Mytheresa Group GmbH, a well-known German online luxury retailer, has recently submitted a confidential filing for an initial public offering in the United States. This strategic move comes at a crucial time during the COVID-19 pandemic, where there has been a significant increase in e-commerce activity, especially in the luxury online shopping sector.
The parent company of Mytheresa, MYT Netherlands Parent B.V, made the announcement of the IPO filing on Monday. The specific details regarding the number of American depositary shares to be offered and the pricing range for the IPO are still in the works. Reports from Bloomberg suggest that the retailer, renowned for its offerings from top fashion brands such as Prada, Gucci, Burberry, and Dolce & Gabbana, could be aiming for a valuation ranging between $1 billion to $1.5 billion. Nevertheless, this valuation may vary based on the performance during the upcoming holiday season.
The roots of the Mytheresa brand date back to 1987 when fashion entrepreneurs Susanne and Christoph Botschen established the Theresa store in Munich, Germany. In 2006, they expanded their business by launching the online platform Mytheresa. The success of their e-commerce venture captured the interest of luxury retail giant Neiman Marcus, leading to its acquisition of the business in 2014.
As Neiman Marcus encountered financial difficulties and filed for bankruptcy earlier this year due to declining sales and store closures, they had to give up a portion of Mytheresa to their creditors as part of the Chapter 11 reorganization. In a related industry development, Mytheresa’s competitor Farfetch recently secured substantial investments totaling over $1 billion from Alibaba and Richemont.
The decision to pursue an IPO in the U.S. underscores Mytheresa’s commitment to seizing the growing demand for luxury goods in the online market. With consumer behavior increasingly moving towards digital platforms, the retailer aims to expand its global footprint and reinforce its position as a premier luxury e-commerce destination. Stay tuned as Mytheresa navigates the ever-changing retail environment and prepares for its upcoming IPO.
For more information about Mytheresa Group GmbH, you can visit their official website here. Additionally, to learn more about the latest trends in luxury online shopping, check out this insightful article here.
