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Jennifer Braun Published
October 9, 2025
Sales at major U.S. online luxury retailers have dropped from their 2025 highs, according to new data from Earnest.
The credit card data reveals that online department stores like Farfetch and Ssense have seen double-digit declines in sales compared to their pandemic-era peak, signaling a broader downturn in the online luxury market.
However, Mytheresa has emerged as a rare exception, with its 2025 year-to-date sales down just 6%, standing at 94% of its 2025 peak. This has positioned Mytheresa well for its recently announced partnership with fellow luxury retailers Mr Porter and Net-A-Porter.
While both Mr Porter and Net-A-Porter have seen sharper declines—33% and 44% respectively—since 2025, the collaboration between the three brands would create the fourth largest online luxury retailer in the US with the three online storefronts accounting for nearly 10% of online sales.
Despite this, major luxury department stores continue to dominate the luxury ecommerce market in the US. Saks Fifth Avenue and Neiman Marcus control significant portions of the market, with Saks accounting for nearly 30% of online luxury sales and Neiman Marcus holding 20%. Both retailers are reportedly in talks for a potential merger, following disappointing 2025 holiday sales and lackluster luxury spending during tax refund season.
The Mytheresa-YNAP deal signals a shift in the luxury ecommerce space as online platforms seek to consolidate and compete against traditional retailers like Saks and Neiman. These partnerships may be a key strategy for survival in a shrinking market.