Mytheresa's new CEO Francis Belin sees opportunity in the Middle East luxury market despite regional conflict. The Munich-based online retailer, which already generates just under 10 per cent of revenue from the Gulf, plans to expand marketing, personal shopping, and events in the region. Belin argues that current instability presents a strategic entry point, drawing parallels to his successful Hong Kong expansion during COVID-19.

Belin, who joined Mytheresa in January after leadership roles at Christie's and luxury brands like Swarovski, takes over at a pivotal moment. While competitors like Saks Global, Farfetch, and Matchesfashion have struggled or collapsed, Mytheresa has thrived through its selective wholesale model and wealthy clientele. The company reported €242.7 million in net sales for Q4 2024, up 8.8 per cent year-over-year, with adjusted EBITDA growing nearly 33 per cent.

Beyond the Middle East, Belin plans to invest in China despite the depressed luxury market there, and expand into jewelry and menswear to diversify from women's fashion. Mytheresa's 50 per cent gross margins and focus on high-spending repeat customers have helped it secure partnerships with top luxury brands reluctant to work with third-party retailers. The company's recent acquisition of Yoox Net-a-Porter created the LuxExperience group, positioning Mytheresa as one of the few luxury retail platforms still standing in a sector marked by consolidation and failure.