Mytheresa Files for IPO in US

Mytheresa Files for IPO in US

An image from the Khaite x Mytheresa Capsule collection. Mytheresa.

German online luxury retailer Mytheresa Group GmbH’s parent company MYT Netherlands Parent B.V filed for a US initial public offering of up to $150 million on Monday, and said its unit’s quarterly net sales increased 27.5 percent.

MYT said Mytheresa, which sells clothes from the world’s biggest fashion brands including Prada, Gucci and Burberry, reported net sales of 126.4 million euros ($154.32 million) in the three months ended Sept. 30.

The German online retailer also posted a net income of 9.6 million euros versus a loss of 4.3 million euros a year earlier.

Restrictions in movement put in place to stop the COVID-19 pandemic have led to a boom in online shopping, with luxury online shopping thriving.

MYT said it intended to apply to have the American depositary shares (ADSs) listed on the New York Stock Exchange under the symbol MYTE.

Morgan Stanley, J.P. Morgan, Credit Suisse, UBS Investment Bank, Jefferies and Cowen are underwriters to the IPO, MYT added.

By Praveen Paramasivam. Edited by Krishna Chandra Eluri.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *