MyTheresa to list on NYSE
14 Feb 2020
Reuters has reported that MyTheresa is set to list on the New York Stock Exchange. The Neiman Marcus owned e-tailer is working with Morgan Stanley on the planned listing, which could happen as early as April.
Neither Neiman Marcus or Morgan Stanley responded to comment on the matter. It is reported that MyTheresa's valuation could be around 500 million dollars. The luxury e-tailer is known for carrying top luxury brands like Balenciaga and Alexander McQueen. Just last month, they launched a men's department.
The move comes after other luxury retailers have launched on the NYSE, including Farfetch and resale site The Real Real. In 2014, Neiman Marcus acquired MyTheresa. Last April, Neiman Marcus said it was exploring options as to what to do with MyTheresa to alleviate their high debt levels. Neiman Marcus has been owned by buyout fund Ares and Canadian Pension Plan Investment Board since 2013.
MyTheresa's sales look to be going strong. For the nine months ending March 2019 MyTheresa saw sales of 272 million euros and operative earnings of 15.2 million euros. The company posted a net profit of 21 million euros and sales of 370 million euros.
photo: via MyTheresa.com