local taxable income and local tax rules for the period. In addition, current income taxes presented for the period include adjustments for uncertain tax payments or tax refunds for periods not yet finally assessed, however, excluding interest expenses and interest refunds and penalties on the underpayment of taxes. In cases for which it is probable that amounts declared as expenses in the tax returns might not be recognized (uncertain tax positions), a liability for income taxes is recognized. The amount is based on the best estimate of the expected tax payment (expected value or most likely amount). Deferred taxes Deferred taxes are recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable income and are accounted for using the balance sheet-liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable income will be available against which deductible temporary differences can be utilized. Current and deferred tax is charged or credited in the consolidated statement of profit and comprehensive loss, except when it relates to items charged or credited directly to equity, in which case the current or deferred tax is also recognized directly in equity. Deferred tax assets or liabilities are calculated on the basis of temporary differences between the tax basis and the financial reporting of assets and liabilities including differences from consolidation and on unused tax-loss carryforwards. For this purpose, deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets are recognized to the extent that it is probable that there will be future taxable income available against which the deductible temporary differences and tax-loss carryforwards can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be recovered. Mytheresa Group establishes tax liabilities on the basis of expected tax payments. Liabilities for trade taxes, corporate taxes and similar taxes on income are determined based on the taxable income of the consolidated entities less any prepayments made. Calculation of tax liabilities is based on the recent tax rates applicable in the tax jurisdiction of Mytheresa Group. |
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| Segment reporting | k)Segment reporting An operating segment is a component of Mytheresa Group that engages in business activities from which it may earn revenues and incur expenses and for which discrete financial information is available and used by the Chief Operating Decision Maker (“CODM”) to make decisions around resource allocation and review operating results of Mytheresa Group. Mytheresa Group identified its Chief Executive Officer and Chief Financial Officer as the CODM, collectively. Mytheresa Group does not separately present net sales by product category, because such information is not maintained on a basis consistent with IFRS and the preparation of such information would be unduly costly. |
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| Impairment of non-financial assets excluding Goodwill and intangible assets | l)Impairment of non-financial assets excluding Goodwill and intangible assets Mytheresa Group assesses whether an asset may be impaired at each reporting date. If any indication of impairment exists, or when annual impairment testing for such an asset is required, Mytheresa Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal or its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Mytheresa Group bases its impairment calculation on detailed budgets and forecasted cash flows, which generally cover a period of five years. Impairment losses are recognized in the consolidated statement of profit and comprehensive loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill and indefinite lived intangible assets, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or has decreased. If such indication exists, Mytheresa Group estimates the asset’s or CGU’s recoverable amount. Impairment losses relating to goodwill cannot be reversed in future periods. |
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| Management equity incentive plan | m)Management equity incentive plan Share-based compensation arrangements The grant-date fair value of equity-settled share-based compensation arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. Cash-settled transactions For cash-settled share-based payments, a liability is recognized for the goods or services acquired, measured at the fair value of the liability. At each balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss for the reporting period. See note 12. a) i) on share-based compensation for further details. The company intends to continue to settle all remaining awards in equity. |
Scope of Consolidation and Summary of Significant Accounting Policies (Tables) |
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| Schedule of consolidated subsidiaries |
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| Summary of new and revised standards and interpretations applied for the first time in the financial year |
The amendments included above do not have a material effect on the consolidated financial statements and thus no further details are disclosed. |
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| Summary of applicable issued but not yet effective accounting standards and amendments |
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Segment and geographic information (Tables) |
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| Schedule of reconciliation of segment EBITDA to consolidated net income |
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Selling, general and administrative expenses (Tables) |
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Other income (loss), net (Tables) |
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Finance income (costs), net (Tables) |
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Income tax expense (Tables) |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of income tax expense |
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| Schedule of reconciles the expected income tax expense amount |
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Earnings per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per Share | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of earnings per share |
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| Schedule of potential ordinary shares excluded from diluted earnings per share as their conversion would have an antidilutive effect | Potential ordinary shares excluded from diluted earnings per share as their conversion would have an antidilutive effect are as follows (in millions):
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Net Sales (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of net sales by geographic location |
(1)No individual country other than Germany and the United States accounted for more than 10% of net sales. |
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Intangible assets and goodwill (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible assets and goodwill | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of intangible assets and goodwill |
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| Disclosure Of detailed information about change required for carrying amount to be equal to recoverable amount, explanatory |
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| Intangible assets with finite useful lives | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible assets and goodwill | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of reconciliation of changes in intangible assets and goodwill |
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| Trademarks | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible assets and goodwill | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of assumptions used for impairment testing indefinite-lived intangible assets |
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| Goodwill | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible assets and goodwill | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of assumptions used for impairment testing indefinite-lived intangible assets |
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Property and equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and equipment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of reconciliation of changes in property and equipment |
|
Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of reconciliation of changes in right-of-use assets |
|
Other assets and non-current assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other assets and non-current assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of other assets and other non-current assets | Other assets consist of the following:
|
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Shareholder's equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholder's equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Ordinary Shares |
|
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Tax liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of reconciliation of tax liabilities |
|
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Provisions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Provisions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of provisions |
|
Other liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of other current liabilities |
|
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Deferred income tax assets and liabilities, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred income tax assets and liabilities, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of changes in deferred tax balances through equity and profit or loss |
|
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| Schedule of deferred tax balances |
|
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Related party transactions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related party transactions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of key management personnel compensation |
|
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Share-based compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of inputs used in the measurement of the fair values at grant date of the equity-settled share-based payment plans |
|
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| Summary of capital reserve related to stock options and restricted stock awards |
|
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| Summary of number and weighted-average exercise prices of share options |
|
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| IPO Related One-Time Award Package | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of main features of one-time award package |
|
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| Supervisory Board Award (Restricted Shares) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of main features of one-time award package |
|
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| Long-Term Incentive Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of main features of one-time award package |
|
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Financial instruments and financial risk management (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of risk management strategy related to hedge accounting [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of financial instruments |
Financial instruments as of June 30, 2024 is as follows:
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| Summary of carrying amounts of financial instruments |
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| Summary of foreign exchange reserves affecting other comprehensive income |
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| Schedule of net gains and losses on financial instruments |
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| Schedule of maturities of financial liabilities | Maturity analysis of financial liabilities as of June 30, 2023:
Maturity analysis of financial liabilities as of June 30, 2024:
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| Summary of carrying amounts of cash and cash equivalents by ratings |
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| Schedule of movements in credit loss allowance for trade and other receivables |
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| Currency risk | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of risk management strategy related to hedge accounting [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of sensitivity to changes in Euro exchange rates |
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Notes to the consolidated statement of cash flows (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes to the consolidated statement of cash flows | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of liabilities from financing activities |
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Corporate information (Details) - MYT Holding LLC |
12 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Mytheresa Group | ||
| Disclosure of transactions between related parties | ||
| Percentage of ownership | 77.90% | 78.30% |
| MYT Netherlands Parent B.V. | ||
| Disclosure of transactions between related parties | ||
| Percentage of ownership | 77.90% | |
Scope of Consolidation and Summary of Significant Accounting Policies - Estimated useful lives, goodwill and impairment (Details) |
12 Months Ended |
|---|---|
|
Jun. 30, 2024
item
| |
| Useful lives | |
| Cash-generating units | 2 |
| Period of budgets used for cash flow forecasts | 5 years |
| Software and license | |
| Useful lives | |
| Estimated useful life of intangible assets | 3 years |
| Minimum | Other fixed assets and office equipment | |
| Useful lives | |
| Estimated useful life of property and equipment | 3 years |
| Maximum | Other fixed assets and office equipment | |
| Useful lives | |
| Estimated useful life of property and equipment | 15 years |
Critical accounting judgments and key estimates and assumptions (Details) |
12 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
| Cash flow forecast measurement period | 5 years |
| Goodwill | |
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
| Cash flow forecast measurement period | 5 years |
Revision of comparative figures - Consolidated statement of profit or loss and OCI (Details) - EUR (€) € / shares in Units, € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
| Correction of Errors | |||
| Net sales | € 840,852 | € 766,003 | € 687,781 |
| Gross profit | 384,532 | 379,976 | 353,023 |
| Operating income | (21,953) | (8,682) | 2,865 |
| Income tax (expense) income | 1,814 | (5,877) | (11,184) |
| Net loss | (24,911) | (17,019) | (9,317) |
| Comprehensive income (loss) | € (24,923) | € (17,038) | € (9,391) |
| Effective tax rate | (6.80%) | 52.70% | 599.00% |
| Basic earnings per share | € (0.29) | € (0.20) | € (0.11) |
| Diluted earnings per share | € (0.29) | € (0.20) | € (0.11) |
| Restated adjustments | |||
| Correction of Errors | |||
| Net sales | € (2,619) | € (1,969) | |
| Gross profit | (2,619) | (1,969) | |
| Operating income | (2,619) | (1,969) | |
| Income tax (expense) income | 720 | 550 | |
| Net loss | (1,899) | (1,419) | |
| Comprehensive income (loss) | € (1,899) | € (1,419) | |
| Effective tax rate | 25.00% | 293.00% | |
| Basic earnings per share | € (0.03) | € (0.02) | |
| Diluted earnings per share | € (0.03) | € (0.02) | |
Revision of comparative figures - Consolidated statement of financial position (Details) - EUR (€) € in Thousands |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|---|---|---|---|---|
| Correction of Errors | ||||
| Total shareholders' equity | € 435,643 | € 443,429 | € 429,564 | € 385,034 |
| Deferred tax liabilities | 12 | 296 | ||
| Tax liabilities | 10,643 | 22,987 | € 25,096 | 14,114 |
| Contract liabilities | € 17,104 | 16,932 | ||
| Restated adjustments | ||||
| Correction of Errors | ||||
| Total shareholders' equity | (4,002) | € (2,103) | ||
| Deferred tax liabilities | (430) | |||
| Tax liabilities | (1,086) | |||
| Contract liabilities | € 5,518 |
Revision of comparative figures - Consolidated statements of changes in Equity and Cashflow (Details) - EUR (€) € in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Correction of Errors | ||||
| Equity | € 435,643 | € 443,429 | € 429,564 | € 385,034 |
| Cash flows from (used in) investing activities | (11,809) | (22,758) | (11,923) | |
| Cash flows from (used in) financing activities | (13,277) | (5,442) | (6,054) | |
| Net loss | (24,911) | (17,019) | (9,317) | |
| Income tax expense | (1,814) | 5,877 | 11,184 | |
| Increase (decrease) in contract liabilities | 172 | 3,287 | 1,740 | |
| Accumulated deficit | ||||
| Correction of Errors | ||||
| Equity | (112,767) | (87,856) | (70,837) | (61,520) |
| Net loss | € (24,911) | (17,019) | (9,317) | |
| Restated adjustments | ||||
| Correction of Errors | ||||
| Equity | (4,002) | (2,103) | ||
| Net loss | (1,899) | (1,419) | ||
| Income tax expense | (720) | (550) | ||
| Increase (decrease) in contract liabilities | € 2,619 | € 1,969 | ||
| Restated adjustments | Accumulated deficit | ||||
| Correction of Errors | ||||
| Equity | € (684) | |||
Selling, general and administrative expenses (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
| Selling, general and administrative expenses | |||
| Increase in selling, general and administrative (SG&A) expense | € 11,600 | ||
| Selling, general and administrative (SG&A) expense | 159,292 | € 147,691 | € 148,172 |
| Share-based compensation expenses | 18,500 | 30,000 | |
| Selling, general and administrative expenses | |||
| Selling, general and administrative expenses | |||
| Personnel-related expenses | (126,366) | (119,450) | (122,695) |
| Rental and other facility-related expenses | (4,902) | (2,668) | (2,252) |
| IT expenses | (8,409) | (8,911) | (7,647) |
| Insurances and fees | (1,901) | (3,082) | (4,145) |
| Travel costs | (3,501) | (2,896) | (1,390) |
| Other transaction-related, certain legal and other expenses | (2,366) | (5,446) | (2,493) |
| Consulting and other services | (4,247) | (920) | (4,342) |
| Other | (7,600) | (4,319) | (3,207) |
| Total Selling, general and administrative expenses | € (159,292) | € (147,692) | € (148,171) |
Other income (loss), net (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
| Other income | |||
| Other income | € 1,471 | € 1,863 | € 1,023 |
| Foreign exchange gains, net | 1,349 | 1,783 | |
| Total other income | 2,820 | 1,863 | 2,806 |
| Other expenses | |||
| Foreign exchange losses, net | (2,057) | ||
| Other operational expenses | (2,553) | (2,332) | (1,915) |
| Total other expenses | (2,553) | (4,390) | (1,915) |
| Other income, net | € 267 | € (2,527) | € 892 |
Finance income (costs), net (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
| Finance costs | |||
| Total Finance costs | € (4,777) | € (2,818) | € (998) |
| Finance income | |||
| Other interest income | 5 | 358 | |
| Total Finance income | 5 | 358 | 0 |
| Finance income (costs), net | (4,772) | (2,460) | (998) |
| Revolving credit facility | |||
| Finance costs | |||
| Interest expenses | 1,861 | 401 | 386 |
| Leases | |||
| Finance costs | |||
| Interest expenses | € 2,916 | € 2,417 | € 612 |
Income tax expense (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
| Income tax expense | |||
| Total current tax income / (expense) | € (411) | € (3,210) | € (14,604) |
| Thereof prior year adjustments | 189 | (476) | 141 |
| Thereof other current income tax effects for the period | (600) | (2,734) | (14,746) |
| Total deferred tax income / (expense) | 2,226 | (2,666) | 3,421 |
| Thereof effects from origination and reversal of temporary balance sheet differences | 61 | 1,101 | 98 |
| Thereof prior year adjustments | 30 | (31) | 153 |
| Thereof effects from (non-) recognition of deferred tax assets on tax loss and interest carryforwards | 2,135 | (3,736) | 3,169 |
| Total income tax expense | € 1,814 | € (5,877) | € (11,184) |
Income tax expense - Tax rates (Details) |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
| Income tax expense | |||
| Applicable tax rate | 27.74% | 27.74% | 27.52% |
| Germany | |||
| Income tax expense | |||
| Corporate tax rate | 15.00% | ||
| Solidarity surcharge on corporate tax rate | 5.50% | ||
| Trade tax rate | 11.92% | ||
| Primary deferred tax rate | 27.74% | 27.45% | |
| Minimum | Non German | |||
| Income tax expense | |||
| Applicable tax rate | 8.25% | 2.50% | |
| Maximum | Non German | |||
| Income tax expense | |||
| Applicable tax rate | 31.00% | 29.40% | |
Income tax expense - Reconciliation (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
| Income tax expense | |||
| Income (loss) before tax | € (26,725) | € (11,142) | € 1,867 |
| Tax (expense) income based on expected group tax rate | 7,414 | 3,091 | (514) |
| Tax effects of: | |||
| Non-deductible expenses (for local taxes) | (218) | (92) | (130) |
| Other non-deductible expenses | (5,993) | (8,693) | (14,229) |
| Tax free income | 90 | 239 | 40 |
| Tax rate difference between group and local tax rates and changes in tax rates | 64 | 58 | (170) |
| Prior year adjustments | 53 | (507) | 295 |
| (Non-) recognition on deferred tax assets on tax loss carryforwards, utilization of tax losses and tax credits without recognition of deferred tax assets | 6 | 42 | 3,500 |
| Others | 397 | (14) | 25 |
| Total income tax expense | € 1,814 | € (5,877) | € (11,184) |
| Effective total income tax rate (%) | (6.80%) | 52.70% | 599.00% |
Net Sales (Details) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Jun. 30, 2024
EUR (€)
store
customer
country
|
Jun. 30, 2023
EUR (€)
|
Jun. 30, 2022
EUR (€)
|
|
| Income tax expense | |||
| Net sales | € 840,852 | € 766,003 | € 687,781 |
| Percentage of net sales | 100.00% | 100.00% | 100.00% |
| Number of countries excluding Germany and the United States where net sales exceeds 10% | country | 0 | ||
| Number of individual customers exceeding 10% of net sales | customer | 0 | ||
| Net sales recognized from contract liabilities | € 2,007 | € 1,233 | € 563 |
| Increase (decrease) in net sales from application of hedge accounting | (1,511) | (1,650) | |
| Germany | |||
| Income tax expense | |||
| Net sales | € 127,867 | € 128,109 | € 128,251 |
| Percentage of net sales | 15.20% | 16.70% | 18.60% |
| United States | |||
| Income tax expense | |||
| Net sales | € 171,795 | € 137,521 | € 108,435 |
| Percentage of net sales | 20.40% | 18.00% | 15.80% |
| Europe (excluding Germany) | |||
| Income tax expense | |||
| Net sales | € 332,575 | € 298,998 | € 275,322 |
| Percentage of net sales | 39.60% | 39.00% | 40.00% |
| Rest of the world | |||
| Income tax expense | |||
| Net sales | € 208,615 | € 201,375 | € 175,773 |
| Percentage of net sales | 24.80% | 26.30% | 25.60% |
| Germany | |||
| Income tax expense | |||
| Number of retail stores | store | 2 | ||
Intangible assets and goodwill (Details) - EUR (€) € in Thousands |
Jun. 30, 2024 |
Jun. 30, 2023 |
|---|---|---|
| Intangible assets with finite life | ||
| Software and license | € 473 | € 806 |
| Intangible assets with indefinite life | ||
| Trademark | 15,585 | 15,585 |
| Goodwill | 138,892 | 138,892 |
| Total intangible assets and goodwill | € 154,951 | € 155,283 |
Intangible assets and goodwill - Finite-lived intangibles (Details) - Software and license - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Intangible assets and goodwill | ||
| Intangible assets other than goodwill at beginning of period | € 806 | |
| Intangible assets other than goodwill at end of period | 474 | € 806 |
| Cost | ||
| Intangible assets and goodwill | ||
| Intangible assets other than goodwill at beginning of period | 5,179 | 4,587 |
| Additions | 145 | 592 |
| Intangible assets other than goodwill at end of period | 5,324 | 5,179 |
| Accumulated depreciation and impairment | ||
| Intangible assets and goodwill | ||
| Intangible assets other than goodwill at beginning of period | (4,373) | (3,841) |
| Amortization charge of the year | (477) | (532) |
| Intangible assets other than goodwill at end of period | € (4,850) | € (4,373) |
Intangible assets and goodwill - Indefinite-lived intangibles (Details) € in Thousands |
12 Months Ended | |
|---|---|---|
|
Jun. 30, 2024
EUR (€)
item
|
Jun. 30, 2023
EUR (€)
|
|
| Disclosure of information for cash-generating units | ||
| Number of identified trademarks | 2 | |
| Cash-generating units | 2 | |
| Period of budgets used for cash flow forecasts | 5 years | |
| Trademarks | ||
| Disclosure of information for cash-generating units | ||
| Impairment loss, intangible assets other than goodwill | € | € 0 | € 0 |
| Royalty rate | 2.00% | 2.00% |
| Terminal revenue growth rate | 2.00% | 2.00% |
| Period of measurement of revenue growth rate | 5 years | |
| MYTHERESA trademark | ||
| Disclosure of information for cash-generating units | ||
| Discount rate | 9.40% | 10.60% |
| THERESA trademark | ||
| Disclosure of information for cash-generating units | ||
| Discount rate | 8.80% | 10.20% |
Intangible assets and goodwill - Goodwill (Details) € in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Jun. 30, 2024
EUR (€)
item
|
Jun. 30, 2023
EUR (€)
|
Oct. 31, 2014 |
Oct. 09, 2014 |
|
| Disclosure of information for cash-generating units | ||||
| Business combination of during period | item | 0 | |||
| Cash-generating units | item | 2 | |||
| Goodwill | € 138,892 | € 138,892 | ||
| Cash flow forecast measurement period | 5 years | |||
| Mytheresa.com GmbH | ||||
| Disclosure of information for cash-generating units | ||||
| Percentage of voting interests acquired | 100.00% | |||
| Theresa Warenvertrieb GmbH | ||||
| Disclosure of information for cash-generating units | ||||
| Percentage of voting interests acquired | 100.00% | |||
| Goodwill | ||||
| Disclosure of information for cash-generating units | ||||
| Cash flow forecast measurement period | 5 years | |||
| Terminal growth rate | 2.00% | 2.00% | ||
| Period of measurement of revenue growth rate | 5 years | |||
| Risk-free interest rate | 2.50% | 2.50% | ||
| Market risk premium | 7.00% | 7.00% | ||
| Online | ||||
| Disclosure of information for cash-generating units | ||||
| Goodwill | € 137,933 | |||
| Online | Goodwill | ||||
| Disclosure of information for cash-generating units | ||||
| Budgeted revenue growth rate (CAGR for the next five years) | 14.33% | 17.42% | ||
| EBITDA margin in Terminal value | 7.50% | 7.80% | ||
| Terminal growth rate | 2.00% | 2.00% | ||
| Discount rate | 12.20% | 13.80% | ||
| Amount by which unit's recoverable amount exceeds its carrying amount | € 205,000 | € 263,000 | ||
| Retail Store | ||||
| Disclosure of information for cash-generating units | ||||
| Goodwill | € 959 | |||
| Retail Store | Goodwill | ||||
| Disclosure of information for cash-generating units | ||||
| Budgeted revenue growth rate (CAGR for the next five years) | 2.20% | 1.65% | ||
| EBITDA margin in Terminal value | 32.90% | 32.90% | ||
| Terminal growth rate | 2.00% | 2.00% | ||
| Discount rate | 12.00% | 12.60% |
Intangible assets and goodwill-Change required (Details) - Online - Goodwill € in Thousands |
12 Months Ended | |
|---|---|---|
|
Jun. 30, 2024
EUR (€)
|
Jun. 30, 2023 |
|
| Revenue growth rate of 0% | ||
| Disclosure of information for cash-generating units [line items] | ||
| Revenue growth rate | 0 | |
| Impairment of goodwill | € 0 | |
| Discount rate | ||
| Disclosure of information for cash-generating units [line items] | ||
| Change required for carrying amount to be equal to recoverable amount | 0.024 | 0.039 |
| EBITDA margin in Terminal value | ||
| Disclosure of information for cash-generating units [line items] | ||
| Change required for carrying amount to be equal to recoverable amount | (0.019) | (0.029) |
| Budgeted revenue growth rate (CAGR for the next five years) | ||
| Disclosure of information for cash-generating units [line items] | ||
| Change required for carrying amount to be equal to recoverable amount | (0.054) | (0.081) |
Property and equipment (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Property and equipment, net | ||
| Property, plant and equipment at beginning of period | € 37,227 | € 17,691 |
| Property, plant and equipment at end of period | 43,653 | 37,227 |
| Increased property and equipment | 43,653 | 37,227 |
| Cost | ||
| Property and equipment, net | ||
| Property, plant and equipment at beginning of period | 56,223 | 34,058 |
| Additions | 12,459 | 22,168 |
| Disposals | (794) | (2) |
| Property, plant and equipment at end of period | 67,888 | 56,223 |
| Increased property and equipment | 67,888 | 56,223 |
| Accumulated depreciation and impairment | ||
| Property and equipment, net | ||
| Property, plant and equipment at beginning of period | (18,996) | (16,366) |
| Depreciation charge of the year | 5,238 | 2,628 |
| Property, plant and equipment at end of period | (24,234) | (18,996) |
| Increased property and equipment | (24,234) | (18,996) |
| Construction in progress | ||
| Property and equipment, net | ||
| Property, plant and equipment at beginning of period | 26,873 | 9,779 |
| Property, plant and equipment at end of period | 0 | 26,873 |
| Increased property and equipment | 0 | 26,873 |
| Construction in progress | Cost | ||
| Property and equipment, net | ||
| Property, plant and equipment at beginning of period | 26,873 | 9,779 |
| Additions | 5,445 | 17,094 |
| Transfer | (31,909) | |
| Disposals | (409) | |
| Property, plant and equipment at end of period | 0 | 26,873 |
| Increased property and equipment | 0 | 26,873 |
| Leasehold improvements | ||
| Property and equipment, net | ||
| Property, plant and equipment at beginning of period | 4,614 | 3,862 |
| Property, plant and equipment at end of period | 10,166 | 4,614 |
| Increased property and equipment | 10,166 | 4,614 |
| Leasehold improvements | Cost | ||
| Property and equipment, net | ||
| Property, plant and equipment at beginning of period | 11,608 | 10,222 |
| Additions | 1,789 | 1,387 |
| Transfer | 5,139 | |
| Disposals | (321) | |
| Property, plant and equipment at end of period | 18,215 | 11,608 |
| Increased property and equipment | 18,215 | 11,608 |
| Leasehold improvements | Accumulated depreciation and impairment | ||
| Property and equipment, net | ||
| Property, plant and equipment at beginning of period | (6,995) | (6,360) |
| Depreciation charge of the year | 1,055 | 635 |
| Property, plant and equipment at end of period | (8,050) | (6,995) |
| Increased property and equipment | (8,050) | (6,995) |
| Other fixed assets and office equipment | ||
| Property and equipment, net | ||
| Property, plant and equipment at beginning of period | 5,740 | 4,050 |
| Property, plant and equipment at end of period | 33,487 | 5,740 |
| Increased property and equipment | 33,487 | 5,740 |
| Other fixed assets and office equipment | Cost | ||
| Property and equipment, net | ||
| Property, plant and equipment at beginning of period | 17,742 | 14,057 |
| Additions | 5,224 | 3,687 |
| Transfer | 26,770 | |
| Disposals | (64) | (2) |
| Property, plant and equipment at end of period | 49,672 | 17,742 |
| Increased property and equipment | 49,672 | 17,742 |
| Other fixed assets and office equipment | Accumulated depreciation and impairment | ||
| Property and equipment, net | ||
| Property, plant and equipment at beginning of period | (12,001) | (10,006) |
| Depreciation charge of the year | 4,183 | 1,993 |
| Property, plant and equipment at end of period | (16,184) | (12,001) |
| Increased property and equipment | € (16,184) | € (12,001) |
Leases (Details) - EUR (€) € in Thousands |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
| Disclosure of quantitative information about right-of-use assets [line items] | ||||
| Expense for leases under the low value exemption | € 197 | € 191 | € 185 | |
| Expense for variable lease payments not included in measurement of lease liabilities | 0 | 0 | 292 | |
| Depreciation expense on right-of-use assets and interest expense on lease liabilities | 12,406 | 10,909 | 6,269 | |
| Rent concessions on leases | 0 | 0 | 56 | |
| Non-current lease liabilities | 40,483 | 49,518 | 16,817 | |
| Current lease liabilities | 9,282 | 8,155 | 5,189 | |
| Cash outflow for leases | 7,924 | 4,059 | 5,425 | |
| Rent cash deposits | 1,431 | 552 | ||
| Interest expense on lease liabilities | € 2,916 | 2,417 | € 612 | |
| Maximum | ||||
| Disclosure of quantitative information about right-of-use assets [line items] | ||||
| Period during which extension options on some property leases are exercisable before end of non-cancellable contract period | 1 year | |||
| Office space lease, Shanghai, China | ||||
| Disclosure of quantitative information about right-of-use assets [line items] | ||||
| Additional lease liabilities | € 124 | |||
| Additional right-of-use assets | € 124 | |||
| All extension options for current leases are exercised | Property Leases | ||||
| Disclosure of quantitative information about right-of-use assets [line items] | ||||
| Additional lease liabilities | € 42,200 | |||
| Other non-current assets | ||||
| Disclosure of quantitative information about right-of-use assets [line items] | ||||
| Rent cash deposits | € 1,431 | € 552 | ||
Leases - Right-of-use assets (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Right-of-use assets | ||
| Right-of-use assets at beginning of year | € 54,797 | € 21,677 |
| Right-of-use assets at end of year | 45,468 | 54,797 |
| Land and buildings | ||
| Right-of-use assets | ||
| Right-of-use assets at beginning of year | 54,696 | 21,646 |
| Right-of-use assets at end of year | 45,390 | 54,696 |
| Company cars | ||
| Right-of-use assets | ||
| Right-of-use assets at beginning of year | 101 | 31 |
| Right-of-use assets at end of year | 78 | 101 |
| Cost | ||
| Right-of-use assets | ||
| Right-of-use assets at beginning of year | 89,561 | 47,948 |
| Additions | 161 | 41,613 |
| Right-of-use assets at end of year | 89,722 | 89,561 |
| Cost | Land and buildings | ||
| Right-of-use assets | ||
| Right-of-use assets at beginning of year | 89,369 | 47,853 |
| Additions | 141 | 41,516 |
| Right-of-use assets at end of year | 89,510 | 89,369 |
| Cost | Company cars | ||
| Right-of-use assets | ||
| Right-of-use assets at beginning of year | 193 | 95 |
| Additions | 20 | 97 |
| Right-of-use assets at end of year | 213 | 193 |
| Accumulated depreciation and impairment | ||
| Right-of-use assets | ||
| Right-of-use assets at beginning of year | (34,765) | (26,273) |
| Depreciation Charge of the year | (9,489) | (8,492) |
| Right-of-use assets at end of year | (44,254) | (34,765) |
| Accumulated depreciation and impairment | Land and buildings | ||
| Right-of-use assets | ||
| Right-of-use assets at beginning of year | (34,673) | (26,207) |
| Depreciation Charge of the year | (9,446) | (8,466) |
| Right-of-use assets at end of year | (44,119) | (34,673) |
| Accumulated depreciation and impairment | Company cars | ||
| Right-of-use assets | ||
| Right-of-use assets at beginning of year | (92) | (66) |
| Depreciation Charge of the year | (43) | (26) |
| Right-of-use assets at end of year | € (135) | € (92) |
Inventories (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
| Disclosure of attribution of expenses by nature to their function [line items] | |||
| Cost of inventories | € 449,590 | € 383,115 | € 328,749 |
| Reversal on write-downs | 0 | 0 | |
| Cost of sales, exclusive of depreciation and amortization | |||
| Disclosure of attribution of expenses by nature to their function [line items] | |||
| Inventory write-downs | € 6,658 | € 2,913 | € 6,009 |
Trade and other receivables (Details) - EUR (€) € in Thousands |
Jun. 30, 2024 |
Jun. 30, 2023 |
|---|---|---|
| Trade and other receivables | Loss allowance | ||
| Disclosure of financial assets [line items] | ||
| Financial assets | € 0 | € (278) |
Other assets and non-current assets - Other current assets (Details) - EUR (€) € in Thousands |
Jun. 30, 2024 |
Jun. 30, 2023 |
|---|---|---|
| Other assets and non-current assets | ||
| Right of return assets | € 13,205 | € 11,301 |
| Current VAT receivables | 1,446 | |
| Prepaid expenses | 4,233 | 3,788 |
| Receivables from payment service providers | 1,086 | 662 |
| Advance payments | 2,582 | 2,347 |
| DDP duty drawbacks | 14,352 | 16,520 |
| Other current assets | 9,848 | 6,049 |
| Total other assets | € 45,306 | € 42,113 |
Other assets and non-current assets - Other non-current assets (Details) - EUR (€) € in Thousands |
Jun. 30, 2024 |
Jun. 30, 2023 |
|---|---|---|
| Other assets and non-current assets | ||
| Other non-current receivables | € 29 | € 30 |
| Non-current deposits | 1,431 | 552 |
| Non-current prepaid expenses | 6,112 | 5,990 |
| Total other non-current assets | € 7,572 | € 6,573 |
Shareholder's equity - Ordinary shares (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions |
12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jan. 21, 2021
EUR (€)
shares
|
Jan. 21, 2021
USD ($)
$ / shares
shares
|
Jun. 30, 2022
EUR (€)
|
Jun. 30, 2024
EUR (€)
|
Jun. 30, 2023
EUR (€)
|
Jan. 12, 2021
€ / shares
|
Aug. 31, 2019
EUR (€)
€ / shares
shares
|
Jun. 30, 2019
EUR (€)
shares
|
Jun. 30, 2019
$ / shares
|
Jun. 30, 2018
EUR (€)
shares
|
Jun. 30, 2018
$ / shares
|
|
| Disclosure of classes of share capital [line items] | |||||||||||
| Subscribed capital | € | € 1 | € 1 | € 1 | € 72 | € 72 | ||||||
| Number of shares outstanding | 1,000 | 8,000 | 8,000 | ||||||||
| Nominal value per share | (per share) | € 0.000015 | € 1.00 | $ 1 | $ 1 | |||||||
| Share split of ordinary shares | 70,190,687 | ||||||||||
| Deferred tax reflected in equity | € | € (1,249) | ||||||||||
| IPO | |||||||||||
| Disclosure of classes of share capital [line items] | |||||||||||
| Initial public offering | 17,994,117 | 17,994,117 | |||||||||
| Number of ADS issued during period | 14,233,823 | 14,233,823 | |||||||||
| Number of ADSs sold | 3,760,294 | 3,760,294 | |||||||||
| Proceeds net of underwriting discounts and related expenses | $ | $ 344.2 | ||||||||||
| Public offering price | $ / shares | $ 26.00 | ||||||||||
| Total transaction costs incurred | € | € 16,740 | ||||||||||
| IPO related transaction cost | € | 4,550 | ||||||||||
| Deferred tax reflected in equity | € | 1,249 | ||||||||||
| IPO | Selling, general and administrative expenses | |||||||||||
| Disclosure of classes of share capital [line items] | |||||||||||
| IPO related transaction costs | € | € 12,190 | ||||||||||
| Over allotment | |||||||||||
| Disclosure of classes of share capital [line items] | |||||||||||
| Number of ADSs sold through underwriter's exercise of options | 2,347,058 | 2,347,058 | |||||||||
| Shares issued by entity | Over allotment | |||||||||||
| Disclosure of classes of share capital [line items] | |||||||||||
| Number of ADS sold | 586,764 | 586,764 | |||||||||
| Shares sold by sole shareholder | Over allotment | |||||||||||
| Disclosure of classes of share capital [line items] | |||||||||||
| Number of ADSs sold by shareholder | 1,760,294 | 1,760,294 | |||||||||
Shareholder's equity (Details) |
12 Months Ended | |
|---|---|---|
|
Jun. 30, 2024
Vote / shares
shares
|
Jun. 30, 2023
shares
|
|
| Disclosure of classes of share capital [line items] | ||
| Number of shares issued | 85,265,962 | 84,890,197 |
| Vote per share | Vote / shares | 1 | |
| Employee stock purchase plan (ESPP) | ||
| Disclosure of classes of share capital [line items] | ||
| Number of shares issued | 29,641 | |
| Basic shares (post-split) | ||
| Disclosure of classes of share capital [line items] | ||
| Number of shares issued | 70,190,687 | 70,190,687 |
| IPO shares (post-split) | ||
| Disclosure of classes of share capital [line items] | ||
| Number of shares issued | 14,233,823 | 14,233,823 |
| Supervisory Board Award (Restricted Shares) | ||
| Disclosure of classes of share capital [line items] | ||
| Number of shares issued | 57,124 | 57,124 |
| Long-Term Incentive Plan (Restricted Share Units) | ||
| Disclosure of classes of share capital [line items] | ||
| Number of shares issued | 92,931 | 29,759 |
| Sign-On Award (Restricted Shares Units) | ||
| Disclosure of classes of share capital [line items] | ||
| Number of shares issued | 6,269 | 6,269 |
| Restoration Award (Phantom Shares) - Converted | ||
| Disclosure of classes of share capital [line items] | ||
| Number of shares issued | 398,328 | 115,376 |
| Alignment Award (Options) - Exercised | ||
| Disclosure of classes of share capital [line items] | ||
| Number of shares issued | 257,159 | 257,159 |
Liabilities to banks (Details) € in Millions |
Jun. 30, 2024
EUR (€)
|
|---|---|
| Revolving credit facility | |
| Liabilities to banks | |
| Notional amount | € 75.0 |
Tax liabilities (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
| Tax liabilities | |||
| Tax liabilities at beginning of fiscal year | € 22,987 | € 25,096 | € 14,114 |
| Additions | 1,725 | 3,410 | 11,451 |
| Utilizations | (13,477) | (4,883) | (180) |
| Releases | (592) | (637) | (289) |
| Tax liabilities at end of fiscal year | € 10,643 | € 22,987 | € 25,096 |
Provisions (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Provisions | ||
| Provisions at beginning of fiscal year | € 2,646 | € 758 |
| Additions | 143 | 1,976 |
| Releases | (88) | |
| Provisions at end of fiscal year | 2,789 | 2,646 |
| Dismantling provisions | ||
| Provisions | ||
| Provisions at beginning of fiscal year | 2,646 | 670 |
| Additions | 143 | 1,976 |
| Provisions at end of fiscal year | € 2,789 | 2,646 |
| Other provisions | ||
| Provisions | ||
| Provisions at beginning of fiscal year | 88 | |
| Releases | € (88) | |
Other liabilities (Details) - EUR (€) € in Thousands |
Jun. 30, 2024 |
Jun. 30, 2023 |
|---|---|---|
| Other liabilities | ||
| Personnel-related liabilities | € 9,376 | € 5,821 |
| Customer returns | 21,064 | 19,580 |
| Liabilities from sales tax | 12,632 | |
| Liabilities against brand partners | 13,901 | 21,001 |
| Accrued expenses & other liabilities | 38,262 | 32,523 |
| Total other current liabilities | € 95,235 | € 78,924 |
Deferred income tax assets and liabilities, net (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
| Deferred tax assets / (liabilities), net | |||
| Deferred tax assets / (liabilities), net, at beginning of fiscal year | € (237) | € 2,429 | € (2,241) |
| Recognized through equity / other comprehensive income | 1,249 | ||
| Recognized through profit or loss | 2,226 | (2,666) | 3,421 |
| Deferred tax assets / (liabilities), net, at end of fiscal year | € 1,989 | € (237) | € 2,429 |
Deferred income tax assets and liabilities, net- Balances (Details) - EUR (€) € in Thousands |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|---|---|---|---|---|
| Reconciliation of deferred tax assets and liabilities | ||||
| Deferred tax assets | € 1,999 | € 59 | ||
| Deferred tax liabilities | (12) | (296) | ||
| Total gross, deferred tax assets | 19,348 | 19,353 | ||
| Total gross, deferred tax liabilities | (17,359) | (19,591) | ||
| Netting of deferred tax assets | (17,348) | (19,294) | ||
| Netting of deferred tax liabilities | 17,348 | 19,294 | ||
| Total net, deferred tax assets | 1,999 | 59 | ||
| Total net, deferred tax liabilities | (11) | (296) | ||
| Deferred income tax liabilities, net | (11) | (296) | ||
| Non-current portion of (gross) deferred tax assets | 16,356 | 16,266 | € 11,068 | |
| Non-current portion of (gross) deferred tax liabilities | (16,995) | (18,953) | (6,064) | |
| Unused tax loss carryforwards for which no deferred tax asset recognized | 123 | 119 | € 131 | |
| Intangible assets and goodwill | ||||
| Reconciliation of deferred tax assets and liabilities | ||||
| Deferred tax assets | 214 | 239 | ||
| Deferred tax liabilities | (4,323) | (4,277) | ||
| Property and equipment | ||||
| Reconciliation of deferred tax assets and liabilities | ||||
| Deferred tax liabilities | (276) | (238) | ||
| Receivables | ||||
| Reconciliation of deferred tax assets and liabilities | ||||
| Deferred tax assets | 615 | |||
| Deferred tax liabilities | (195) | |||
| Right-of-Use asset, contract asset and other assets | ||||
| Reconciliation of deferred tax assets and liabilities | ||||
| Deferred tax liabilities | (12,509) | (15,075) | ||
| Lease liabilities, contract liabilities and other liabilities | ||||
| Reconciliation of deferred tax assets and liabilities | ||||
| Deferred tax assets | 14,031 | 15,664 | ||
| Deferred tax liabilities | (56) | |||
| Provisions | ||||
| Reconciliation of deferred tax assets and liabilities | ||||
| Deferred tax assets | 657 | 525 | ||
| Tax loss carryforwards | ||||
| Reconciliation of deferred tax assets and liabilities | ||||
| Deferred tax assets | € 4,447 | € 2,311 | € 6,046 |
Related party transactions (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| MYT Holding LLC | Mytheresa Group | ||
| Disclosure of transactions between related parties | ||
| Percentage of ownership | 77.90% | 78.30% |
| MYT Ultimate Parent LLC | ||
| Disclosure of transactions between related parties | ||
| Receivables | € 213 | € 213 |
| Liabilities | € 838 | € 838 |
Related party transactions - Key Management Personnel Compensation (Details) € in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Dec. 15, 2023
$ / shares
|
Nov. 08, 2023
$ / shares
|
Jun. 30, 2024
EUR (€)
|
Jun. 30, 2023
EUR (€)
|
Jun. 30, 2022
EUR (€)
|
Jun. 30, 2021
$ / shares
|
|
| IPO related compensation for Managing Directors | ||||||
| Disclosure of transactions between related parties [line items] | ||||||
| Weighted average share price | $ / shares | $ 31 | |||||
| Long-Term Incentive Plan | ||||||
| Disclosure of transactions between related parties [line items] | ||||||
| Weighted average share price | $ / shares | $ 3.55 | $ 3.41 | ||||
| Managing directors | ||||||
| Disclosure of transactions between related parties [line items] | ||||||
| Short-term compensation | € 4,073 | € 3,405 | € 4,035 | |||
| Share-based compensation | 13,408 | 22,672 | 39,680 | |||
| Total personnel expenses for Managing Directors | 17,481 | 26,077 | 43,715 | |||
| Managing directors | IPO related compensation for Managing Directors | ||||||
| Disclosure of transactions between related parties [line items] | ||||||
| Share-based compensation | 10,769 | 21,791 | 38,723 | |||
| Managing directors | Long-Term Incentive Plan | ||||||
| Disclosure of transactions between related parties [line items] | ||||||
| Share-based compensation | € 2,640 | € 881 | € 957 | |||
Share-based compensation - IPO Related One-Time Award Package (Details) |
Jan. 20, 2021
Options
person
item
$ / shares
shares
|
|---|---|
| Share Options (Alignment Grant) | |
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |
| Annual vesting percentage | 25.00% |
| Number of shares per option | shares | 1 |
| Exercisable term | 10 years |
| Number of different tranches | item | 3 |
| Number granted | Options | 6,478,761 |
| Number of key management members | person | 21 |
| Weighted average share price | $ / shares | $ 31 |
| Phantom Shares (Restoration Grant) | |
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |
| Number of shares per option | shares | 1 |
| Exercisable term | 10 years |
| Number granted | Options | 1,875,677 |
| Number of key management members | person | 21 |
| Percentage of granted phantom shares that can be transferred after conversion at any time after the second anniversary of the grant date | 25.00% |
| Percentage of granted phantom shares that can be transferred after conversion if certain conditions are met or at the fourth anniversary | 75.00% |
| Weighted average share price | $ / shares | $ 31 |
Share-based compensation - Summary of main features of one-time award package (Details) |
Jan. 20, 2021
Options
|
|---|---|
| Share Options (Alignment Grant) | |
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |
| Granted | 6,478,761 |
| Annual vesting percentage | 25.00% |
| Phantom Shares (Restoration Grant) | |
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |
| Granted | 1,875,677 |
Share-based compensation - Other One-Time Award Package (Details) - Supervisory Board Award (Restricted Shares) |
Nov. 08, 2023
USD ($)
EquityInstruments
item
|
Sep. 05, 2023
USD ($)
EquityInstruments
item
|
May 08, 2023
USD ($)
EquityInstruments
item
|
Jul. 01, 2022
USD ($)
EquityInstruments
item
|
Feb. 09, 2022
USD ($)
EquityInstruments
item
|
Jul. 01, 2021
EquityInstruments
|
Jan. 20, 2021
EquityInstruments
|
|---|---|---|---|---|---|---|---|
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
| Grant date fair value | $ | $ 3.52 | $ 3.63 | $ 4.46 | $ 9.68 | $ 16.02 | ||
| Number of Supervisory Board Members that have been granted awards | item | 5 | 1 | 4 | 1 | 4 | ||
| Number granted | EquityInstruments | 149,147 | 11,478 | 67,264 | 11,467 | 22,880 | 7,393 | 15,384 |
Share-based compensation - Annual Plan (Details) $ / shares in Units, € in Thousands |
12 Months Ended | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
May 17, 2024
EUR (€)
shares
|
Dec. 15, 2023
USD ($)
|
Dec. 15, 2023
USD ($)
item
|
Dec. 15, 2023
USD ($)
Options
|
Dec. 15, 2023
USD ($)
EquityInstruments
|
Dec. 15, 2023
USD ($)
$ / shares
|
Nov. 08, 2023
USD ($)
EquityInstruments
$ / shares
|
Jul. 01, 2023 |
Jul. 01, 2023
item
|
Jul. 01, 2023
Options
|
Jul. 01, 2023
EquityInstruments
|
Jul. 01, 2023
$ / shares
|
May 29, 2023
EUR (€)
shares
|
Jul. 01, 2022
USD ($)
EquityInstruments
|
Jul. 01, 2021
USD ($)
EquityInstruments
|
Jun. 30, 2024
EUR (€)
Options
|
Jun. 30, 2023
EUR (€)
|
Jun. 30, 2022
EUR (€)
|
Jun. 30, 2024
$ / shares
|
May 17, 2024
USD ($)
|
May 29, 2023
USD ($)
|
|
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
| Expense booked to equity | € | € 18,508 | € 29,882 | € 52,303 | ||||||||||||||||||
| Employee Share Purchase Program | |||||||||||||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
| Number of units granted | shares | 13,149 | 29,641 | |||||||||||||||||||
| Discount as a percentage of investment by the participant | 25.00% | ||||||||||||||||||||
| Percentage of increase in shares issued for implementation of discount | 33.33% | ||||||||||||||||||||
| Number of ADSs issued for the price of one ADS | 1.33 | ||||||||||||||||||||
| Expense booked to equity | € | € 18 | € 28 | |||||||||||||||||||
| Grant date fair value | $ | $ 6.00 | $ 4.00 | |||||||||||||||||||
| Long-Term Incentive Plan | |||||||||||||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
| Grant date fair value | $ | $ 3.41 | $ 9.68 | |||||||||||||||||||
| Number of units granted | EquityInstruments | 3,113,125 | 674,106 | 171,164 | ||||||||||||||||||
| Granted | Options | 3,605,301 | ||||||||||||||||||||
| Exercise prices for share options outstanding | $ / shares | $ 4.00 | ||||||||||||||||||||
| Grant date fair value | $ | $ 0.65 | $ 0.65 | $ 0.65 | $ 0.65 | $ 0.65 | $ 0.64 | |||||||||||||||
| Exercise price, share options granted | $ / shares | $ 4.00 | $ 4.00 | |||||||||||||||||||
| Long-Term Incentive Plan | Grant date fair value of 30.68 USD | |||||||||||||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
| Grant date fair value | $ | $ 30.68 | ||||||||||||||||||||
| Number of units granted | EquityInstruments | 170,221 | ||||||||||||||||||||
| Long-Term Incentive Plan | Grant date fair value of 22.38 USD | |||||||||||||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
| Grant date fair value | $ | $ 22.38 | ||||||||||||||||||||
| Number of units granted | EquityInstruments | 943 | ||||||||||||||||||||
| Time-vesting RSUs | |||||||||||||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
| Number of units granted | EquityInstruments | 1,696,022 | 255,754 | 62,217 | ||||||||||||||||||
| Percentage of awards vesting annually | 33.33% | 33.33% | 33.33% | ||||||||||||||||||
| Vesting period | 3 years | 3 years | 3 years | ||||||||||||||||||
| Non-Market Performance RSUs | |||||||||||||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
| Number of units granted | EquityInstruments | 1,417,103 | 418,352 | 108,947 | ||||||||||||||||||
| Vesting period | 3 years | 3 years | 3 years | 3 years | |||||||||||||||||
| Duration of gross profit target | 3 years | 3 years | 3 years | ||||||||||||||||||
| Estimating award level of grant, depending on achievement of gross profit target | 26.00% | ||||||||||||||||||||
| Stock options under long-term incentive plan | |||||||||||||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
| Percentage of awards vesting annually | 33.33% | 33.33% | 33.33% | 33.33% | 33.33% | 33.33% | 33.33% | 33.33% | 33.33% | 33.33% | |||||||||||
| Vesting period | 3 years | 3 years | |||||||||||||||||||
| Number of different tranches | item | 3 | 3 | |||||||||||||||||||
| Granted | 682,021 | 682,021 | 2,923,280 | 2,923,280 | |||||||||||||||||
| Vested options term | 10 years | 10 years | |||||||||||||||||||
| Exercise price, share options granted | $ / shares | $ 4.00 | $ 4.00 | |||||||||||||||||||
| Minimum | Non-Market Performance RSUs | |||||||||||||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
| Potential award level of grant, depending on achievement of gross profit target | 25.00% | 25.00% | 25.00% | ||||||||||||||||||
| Maximum | Non-Market Performance RSUs | |||||||||||||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||
| Potential award level of grant, depending on achievement of gross profit target | 200.00% | 200.00% | 200.00% | ||||||||||||||||||
Share-based compensation - Measurement of the fair values at grant date of the equity-settled share-based payment plans (Details) |
Dec. 15, 2023
USD ($)
Y
$ / shares
|
Nov. 08, 2023
USD ($)
Y
$ / shares
|
Jan. 20, 2021
USD ($)
Y
$ / shares
|
|---|---|---|---|
| Share Options (Alignment Grant) | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Weighted average share price | $ 31 | ||
| Share Options (Alignment Grant) | Tranche I | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Weighted average fair value | $ | $ 25.42 | ||
| Exercise price | $ 5.79 | ||
| Weighted average share price | $ 31.00 | ||
| Expected volatility | 60.00% | ||
| Expected life | Y | 2.32 | ||
| Risk free rate | 0.00% | ||
| Share Options (Alignment Grant) | Tranche II | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Weighted average fair value | $ | $ 22.93 | ||
| Exercise price | $ 8.68 | ||
| Weighted average share price | $ 31.00 | ||
| Expected volatility | 60.00% | ||
| Expected life | Y | 2.32 | ||
| Risk free rate | 0.00% | ||
| Share Options (Alignment Grant) | Tranche III | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Weighted average fair value | $ | $ 20.68 | ||
| Exercise price | $ 11.58 | ||
| Weighted average share price | $ 31.00 | ||
| Expected volatility | 60.00% | ||
| Expected life | Y | 2.32 | ||
| Risk free rate | 0.00% | ||
| Long-Term Incentive Plan | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Weighted average fair value | $ | $ 0.65 | $ 0.64 | |
| Exercise price | $ 4.00 | $ 4.00 | |
| Weighted average share price | $ 3.55 | $ 3.41 | |
| Expected volatility | 45.32% | 45.83% | |
| Expected life | Y | 1.55 | 1.65 | |
| Risk free rate | 2.37% | 3.00% |
Share-based compensation - Restoration Grant (Details) |
Jan. 21, 2021
USD ($)
|
|---|---|
| Phantom Shares (Restoration Grant) | |
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |
| Grant date fair value | $ 31 |
Share-based compensation - Share-based compensation expense recognized (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
| Classified within capital reserve (beginning of period) | € 158,453 | € 128,628 |
| Share-based compensation expenses | 17,137 | 29,825 |
| Classified within capital reserve (end of period) | € 175,591 | 158,453 |
| Number of shares withheld shares to cover tax obligation | 287,511 | |
| Amount of shares withheld based on the market price | € 1,370 | |
| Share Options (Alignment Grant) | ||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
| Share-based compensation expenses | € 13,351 | 27,541 |
| Average remaining contractual life | 6 years 6 months | |
| Restricted Shares | ||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
| Share-based compensation expenses | € 581 | 342 |
| Restricted Shares Units | ||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
| Share-based compensation expenses | 2,292 | 1,914 |
| Employee Share Purchase Program | ||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
| Share-based compensation expenses | 18 | € 28 |
| Share Options (SO Award) | ||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
| Share-based compensation expenses | € 896 | |
Share-based compensation - Reconciliation of outstanding share options (Details) € in Thousands |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
|
Jul. 01, 2023
Options
$ / shares
|
Jan. 20, 2021
Options
|
Jun. 30, 2025
Options
$ / shares
|
Jun. 30, 2024
EUR (€)
Options
|
Jun. 30, 2024
$ / shares
|
Jun. 30, 2023
EUR (€)
shares
Options
|
Jun. 30, 2023
$ / shares
|
Jun. 30, 2022
EUR (€)
Options
|
|
| Weighted Average Exercise Price | ||||||||
| Compensation expense | € | € 17,137 | € 29,825 | ||||||
| Total payout | € | € 1,077 | € 369 | ||||||
| Share Options (Alignment Grant) | ||||||||
| Options | ||||||||
| Options outstanding at beginning of period | Options | 6,197,415 | 6,063,090 | 6,197,415 | 6,407,675 | ||||
| Forfeited | Options | 134,325 | |||||||
| Granted | Options | 6,478,761 | |||||||
| exercised | Options | 210,260 | |||||||
| Options outstanding at end of period | Options | 6,063,090 | 6,197,415 | 6,407,675 | |||||
| Weighted Average Exercise Price | ||||||||
| Weighted average Exercise price of share options outstanding at beginning of period | $ 8.55 | $ 8.57 | $ 8.55 | $ 8.36 | ||||
| Forfeited (in dollars per share) | 7.84 | |||||||
| Exercised (in dollars per share) | 5.79 | |||||||
| Weighted average Exercise price of share options outstanding at end of period | 8.57 | 8.55 | ||||||
| Exercise price for outstanding stock options | 8.57 | $ 8.55 | ||||||
| Compensation expense | € | € 13,351 | € 27,541 | ||||||
| Average remaining contractual life | 6 years 6 months | |||||||
| Employee Share Purchase Program | ||||||||
| Weighted Average Exercise Price | ||||||||
| Compensation expense | € | € 18 | € 28 | ||||||
| Long-Term Incentive Plan | ||||||||
| Options | ||||||||
| Options outstanding at beginning of period | Options | 3,309,066 | |||||||
| Forfeited | Options | 296,235 | |||||||
| Granted | Options | 3,605,301 | |||||||
| Options outstanding at end of period | Options | 3,309,066 | |||||||
| Weighted Average Exercise Price | ||||||||
| Weighted average Exercise price of share options outstanding at beginning of period | $ 4.00 | |||||||
| Forfeited (in dollars per share) | 4.00 | |||||||
| Granted (in dollars per share) | 4.00 | |||||||
| Weighted average Exercise price of share options outstanding at end of period | 4.00 | |||||||
| Exercise price for outstanding stock options | 4.00 | |||||||
| Exercise prices for the share options outstanding | 4.00 | |||||||
| Average remaining contractual life | 9 years | |||||||
| Vesting On January 20, 2023 | Share Options (Alignment Grant) | ||||||||
| Options | ||||||||
| exercised | shares | 24,187 | |||||||
| Weighted Average Exercise Price | ||||||||
| Amount reclassified from equity and recognized as a cash-settled share-based payment liability | € | € 1,545 | |||||||
| Payments for settlement of share-based payment awards | € | € 57 | |||||||
| Minimum | Share Options (Alignment Grant) | ||||||||
| Weighted Average Exercise Price | ||||||||
| Exercise prices for the share options outstanding | 5.79 | |||||||
| Maximum | Share Options (Alignment Grant) | ||||||||
| Weighted Average Exercise Price | ||||||||
| Exercise prices for the share options outstanding | $ 11.58 | |||||||
Financial instruments and financial risk management - Financial instruments summary (Details) - EUR (€) € in Thousands |
Jun. 30, 2024 |
Jun. 30, 2023 |
|---|---|---|
| Financial instruments | ||
| Financial liabilities | € 156,151 | € 148,337 |
| Trade and other receivables, Current | Financial assets, at amortized cost | ||
| Financial instruments | ||
| Financial assets | 11,819 | 7,521 |
| Cash and cash equivalents | Financial assets, at amortized cost | ||
| Financial instruments | ||
| Financial assets | 15,107 | 30,136 |
| Other assets | Financial assets, at amortized cost | ||
| Financial instruments | ||
| Financial assets | 45,306 | 42,113 |
| Other assets | No category in accordance with IFRS 9 | ||
| Financial instruments | ||
| Financial assets | 22,265 | 19,474 |
| deposits | Financial assets, at amortized cost | ||
| Financial instruments | ||
| Financial assets | 152 | 15 |
| Other financial assets | Financial assets, at amortized cost | ||
| Financial instruments | ||
| Financial assets | 22,889 | 22,623 |
| Non-current lease liabilities | Financial liabilities, at amortized cost | ||
| Financial instruments | ||
| Financial liabilities | 40,483 | 49,518 |
| Non-current lease liabilities | No category in accordance with IFRS 9 | ||
| Financial instruments | ||
| Financial liabilities | 40,483 | 49,518 |
| Current lease liabilities | Financial liabilities, at amortized cost | ||
| Financial instruments | ||
| Financial liabilities | 9,282 | 8,155 |
| Current lease liabilities | No category in accordance with IFRS 9 | ||
| Financial instruments | ||
| Financial liabilities | 9,282 | 8,155 |
| Trade and other payables | Financial liabilities, at amortized cost | ||
| Financial instruments | ||
| Financial liabilities | 85,322 | 71,085 |
| Other liabilities, Current | Financial liabilities, at amortized cost | ||
| Financial instruments | ||
| Financial liabilities | 95,235 | 78,924 |
| Other liabilities, Current | No category in accordance with IFRS 9 | ||
| Financial instruments | ||
| Financial liabilities | 74,171 | 59,345 |
| Other financial liabilities | Financial liabilities, at amortized cost | ||
| Financial instruments | ||
| Financial liabilities | € 21,064 | € 19,580 |
Financial instruments and financial risk management (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
| Financial instruments and financial risk management | |||
| Financial assets measured at Amortized cost (AC) | € 49,967 | € 60,295 | € 166,780 |
| Financial liabilities measured at Amortized cost (AC) | 106,385 | 90,665 | € 61,784 |
| Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period | 0 | 0 | |
| Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period | 0 | 0 | |
| Transfers into Level 3 of fair value hierarchy, assets | 0 | 0 | |
| Transfers out of Level 3 of fair value hierarchy, assets | 0 | € 0 | |
| Transfers into Level 3 of fair value hierarchy, liabilities | 0 | ||
| Transfers out of Level 3 of fair value hierarchy, liabilities | 0 | ||
| Transfers out of Level 1 into Level 2 of fair value hierarchy, liabilities held at end of reporting period | 0 | ||
| Transfers out of Level 2 into Level 1 of fair value hierarchy, liabilities held at end of reporting period | € 0 | ||
Financial instruments and financial risk management - Fx reserve (Details) |
12 Months Ended |
|---|---|
|
Jun. 30, 2024
EUR (€)
| |
| Disclosure of detailed information about hedging instruments [line items] | |
| OCI at beginning of period | € 1,509,000 |
| OCI at end of period | 1,496,000 |
| OCI I (Cash flow hedge reserve) | |
| Disclosure of detailed information about hedging instruments [line items] | |
| Additions | 1,359,000.0 |
| Reclassification | (1,359,000.0) |
| OCI II (Cost of hedging reserve) | |
| Disclosure of detailed information about hedging instruments [line items] | |
| Additions | 1,538,700 |
| Reclassification | € (1,538,700) |
Financial instruments and financial risk management - Net gains or losses (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
| Financial instruments and financial risk management | |||
| Financial liabilities measured at Amortized cost (AC) | € (1,861) | € (401) | € (386) |
| Financial assets netted again liabilities | 0 | ||
| Financial liabilities netted against assets | € 0 | ||
Financial instruments and financial risk management - Loss allowance (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Other financial assets | ||
| Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
| Effective loss rate | 0.00% | 0.00% |
| Loss allowance | Trade and other receivables | ||
| Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
| Beginning of fiscal year | € 278 | |
| Decrease loss allowance during the period | (278) | |
| Increase loss allowance during the period | € 278 | |
| End of fiscal year | € 0 | € 278 |
Financial instruments and financial risk management - Currency and interest rate risk (Details) - EUR (€) |
12 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Disclosure of risk management strategy | ||
| Approximate percentage of net foreign currency exposure that the entity hedges | 70.00% | |
| Derivative financial assets held for hedging | € 0 | € 0 |
| Derivative financial liabilities held for hedging | 0 | € 0 |
| Revolving credit facility | ||
| Disclosure of risk management strategy | ||
| Notional amount | € 75,000,000.0 | |
| Maximum | ||
| Disclosure of risk management strategy | ||
| Duration of foreign currency hedging transactions | 1 year | |
| Currency risk | United States of America, Dollars | ||
| Disclosure of risk management strategy | ||
| Percentage of reasonably possible increase in risk assumption | 10.00% | 10.00% |
| Percentage of reasonably possible decrease in risk assumption | (10.00%) | (10.00%) |
| Increase (decrease) in profit and loss due to reasonably possible increase in designated risk component | € 275,000 | € (260,000) |
| Increase (decrease) in profit and loss due to reasonably possible decrease in designated risk component | € (336,000) | € 318,000 |
| Currency risk | United Kingdom, Pounds | ||
| Disclosure of risk management strategy | ||
| Percentage of reasonably possible increase in risk assumption | 10.00% | 10.00% |
| Percentage of reasonably possible decrease in risk assumption | (10.00%) | (10.00%) |
| Increase (decrease) in profit and loss due to reasonably possible increase in designated risk component | € 414,000 | € 33,000 |
| Increase (decrease) in profit and loss due to reasonably possible decrease in designated risk component | € (505,000) | € (40,000) |
Financial instruments and financial risk management - Liquidity risk (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Disclosure of maturity analysis for non-derivative financial liabilities | ||
| Undiscounted cash flows | € 182,008 | € 165,790 |
| Financial liabilities | € 156,151 | 148,337 |
| The number of days within which the entity's trade receivables are usually paid. | 7 days | |
| Not later than one year | ||
| Disclosure of maturity analysis for non-derivative financial liabilities | ||
| Undiscounted cash flows | € 115,668 | 104,399 |
| Later than one year and not later than five years | ||
| Disclosure of maturity analysis for non-derivative financial liabilities | ||
| Undiscounted cash flows | 29,188 | 35,049 |
| Later than five years | ||
| Disclosure of maturity analysis for non-derivative financial liabilities | ||
| Undiscounted cash flows | 34,822 | 26,343 |
| Trade and other payables | ||
| Disclosure of maturity analysis for non-derivative financial liabilities | ||
| Undiscounted cash flows | 85,322 | 71,085 |
| Financial liabilities | 85,322 | 71,085 |
| Trade and other payables | Not later than one year | ||
| Disclosure of maturity analysis for non-derivative financial liabilities | ||
| Undiscounted cash flows | 85,322 | 71,085 |
| Other liabilities. | ||
| Disclosure of maturity analysis for non-derivative financial liabilities | ||
| Undiscounted cash flows | 21,064 | 19,580 |
| Financial liabilities | 21,064 | 19,580 |
| Other liabilities. | Not later than one year | ||
| Disclosure of maturity analysis for non-derivative financial liabilities | ||
| Undiscounted cash flows | 21,064 | 19,580 |
| Lease liabilities. | ||
| Disclosure of maturity analysis for non-derivative financial liabilities | ||
| Undiscounted cash flows | 75,622 | 75,125 |
| Financial liabilities | 49,765 | 57,672 |
| Lease liabilities. | Not later than one year | ||
| Disclosure of maturity analysis for non-derivative financial liabilities | ||
| Undiscounted cash flows | 9,282 | 13,734 |
| Lease liabilities. | Later than one year and not later than five years | ||
| Disclosure of maturity analysis for non-derivative financial liabilities | ||
| Undiscounted cash flows | 29,188 | 35,049 |
| Lease liabilities. | Later than five years | ||
| Disclosure of maturity analysis for non-derivative financial liabilities | ||
| Undiscounted cash flows | € 34,822 | € 26,343 |
Financial instruments and financial risk management - Credit risk (Details) - EUR (€) € in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Disclosure of credit risk exposure | ||||
| Cash and cash equivalents. | € 15,107 | € 30,136 | € 113,507 | € 76,760 |
| Trade and other receivables, Current | Loss allowance | ||||
| Disclosure of credit risk exposure | ||||
| Increase (decrease) in financial assets | 0 | 0 | ||
| Rating Class 1 | ||||
| Disclosure of credit risk exposure | ||||
| Cash and cash equivalents. | 9,696 | 26,204 | ||
| Rating Class 2 | ||||
| Disclosure of credit risk exposure | ||||
| Cash and cash equivalents. | 2,528 | 2,241 | ||
| Rating Class 3 | ||||
| Disclosure of credit risk exposure | ||||
| Cash and cash equivalents. | € 2,883 | € 1,691 | ||
Notes to the consolidated statement of cash flows (Details) - EUR (€) € in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Disclosure of reconciliation of liabilities arising from financing activities | ||||
| Interest payments on financial liabilities | € (4,772) | € (2,460) | € (998) | |
| Lease payments | (7,925) | (4,059) | (5,425) | |
| Change in Cash Flow | (12,697) | (6,519) | (6,423) | |
| Net debt at beginning of period | € 57,672 | 22,007 | 14,147 | |
| Additions (Disposals) | (25,375) | 26,686 | 439 | |
| Interest expenses | 4,772 | 2,460 | 998 | |
| Total change in liabilities | (20,603) | 29,146 | 1,437 | |
| Net debt at end of period | 49,765 | 57,672 | 22,007 | 14,147 |
| Liabilities to banks. | ||||
| Disclosure of reconciliation of liabilities arising from financing activities | ||||
| Interest payments on financial liabilities | (1,856) | (43) | (386) | |
| Change in Cash Flow | (1,856) | (43) | (386) | |
| Additions (Disposals) | (3,712) | (86) | (772) | |
| Interest expenses | 1,856 | 43 | 386 | |
| Total change in liabilities | (1,856) | (43) | (386) | |
| Lease liabilities | ||||
| Disclosure of reconciliation of liabilities arising from financing activities | ||||
| Interest payments on financial liabilities | (2,916) | (2,416) | (612) | |
| Lease payments | (7,925) | (4,059) | (5,425) | |
| Change in Cash Flow | (10,841) | (6,475) | (6,037) | |
| Net debt at beginning of period | 57,672 | 22,007 | 14,147 | |
| Additions (Disposals) | (21,663) | 26,772 | 1,211 | |
| Interest expenses | 2,916 | 2,417 | 612 | |
| Total change in liabilities | (18,747) | 29,189 | 1,823 | |
| Net debt at end of period | € 49,765 | € 57,672 | € 22,007 | € 14,147 |
Events after the reporting year (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Disclosure of non-adjusting events after reporting period | |||
| Compensation expense | € 17,137 | € 29,825 | |
| Leipzig, Germany | |||
| Disclosure of non-adjusting events after reporting period | |||
| Percentage of customer shipments covered by distribution center | 80.00% | ||
| Announcing or commencing implementation of major restructuring | Forecast | Leipzig, Germany | |||
| Disclosure of non-adjusting events after reporting period | |||
| Expense of restructuring activities | € 5,000 | ||
| Execution of new long-term incentive compensation program | MYT Netherlands, 2024 Omnibus Incentive Compensation Plan | Forecast | |||
| Disclosure of non-adjusting events after reporting period | |||
| Long-term incentive plan, term | 3 years | ||
| Performance share unit, measurement term | 3 years | ||
| Performance share unit, vesting period | 3 years | ||
| Restricted stock units, vesting period | 3 years | ||
| Compensation expense | € 6,800 | ||