MyTheresa preparing for U.S. IPO
12 Nov 2020
Mytheresa.com GmbH, the online luxury e-commerce site, is planning to go public in early 2021. The news was reported by Bloomberg.
The German e-commerce company has seen impressive growth over the past several years, and is seeking a valuation of 1 billion to 1.5 billion dollars. The company’s success during the holiday season could have an impact on the planned valuation.
MyTheresa has been receiving special attention from special purpose acquisition companies, otherwise known listed blank-check firms. MyTheresa is backed by Ares Management Corp. and Canada Pension Plan Investment Board. While many retailers took a hit during the coronavirus lockdown, as a purely e-commerce player, MyTheresa actually found some success as more people began shopping online. Their primary rival, Farfetch, has seen sales quadruple this year.
MyTheresa was acquired by Neiman Marcus in 2014 after years as a small luxury e-commerce player. Neiman Marcus tried to sell of MyTheresa in 2019 to unload some of its debt, but the highest offer they received was 525 million. In the end, they kept MyTheresa in their portfolio.