Online luxury fashion retailer Mytheresa Group GmbH has filed for an initial public offering (IPO), in a bid to expand its operations, amid a stellar sales uptick last quarter, thanks to shoppers turning online during the Covid-19 pandemic.
The parent company of the German retailer, MYT Netherlands Parent B.V., is looking to raise US$150 million via the IPO, according to Reuters report on 20th December, giving it a valuation of $1 billion to $1.5 billion, added a report from Bloomberg.
MYT has applied to have the American depositary shares (ADSs) listed on the New York Stock Exchange under the symbol MYTE. Morgan Stanley, J.P. Morgan, Credit Suisse, UBS Investment Bank, Jefferies and Cowen are underwriters to the IPO.
Founded in Munich in 1987 by retail fashion veterans Susanne and Christoph Botschen, Mytherea was initially opened as a store called Theresa, before going online as Mytheresa in 2006.
In 2014, the brand was purchased by U.S. luxury department store chain Neiman Marcus. Neiman Marcus, which filed for bankruptcy earlier this year, hurt by store closures and lagging sales, relinquished a portion of Mytheresa to its creditors to exit Chapter 11.
In its most recent quarterly trading update, Mytheresa recorded a net sales increase of 27.5 per cent, as net sales reached US$154.32 million in the three months ended 30th September.
Likewise, the retailer swung to profit during the three months, posted a net income of US$11.7 million, versus a loss of US$5.2 million a year earlier.
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Mytheresa retails luxury fashion and accessories for both men and women from more than 250 global fashion brands including Prada, Gucci, Burberry and Dolce and Gabbana. It sells to approximately 140 countries worldwide.