Mytheresa Raises $407 Million In Initial Public Offering

Mytheresa Raises $407 Million In Initial Public Offering

Mytheresa’s parent company and an existing shareholder has been able to raise $407 million in a United States initial public offering. The parent company of the online luxury retailer achieved the feat after pricing the shares at the top of the marketed range.

The stock is scheduled to start trading on the New York Stock Exchange in a couple days. Mytheresa is expected to have a market value of up to $2.23 billion, considering the number of outstanding shares that was listed in its filings with the U.S. Securities and Exchange Commission.

The COVID-19 pandemic literally disrupted 2020. However, the crisis seems to have been a tale of two sides, as expressed by Michael Kliger, the Chief Executive Office of Mytheresa, in an interview where he stated that the pandemic has been a mixed blessing to internet retailers. The resulting lockdown from the pandemic imposed across Europe and other parts of the world to curb the spread of the virus have led more people to embrace online shopping despite the outbreak disrupting supply chains.

“Our logic has always been to focus on our core customers, the true luxury customer and we try and understand what else this customer may want and find exciting,” Kliger said. “It’s not about a different direction, but about becoming more relevant for our customers. That’s why we added active wear and ski wear, kids wear and menswear.”

Mytheresa is an online retail store that specializes in women’s clothing and accessories. The store offers products from over 250 brands including Gucci, Prada and Givenchy, with customers in over 140 countries, according to its website. Mytheresa is based near the Bavarian capital of Munich in southern Germany.

Mytheresa reported net income of 6.35 million euros, approximately $7.7 million on net sales of 450 million euros for fiscal 2020, according to filings. The company aims for revenue growth of between 22% and 25% per year, Kliger said. Mytheresa wants to keep earnings before interest and taxes, depreciation and amortization as a proportion of revenue at about 8%.

The German retail company traces its roots back more than three decades to a luxury boutique in Munich. In 2006, Mytheresa launched a small e-commerce business and has now grown into a business with over 700 people on its payroll.

Mytheresa currently competes with the likes of Richemont’s Yoox Net-a-Porter unit and Apax Partners Inc.’s Matchesfashion Ltd.

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