Mytheresa confidentially applies for New York float
Mytheresa, the German-based luxury online retailer, has confidentially applied for an IPO in New York.
Its parent MYT Netherlands Parent B.V. announced that the business 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 Mytheresa’s proposed offering have not yet been determined, it said.
Mytheresa, which sells around 250 luxury brands from Burberry to Chloe and Prada, was founded as a designer boutique in 1987 and moved into e-commerce in 2007. The business was acquired by US department store chain Neiman Marcus in 2014.
Mytheresa operated as a standalone entity from Neiman Marcus and was not affected by its recent move, and subsequent exit from, Chapter 11 bankruptcy protection. However Neiman Marcus handed over a part of Mytheresa to its creditors to exit Chapter 11.
The etailer has performed well despite the COVID-19 pandemic and recorded revenues of €450m (2019: €377m) in the year ending June 2020 as sales jumped by 20%. In January of this year, it made its first move into menswear.
If the float goes ahead, it will join UK-based global luxury platform Farfetch on the NYSE.