Luxury Retailer Mytheresa’s Parent Company Files For IPO

MYT Netherlands Parent B.V., parent company of luxury online retailer Mytheresa, announced that it’s filed a registration statement with the SEC for an initial public offering (IPO), according to a press release.

The statement related to an IPO of American Depositary Shares, representing its ordinary shares, the release says.

The number of those shares to be offered is still up in the air, as is the price range, according to the release.

Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC will act as lead bookwriters and representatives of the underwriters, while Credit Suisse and UBS Investment Bank will work as the book-running managers for the offering, the release says. Co-manager will be Jefferies Group, and Cowen Inc. will act as the passive bookrunner.

The proposed offering is just being made as a prospectus for now, and a registration statement on Form F-1 has been filed with the SEC but is not effective yet. The securities can’t be sold and offers to buy can’t be accepted before the registration becomes active.

The luxury goods sector has been ravaged by the pandemic, as have many others, according to PYMNTS. A study by Bain and Co. found that the market fell 23 percent this year. However, that was somewhat buoyed by statistics showing that the online sales of the luxury goods rose from 12 percent to 23 percent, in accordance with peoples’ new appetites for online sales. The study concluded that those buying luxury goods were seeking traits like diversity, inclusion and sustainability.

There’s been some interest in luxury goods companies from special interest acquisition companies (SPACs), or blank-check shell companies intended to take companies public without the IPO process as it normally goes.

According to reports, Mytheresa is looking at an early 2021 date to go public. Bloomberg wrote earlier this year that those with knowledge of the matter said the company was looking at a valuations of $1 billion to $1.5 billion, but that was subject to change based on holiday sales.