Stacey Cunningham, President of the New York Stock Exchange Nyse, applauds CEO Michael Kliger of Mytheresa, who ushered in the IPO with a virtual opening bell.
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(Photo: AP)
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Frankfurt/New York The strategy of CFO Martin Beer has paid off. The IPO of the Munich online luxury fashion retailer Mytheresa on the New York Stock Exchange (Nyse) has become a complete success.
The US depository receipts American Depositary Shares – abbreviated ADS – of the Dutch holding company MYT Netherlands Parent BV, which had been placed for 26 dollars, closed on the first trading day on Thursday at 31 dollars, 19.23 percent higher. Previously, they had climbed to $ 36.03 in retail – an increase of around 39 percent.
“We want to address international investors and increase awareness in the USA with the IPO in New York,” says CFO Beer to the Handelsblatt. According to financial sources, the holding’s issue was 27 times oversubscribed, although the price range for the subscription had recently been increased.
The corona crisis brought a slight acceleration in business, but even without the pandemic, the company said it had expanded at double-digit growth rates in recent years.
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Mytheresa targets the High Net Worth Individuals (HNWI), i.e. the really rich customers. According to Chief Financial Officer Beer, they buy an average of 600 euros per order; the best 2.6 percent of customers make up 30 percent of sales.
IPO brings Mytheresa up to $ 467 million
The top customers spend between 20,000 and 30,000 euros a year on items from 250 luxury brands such as Gucci, Valentino or Tom Ford out. More than 50 percent of online shoppers buy via smartphone, for example “when they are at the red light,” said Beer. Market researchers are assuming that sales in this segment will triple by the year 2025.
The IPO brings Mytheresa up to 467 million dollars, the company itself will receive up to 370 million dollars, the rest will go directly to the existing shareholders. After the IPO, up to 21 percent of the shares are in free float, the holding company continues to hold the majority. The fresh money is to flow partly into international expansion. Competitors are Farfetch, Net-a-Porter and Matchesfashion.
Mytheresa has its roots in downtown Munich, where fashion retailers Susanne and Christoph Botschen opened a fashion store in 1987 under the name “Theresa”. In 2006 they started the online shop.
Mytheresa specializes in selling luxury fashion online. In the past twelve months, 570,000 customers bought the company, the management said. According to the company, the company is growing rapidly with around 850 employees and an annual turnover of almost 450 million euros.
The investment banks were in charge of the IPO Morgan Stanley and JP Morgan. This year, more Initial Public Offerings (IPOs) are expected around the world, and in Germany the IPO of Auto1 will be one of the largest issues in 2021.
More: Despite the corona crisis: Luxury stocks LVMH and Hermès are soaring
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