German online luxury retailer MyTheresa Group GmbH’s parent company MYT Netherlands Parent B.V filed for an initial public offering in the U.S.
The IPO prospectus filed with the Securities & Exchange Commission set a target of raising $150 million, a placeholder amount that is typically amended.
The online fashion retailer sells luxury brands includes Burberry, Gucci and Prada and was originally founded as a brick & mortar store in Munich 30 years ago. Mytheresa launched its online business in 2006 and has since grown to sell in approximately 140 countries including the U.S.
In its last financial year ended June 30, MyTheresa generated net sales of €449.5 million, up 8.6 percent on the previous year. Net income rose to €6.4 million versus €1.7 million in 2019.
MYT intends 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 the underwriters.
