Online luxury retailer Mytheresa valued at nearly $3bn in US trading debut
The German retailer carries more than 250 brands including Gucci, Prada and Givenchy
The parent company of online luxury retailer Mytheresa climbed as much as 39% in its US trading debut after a $407m initial public offering priced at the top of its marketed range.
Shares of MYT Netherlands Parent were up 24% to $32.19 in New York trading, giving the German e-commerce company a market value of about $2.7bn.
The pandemic has been a mixed blessing to internet retailers, Mytheresa CEO Michael Kliger said in an interview. While the outbreak has disrupted supply chains, the lockdowns imposed across Europe have encouraged more people to shop online.
“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 activewear and skiwear, kidswear and men's wear.”
Mytheresa, which specialises in women’s clothing and accessories, carries more than 250 brands including Gucci, Prada and Givenchy and has customers in more than 140 countries, according to its website.
The company reported net income of €6.35m on net sales of €450m for the year ended June 30, according to its filings with the US Securities and Exchange Commission. It’s aiming for revenue growth of 22% to 25% a year, Kliger said. Mytheresa wants to keep earnings before interest. taxes, depreciation and amortisation as a proportion of revenue at about 8%.
In its IPO on Wednesday, the company sold 13.65-million American depositary shares for $26 each after marketing them for $24 to $26. It had elevated the price range on Monday from $16 to $18. The IPO included 2-million additional shares from a selling shareholder. Each ADS represents one ordinary share.
Mytheresa traces its roots back more than 30 years to a luxury boutique in Munich. In 2006, it launched a small e-commerce business and has now has more than 700 employees.
Its rivals include Richemont’s Yoox Net-a-Porter unit and Apax Partners’ Matchesfashion.
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