Follow us

Menu
PARTNER WITH USFREE NEWSLETTER
VISIT TheIndustry.beauty

Mytheresa float values luxury etailer at $2.2bn

Lauretta Roberts
21 January 2021

Shares in Mytheresa, the Munich-based global luxury fashion etailer, will begin trading on the New York Stock Exchange today in an IPO that values the business at $2.2bn.

MYT Netherlands Parent B.V., the parent company of the Mytheresa Group GmbH, said it was offering 15,647,059 of American Depositary Shares at a price of $26 per share. The Company is selling 13,647,059 ADSs and its sole shareholder is selling 2,000,000 ADSs in the offering.

It was first revealed that the retailer, which sells around 250 luxury labels such as Burberry, Gucci and Prada, was planning to float at the end of November and the move was confirmed at the end of December.

The float follows a strong performance from Mytheresa in the face of the pandemic. It recorded revenues of €450m (2019: €377m) in the year ending June 2020 representing a sales jump of 20%. In the three months to 30 September it reported a 27.5% rise in net sales to €126.4m.

"Today marks an exciting milestone for Mytheresa," said Michael Kliger, Mytheresa CEO. "Mytheresa has grown into a global platform in luxury fashion. Every day, we deliver an unparalleled personalized digital luxury shopping experience to customers around the globe and inspire their loyalty through elevated curation, exclusive offerings, engaging content and exceptional service. We are in a position of strength, underscored by our differentiated value proposition for brands and customers and our profitable growth that has proven to be enduring and scalable."

Kliger added: "The future for Mytheresa is bright, as affluent consumers worldwide rapidly adopt online shopping for luxury fashion. I want to thank our amazing team of luxury, digital, technical and service operations experts for their incredible passion for delivering an unparalleled personalized digital luxury shopping experience. I also want to thank our more than 200 brand partners for their continued support and partnership in building our business. Finally, and most importantly I want to thank our customers as their loyalty and love for our business has allowed us to have this amazing journey, which we look forward to continuing together."

Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are acting as lead joint bookrunning managers and representatives of the underwriters for the proposed offering. Credit Suisse Securities (USA) LLC and UBS Securities LLC are acting as joint bookrunning managers for the proposed offering. Jefferies LLC and Cowen and Company, LLC are acting as bookrunning managers for the proposed offering.

Read More
Free NewsletterVISIT TheIndustry.beauty
cross