LuxExperience B.V. (NYSE: LUXE), the Mytheresa parent that bought YOOX Net-a-Porter from Richemont in 2025, is the subject of a long call from Clark Square Capital (@ClarkSquareCap), a special-situations investor on X. The core argument: the Net-a-Porter and Mr Porter turnaround is now showing up in profits, yet LuxExperience still trades near $10 a share. The next test is LuxExperience's report for the quarter that ended September 30, 2026.
This is journalism and commentary, not investment advice. We hold no position unless stated.
Key facts
- Ticker and exchange: LuxExperience B.V., LUXE, American Depositary Shares on the New York Stock Exchange (formerly MYT Netherlands Parent B.V., ticker MYTE).
- Situation type: Post-acquisition turnaround of a luxury e-commerce group (Mytheresa, NET-A-PORTER, MR PORTER and YOOX).
- The call: Clark Square Capital is long LuxExperience and posted on October 6, 2026 that it was time for LUXE to break out of its roughly $10 range.
- Price: LUXE closed at $9.75 on October 5, 2026, the day before the post, and at $10.45 on October 8, 2026.
- Balance sheet: Cash and cash investments of 442.7 million euros and no bank debt as of June 30, 2026.
- Guidance: Fiscal 2027 (ending June 30, 2027) net sales growth in the mid-to-high single digits and an adjusted EBITDA margin of about 2% to 3%.
- Main risk: The turnaround stalls, and LuxExperience burns more of its cash cushion before margins reach its 7% to 9% target.
Is LUXE a good bet right now?
That depends on whether LuxExperience can keep expanding margins from a thin base.
LUXE closed at $7.15 on September 15, 2026, then jumped 23.2% to $8.81 on September 16, 2026 after fourth-quarter results. It closed at $10.45 on October 8, 2026, 7.2% above the $9.75 close before Clark Square's post.
Why are investors bullish on LuxExperience?
- The acquired brands turned. In the quarter ended June 30, 2026, NET-A-PORTER and MR PORTER grew net sales 5.6% excluding currency effects and earned a 2.7% adjusted EBITDA margin, the first growth since the acquisition, per the company's results release.
- Mytheresa keeps compounding. Mytheresa grew fiscal 2026 net sales 11.5% excluding currency effects to 994.3 million euros, with a 6.3% adjusted EBITDA margin.
- Costs are falling. The group's adjusted SG&A ratio fell from 21.9% in the September 2025 quarter to 17.6% in the June 2026 quarter.
- A possible buyback. Management received authorization on September 3, 2026 to repurchase up to $50 million of ADRs, though it said no purchases had been made and none are guaranteed.
Who's making this call and why?
Clark Square Capital is a global investor with about 32,700 followers on X who publishes a weekly special-situations digest.
In a May 13, 2026 post, with LUXE at $7.80, Clark Square argued that at management's 8% margin target LuxExperience could earn about $1.30 per share. "At a 15x multiple (cheap for a LDD grower) that's worth >$20," he wrote. In a May 22, 2026 post, he also cited more than 300 million euros of cash and over 1 billion euros of tax loss carryforwards.
After the September results, he called the turnaround "starting to bear fruit" and added: "Still egregiously cheap." He has also flagged a small float and roughly 4 million shares sold short.
The October 6, 2026 post itself was short: "Time for $LUXE to break out of its ~$10 range."
Track record. In our tracking of Clark Square Capital's public calls, he is 5-5 (a .500 win rate) on 10 calls scored at 180 days against the S&P 500, with an average edge of +3.7 percentage points. That is below the 15 scored calls we require to rank an account. His best scored call was a VRA long (+61.7 points); his worst was a GPP.WA long (-44.5 points).
Other supporters:
- Stoic Point Capital Management (@stoic_point), a small fund, called the September report a "monster print" and argued fiscal 2027 EBITDA guidance came in well above analyst estimates.
- Bernstein initiated coverage on October 6, 2026 with an Outperform rating and a $12.90 price target, according to Business Insider.
Who disagrees?
- Wall Street is split. MarketBeat counts three Buy, two Hold and two Sell ratings. JPMorgan rates LUXE Neutral with a $10 target.
- Insider selling. Chief Executive Michael Kliger filed a Form 144 on October 6, 2026 to sell up to 1,734,206 shares from option exercises over three months, under a trading plan adopted December 10, 2025.
- Doubts about the breakout. One shareholder replied that the move had no volume and "so far looks like a fakeout".
- Still losing money. LuxExperience reported a fiscal 2026 net loss of 167.7 million euros and operating cash outflow of 108.4 million euros.
What are the key facts to verify?
- Richemont received 49,741,342 shares, about 33% of fully diluted capital, when the YNAP deal closed in April 2025, per Richemont's announcement. That large holding is one reason the trading float is small.
- The name change from MYT Netherlands Parent B.V. is in an SEC filing dated May 1, 2025.
- On the September 16, 2026 call, management guided the September quarter to high-single-digit sales growth with a slightly negative adjusted EBITDA margin, and expected 150 million to 250 million euros of further cash burn over two years.
What would prove it right or wrong?
Signals the call is working:
- LUXE holds above $10 and the September-quarter report matches guidance.
- LuxExperience executes the $50 million buyback.
- NET-A-PORTER and MR PORTER margins expand 100 to 200 basis points in fiscal 2027, as guided.
Signals it is failing:
- Growth slows as Greater China and Europe weaken.
- YOOX losses do not narrow toward breakeven in fiscal 2028.
- Cash falls faster than the guided burn.
This is journalism and commentary, not investment advice. We hold no position unless stated.