The parent company of German online luxury fashion retailer Mytheresa is all set to float on the New York Stock Exchange (NYSE) under the symbol MYTE.
The decision follows the retailer’s strong sales surge in 2020.
MYT Netherlands Parent BV, the holding company of Mytheresa, confidentially filed for a US initial public offering (IPO) on Monday (28 December), with a value that estimated up to £111 million (US $ 150 million).
During the filing, it also said that that the quarterly net sales of its unit too have surged by 27.5 per cent.
Store closures and lockdowns have led to e-commerce boom in 2020 and Mytheresa too has gained from this. For the year ended 30 June 2020, Mytheresa posted annual revenue of €450 million, compared to €377 million in the previous fiscal, translating to a 20 per cent jump in online sales.
Also Read: Luxury platform Mytheresa posts 20 per cent rise in e-commerce sales
Notably, the listing will be underwritten by JP Morgan, Morgan Stanley, UBS, Credit Suisse, Jefferies and Cowen.
With over 700 people, the e-tailer sells 250 brands across 140 countries and these brands include world renowned labels like Gucci and Prada.
