Online luxury retailer Mytheresa eyes China expansion with tailored shopping experience for wealthy consumers

Getting fully attuned to Chinese consumer behaviour is the key to brand growth in the US$236.6 billion market, says CEO

Mytheresa wil partially fund China expansion from the US$406.8 million it raised via IPO in New York this month

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China’s high-end consumer market is worth 1.53 trillion yuan (US$236.6 billion). Photo: Reuters

Published: 1:37pm, 29 Jan 2021Updated: 10:59pm, 29 Jan 2021

Online luxury retailer Mytheresa aims to grow its brand in China by localising its sales platform and social media presence, according to the company’s chief executive officer.

The firm, based in Munich, Germany, has hired people who grew up and were educated in China to understand the behaviour of Chinese consumers and tailor its online retail platform, said Michael Kliger in a video interview.

Upping its marketing efforts is the crux of its strategy to expand in China’s highly competitive luxury goods market.

“If you are a luxury fan, [the key is] to be as attuned as possible to local shopping behaviour, to the local festivals, to the local way of how to browse, the local way of how to inform yourselves,” he said.

Mytheresa had just over half a million customers in 133 countries as of September 30 last year, and recorded €449.5 million (US$543.9 million) in net sales in the financial year ended June 30.

MYT Netherlands Parent BV, the parent of Mytheresa Group, debuted on the New York Stock Exchange on January 21 and raised US$406.8 million in its IPO.