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Mytheresa Plans to Raise Up to $150 Million in IPO

Mytheresa is gearing up to go public.

The Germany-based online luxury marketplace’s parent, MYT Netherlands Parent B.V., announced today that it has publicly filed a registration statement on Form F-1 with the United States Securities and Exchange Commission. The filing is related to the proposed initial public offering of American Depositary Shares representing its ordinary shares.

The company shared that its proposed maximum aggregate offering price is $150 million. It plans to list on the New York Stock Exchange under the symbol “MYTE.”

In a statement accompanying the filing, CEO Michael Kliger reported that Mytheresa surpassed 486,000 active customers, generated 449.5 million euros (or $548.87 million at current exchange) in sales and shipped more than 1.09 million orders to 133 countries during the 2020 fiscal year.

“We achieved this scale and growth while maintaining our commitment to luxury with industry-leading average order values and robust and consistent customer economics despite a difficult environment,” he explained.

What’s more, the company logged an adjusted net income of 19.3 million euros (or $23.57 million) for the year, compared with 2019’s 15.8 million euros. For the three months ended Sept. 30, it posted adjusted profits of 5.4 million euros ($6.59 million) — an increase from 3.5 million euros year over year.

Mytheresa has longstanding relationships with luxury brands like Alexander McQueen, Balenciaga, Dolce & Gabbana, Gucci, Prada, Saint Laurent and Valentino. This year, its average order value was 600 euros (or roughly $732), with the retailer adding that approximately 68% of sales came from its top 30 brands.

Speculation over Mytheresa’s IPO mounted in mid-November, when reports suggested that the e-commerce platform was working with advisors on the proposal and intends to seek a valuation of roughly $1 billion to $1.5 billion — depending on its performance during the crucial holiday shopping season. The rumored offering, added people with knowledge of the matter, could occur as soon as early next year.

As the coronavirus pandemic took hold around the world, apparel and footwear have been among retail’s hardest-hit sectors, leading only few brands in the space to make the leap from private to public this year. Those who remained active in the market were primarily e-commerce businesses, versus the traditional brick-and-mortar giants — perhaps a testament to the strength of digital as more consumers flock online amid the COVID-19 health crisis.

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