Luxury draws: According to insiders, the offer of the luxury online fashion retailer Mytheresa is 27 times oversubscribed. The company from Aschheim near Munich starts with a share issue price of 26 US dollars (21.46 euros) each on the New York Stock Exchange. The price is thus at the upper end of the range that has already been shifted upwards.
Bernhard Trappehl
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The company’s market value is more than 2.2 billion US dollars. At the IPO, however, only a fifth of the company is offered. He is said to raise a total of up to $ 467 million, of which up to $ 370 million will benefit the company. According to CFO Martin Beer, the money will be used to replace a shareholder loan and for further growth. Morgan Stanley and JPMorgan were in charge of the issue.
Among other things, the company expects the IPO to increase brand awareness in the important US market. Mytheresa currently makes around ten percent of its sales there. The Asia-Pacific region accounts for around 25 percent and Europe for 60 percent.
The online retailer, which specializes in luxury fashion, claims that 570,000 customers have bought it in the past 12 months. On average, a package comes to 600 euros. According to the company, the company is growing rapidly with around 850 employees and an annual turnover of almost 450 million euros.
Advisor to Mytheresa
Baker & McKenzie: Dr. Bernhard Trappehl (lead; labor law; Munich), Dr. Christoph Wolf, Dr. Manuel Lorenz (both capital markets law; both Frankfurt), Leif King (Palo Alto), Dr. Lutz Zimmer, Dr. Jon Meese, Dr. Katja Heuterkes (all corporate / M & A; all three Munich), Thomas Gierat (taxes; Munich), Dr. Olver Socher (financing; Frankfurt) – known from the market
Oliver Seiler
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Adviser to banks
Latham & Watkins: Marc Jaffe, Adam Gelardi (both New York), Dr. Oliver Seiler, David Rath (both Frankfurt); Associates: Dr. Alexandre Maturana (Frankfurt), Jenna Gascoyne (London), Zoey Wu, Tomer Stein (both New York; all capital market law)
Background: Mytheresa is a long-standing client of the Munich Baker partner Trappehl, who has known CEO Michael Kliger well for years. He also recommended the firm to the private equity investor Ares, who controls Mytheresa alongside CPPIB. In addition, the arrival of former Skadden partner King in the USA, which caused an international stir in 2019, could also have had a positive effect for Baker.
Latham prevailed in a joint pitch with the US colleagues. In this country, the team around the renowned Seiler and young partner Rath can often be seen at top-class IPOs. Most recently Allgeier relied on the two for the carve-out and IPO of Nagarro at the end of 2020. The team is also experienced with US IPOs, for example it was at the side of the banks when the e-commerce company Jumia Technologies made the leap to the Nasdaq in 2019. (Claudia Otto; with material from dpa)
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