Munich (Reuters) – MyTheresa will probably be the first German newcomer of the year – but the Munich online luxury fashion retailer is aiming for the New York Stock Exchange.
The company is valued at up to 1.6 billion dollars (1.33 billion euros), according to the prospectus published on Tuesday. The Dutch MyTheresa holding MYT plans to issue up to 18 million deposit receipts (ADS) at a price of 16 to 18 dollars and thus – including an option to top up – raise up to 324 million dollars. This means that after the IPO, 20 percent of the shares would be in free float.
Above all, MyTheresa intends to use the fresh money to repay a $ 200 million shareholder loan with which financial investors kept the company out of the bankruptcy of the US retail group Neiman Marcus in May 2020. Neiman Marcus took over MyTheresa in 2014.
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”. The company, which sells luxury fashion by designers such as Gucci, Yves Saint Laurent, Prada, Burberry and Valentino, is benefiting from the boom in online retail in the corona pandemic. In the 2019/20 financial year (as of the end of June), sales rose by 19 percent to 450 million euros. In the six months from July to December, it even grew by 30 percent to around 285 million euros. Adjusted operating profit doubled to EUR 26.8 million.
MyTheresa had 568,000 customers at the end of 2020 and is expecting a sustained boom in online retail in the luxury fashion segment: the industry volume in this area will triple by 2025.
However, the subscription period cannot begin until the US Securities and Exchange Commission has finally approved the prospectus. The issue is organized by the US investment banks Morgan Stanley and JP Morgan.
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