The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
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.
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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.
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The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.
As the French luxury group attempts to get back on track, investors, former insiders and industry observers say the group needs a far more drastic overhaul than it has planned, reports Bloomberg.