Net-A-Porter has shown signs of improvement under parent company LuxExperience’s turnaround plan, although strike action at its London warehouse threatens to disrupt the luxury etailer’s recovery.
LuxExperience, which owns Net-A-Porter, Mr Porter, Yoox and Mytheresa, reported stable sales and continued profitability for its third quarter ending 31 March 2026, while confirming its full-year guidance.
The group said its transformation plan was delivering “significant improvements” across key performance indicators, following a strategic restructuring that included a partial reduction in its workforce across several sites.
For the Net-A-Porter and Mr Porter businesses, LuxExperience said it had made further progress through a renewed focus on customer service, full-price selling and cost discipline.
However, Net-A-Porter’s sales remained under pressure during the period, with net sales falling 5.1 per cent on a constant currency basis to €231.6m. Adjusted EBITDA also slipped by €1.1m in the quarter.
LuxExperience chief executive Michael Kliger said: “Net-A-Porter and Mr Porter as well as Yoox showed further sequential improvements, fully in line with our ongoing transformation plan for both segments.”
He added that the group was “very pleased with the results”, which he said underlined “the successful execution of our transformation plan”.
Despite the signs of progress, Net-A-Porter faces potential disruption from strike action at its Charlton warehouse in London on 20 and 21 May.
The dispute centres on the London Living Wage, with GMB claiming Net-A-Porter promised warehouse workers the rate in 2021 but has since offered lower pay.
Almost three-quarters of nearly 100 GMB members voted in favour of strike action in a ballot that closed at the end of March.
GMB said 100 distribution workers are walking out across the two days, which could cause “serious disruption” at the warehouse.
GMB regional organiser Craig Prickett said: “Industrial action is always a last resort and a cry for help.
“Our members want a fair resolution, and we would welcome the company coming back to the table with an offer we can present to the workforce, one that meets the expectations set by Net-A-Porter’s own previous commitments.”
A LuxExperience spokesperson said: “LuxExperience acknowledges and fully respects our employees’ right to take industrial action.
“Our priority remains that we recognise the vital contribution of our employees and remain open to engaging in constructive dialogue with union representatives as we navigate the next steps in this process, whilst ensuring we protect the long-term sustainability of our business.”
Across the wider group, LuxExperience reported net sales of €618.4m, around £538m, flat on a constant currency basis against the same period last year.
It marked the second consecutive quarter of positive adjusted EBITDA profitability for the business, despite ongoing geopolitical pressures.
Mytheresa continued to outperform the wider luxury market, with net sales rising 9.9 per cent on a constant currency basis to €256m, around £221m. Adjusted EBITDA at the online luxury retailer jumped 50.4 per cent.
Click here to sign up to Retail Gazette‘s free daily email newsletter
