The company filed the documents for an offering on the New York Stock Exchange on Monday, according to the application with the US Securities and Exchange Commission. The volume of the IPO of the Dutch parent company MYT Netherlands is put at up to 150 million dollars. The initial listing could therefore already take place in the first quarter. The company, founded in 2006, which sells luxury fashion by more than 250 designers such as Gucci, Yves Saint Laurent, Prada, Burberry and Valentino, is benefiting from the boom in online retail during the corona pandemic. “Mytheresa is only at the beginning of its journey,” wrote CEO Michael Kliger to the future shareholders.
The issue is organized by the US investment banks Morgan Stanley and JPMorgan, and Credit Suisse, UBS, Jefferies and Cowen are also involved, according to the draft of the prospectus.
Mytheresa intends to use the money from the sale of US depository receipts (ADS) to repay a shareholder loan that investors like CPPIB and Ares had given after the bankruptcy of the former parent company Neiman Marcus in May. Mytheresa has been part of the US retail giant since 2014. After its bankruptcy, the creditors tried to successfully keep the Munich company out of the bankruptcy vortex. The Bloomberg news agency had recently estimated the goodwill of Mytheresa at $ 1.0 to $ 1.5 billion.
The company’s roots lie in downtown Munich, where the fashion retailers Susanne and Christoph Botschen opened a shop under the name “Theresa” in 1987, and in 2006 they started the online shop “MyTheresa.com”. Mytheresa has more than half a million customers and operates profitably: In the 2019/20 financial year (as of the end of June) sales rose by 19 percent to 450 million euros, and net profit grew to 6.4 (previous year: 1.7) million euros. In the first quarter of 2020/21, the company generated a profit of 9.6 million euros with a jump in sales of more than a quarter.
The British Mytheresa competitor Farfetch is already listed on the New York Stock Exchange. Recently, the Swiss luxury goods company Richemont and Alibaba invested more than a billion dollars in the company.
(Reuters)
–
