Mytheresa says it has filed for IPO

NEW YORK: The parent company of Mytheresa Group GmbH, the luxury online retailer specialising in women’s clothing, said it has filed confidentially for a United States initial public offering (IPO).

The fast-growing German e-commerce company said in a statement that it hasn’t determined a size and price range for the share sale. Mytheresa said the IPO would take place after the US Securities and Exchange Commission completes its review process, depending on market and other conditions.

Mytheresa is working with advisers and planning to go public in early 2021, people with knowledge of the matter have said. The company planned to seek a valuation of about US$1bil to US$1.5bil, though the target could change depending on business performance during the crucial holiday season, the people said.

Mytheresa has also attracted preliminary interest from listed blank-check firms, known as special-purpose acquisition companies, one of the people said.

The company, which is backed by Ares Management Corp and Canada Pension Plan Investment Board, is taking advantage of a boom in online sales as coronavirus lockdowns keep shoppers at home.

Shares of rival luxury boutique platform Farfetch Ltd have almost quadrupled in US trading this year, buoyed by a US$1.1bil investment from Alibaba Group Holding Ltd and Richemont announced this month.

Internet companies globally have raised more than US$19bil in IPOs this year, according to data compiled by Bloomberg.

Mytheresa traces its roots back more than 30 years to a luxury store in Munich. — Bloomberg

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