This week, LuxExperience’s shares jumped as much as 24% on its results. Group CEO Michael Kliger had a turnaround to show at Net-a-Porter and Mr Porter, both profitable for the first time since the acquisition. But the engine is still Mytheresa: sales up 10%, margins rising, and fewer than 5% of its clients driving almost half of all sales.
Kliger said the quiet part out loud. He sees “increasing appetite for fine jewelry in the range of €20,000 to €80,000 per piece,” and pointed to Bulgari and the newly launched Piaget.
For an e-commerce platform, even a luxury one, that is a new kind of price tag.

Christie’s Playbook

At the Vogue Business Summit in May, Francis Belin was clear that jewellery is Mytheresa’s next frontier. It’s a category Net-a-Porter never fully cracked. The question in the room was obvious: can the trust and ceremony that have tied jewellery to physical boutiques move to a screen?

Belin took over as Mytheresa CEO in January 2026, after nearly a decade at Christie’s, most recently as President Asia Pacific and head of Global Luxury.

He comes from a world that already sells jewels at five-, six-, and seven-figure prices to clients who mostly bid through a screen. But the auction house doesn’t win at the moment of bidding. It wins in the weeks before: specialists who vouch for every stone, certificates, and top pieces that travel from Hong Kong to Geneva so clients can see and try them. The transaction happens online. The trust is built in person.

That is exactly what Mytheresa is building. This summer it ran a yacht on the French Riviera: 29 events in 12 days, with 790 clients on board. “The physical experience will never be replaced by digital,” Belin told Il Sole 24 Ore.

Mytheresa isn’t trying to become a better Net-a-Porter. It is borrowing the codes that let Christie’s sell a diamond to someone who places the final bid from a phone.

The financial mechanism

The average Mytheresa top client spends roughly 18 to 19 times more than everyone else. That concentration is what makes a €50,000 necklace a realistic sale rather than a fantasy.

Mytheresa’s sales are just under €1 billion a year, so 1% of growth is about €10 million. At €50,000 a piece, that’s fewer than four necklaces a week. No other category moves the top line with so few transactions. And with the most concentrated top-client base in luxury e-commerce, no one is better positioned than Mytheresa to try.

Bulgari belongs to LVMH. Piaget belongs to Richemont, which owns 33% of LuxExperience. Historically the jewellery maisons ring-fenced these clients inside their own salons. Even Paris institutions like Heurgon or Dubail could sell Bulgari watches, never its jewellery. Both groups have now made an exception for the same platform, and they are trading some control of the relationship for digital scale.

This cross-conglomerate validation elevates Mytheresa from a simple fashion retailer to an indispensable industry utility.

The CFO Take

Everyone is chasing jewellery because it’s the one major category still paying for growth. In 2025, jewellery grew 4–6% while leather goods and footwear fell 5–7%, according to Bain-Altagamma. This year Bain expects the whole personal luxury market to grow just 2–4%. Yet Richemont‘s jewellery maisons grew 24% last quarter, their seventh straight quarter of double-digit growth, and LVMH’s watches and jewellery division grew 11% organically. McKinsey expects fine jewellery to keep growing above 5% a year.

Mytheresa’s bet comes down to one question: : will the woman who buys a €2,000 dress add a €80,000 necklace to the same basket?

If she does, Mytheresa becomes a private client business with a website where the platform becomes the channel, and the relationship becomes the business.

Watch the packaging. The day a five-figure necklace arrives in a yellow Mytheresa box rather than a red or blue one from the salon, the distribution map of jewellery has changed.

Figures are drawn from LuxExperience’s Q4 FY26 results and earnings call, Richemont’s Q1 trading update, and Bain & Company.