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Business

Mytheresa confidentially applies for New York IPO

By Huw Hughes

25 Nov 2020

German luxury fashion e-tailer Mytheresa has confidentially applied for a New York IPO.

Its parent company, MYT Netherlands Parent B.V., announced Tuesday it has “confidentially submitted a draft Registration Statement on Form F-1 to the U.S. Securities and Exchange Commission (the "SEC") relating to the proposed initial public offering of American Depositary Shares representing its ordinary shares”.

The number of American Depositary Shares to be offered and the price range for the proposed offering have not yet been determined, it added.

The float is expected to take place after the SEC completes its review process, subject to market and other conditions.

Media reports earlier this month suggested Mytheresa could be seeking a valuation of 1 billion to 1.5 billion dollars for an IPO.

The business has performed well in recent years, even amid the Covid-19 pandemic. Its consolidated net revenue from its online platform and physical stores in Munich increased 19 percent to 450 million euros in 2020, up from 377 million euros in 2019. Its online business grew by 20 percent over the year.

Mytheresa was acquired by Neiman Marcus in 2014 after years as a small luxury e-commerce player. Neiman Marcus filed for bankruptcy earlier this year and handed over part of Mytheresa to its creditors as it left Chapter 11.

Photo credit: Mytheresa