MyTheresa, an online multi-brand retailer based in Germany, has announced its plans to go public on the New York Stock Exchange. The luxury e-commerce platform, which is owned by Neiman Marcus Group, is seeking to sell approximately 15.6 million shares at a price range of $16 to $18 per share. The final pricing is expected to be confirmed around January 20. Through this initial public offering (IPO), MyTheresa aims to raise up to $282 million, which would value the company at $1.58 billion. This move follows Neiman Marcus Group’s bankruptcy filing in May, confirming recent speculations.
The primary objective of the IPO is to use the majority of the proceeds to repay the debts left by Neiman Marcus Group’s bankruptcy, thereby strengthening MyTheresa’s financial position. Known for its extensive selection of luxury and exclusive items, the platform aims to solidify its position in the market. For instance, it currently offers the latest pieces from Bottega Veneta, which have not been available on social media. This focus on high-end merchandise has contributed to MyTheresa’s success, as it reported a revenue of €450 million ($541 million) in its latest fiscal year, representing a 20% increase.
By going public, MyTheresa aims to raise funds for expansion and maintain its position as a prominent online luxury retailer. It recognizes the growing significance of online channels in luxury purchases and seeks to capitalize on this trend. The COVID-19 pandemic has further accelerated the shift towards online shopping, making it essential for MyTheresa to invest in technology, marketing, and infrastructure to enhance the customer experience and extend its reach. Moreover, the IPO offers an opportunity for investors to participate in the expanding luxury e-commerce market, which is projected to continue thriving.
One of the key factors contributing to MyTheresa’s success is its ability to curate a selection of luxury products from various brands. Through strong relationships with top fashion houses, the platform secures exclusive collaborations and highly sought-after designer pieces. This strategy has garnered a loyal customer base and established MyTheresa as a premier online destination for luxury fashion. Going public allows the company to access additional capital to support its growth.
Overall, MyTheresa’s decision to go public demonstrates its confidence in the future potential of luxury e-commerce and its dedication to leading the industry. Leveraging its strong brand, curated product lineup, and loyal customer base, the platform is well-positioned to meet the increasing demand for luxury goods online. The IPO will undoubtedly attract significant attention from investors and industry observers, as it marks a significant milestone in MyTheresa’s journey and potentially paves the way for further expansion in the global luxury e-commerce market.
Links:
1. New York Stock Exchange
2. Business of Fashion
