Tuesday 24th November 2020
In the pandemic, many consumers prefer to shop in online shops. This is also felt by suppliers of luxury brands. In view of the ringing tills, the Munich dealer Mytheresa now wants to get serious with his stock market plans.
The Munich luxury online retailer Mytheresa is about to jump onto the US stock exchange floor. A corresponding letter of intent for an IPO in the USA has been submitted, said the parent company MYT Netherlands. The company, founded in 2006, is benefiting from the Corona crisis and the resulting increased trend to buy clothing online.
Before the pandemic broke out, luxury fashion shoppers were particularly keen to travel to local shopping. Unlike Zalando or Amazon, Mytheresa focuses on selling luxury fashion from more than 250 designers such as Gucci, Saint Laurent, Prada, Burberry and Valentino.
Mytheresa originally only offered women’s fashion with 700 employees, but has expanded the range to include men and children. According to the listing, it is still unclear how many shares will be sold on Wall Street and at what price. Like the time of the initial listing on the New York Stock Exchange, that will be determined.
According to a Bloomberg report earlier this month, the company’s valuation could be anywhere between $ 1 billion and $ 1.5 billion. However, the Christmas business, which is particularly important for the industry, could still cause changes, it said.
Significant increase in sales
In 1987 the fashion retailers Susanne and Christoph Botschen opened a shop in downtown Munich under the name “Theresa”, which in 2006 started the online shop “MyTheresa.com”. It was acquired in 2014 by US retail giant Neiman Marcus, which has since filed for bankruptcy.
MyTheresa is operating profitably: In the 2018/19 financial year (to the end of June), the company increased sales by a quarter to 370 million euros. The net profit even improved by almost half to 21.4 million euros. Mytheresa competitor Farfetch is already listed on the stock exchange. Only recently, the Swiss luxury goods company Richemont and Alibaba invested more than a billion dollars in the rival company from Great Britain.