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MYT files for initial public offering

written by Bella Palmer
ipo

MYT has submitted a draft registration statement to the SEC for holding an IPO

MYT Netherlands Parent B.V. has filed for an initial public offering (IPO) of stock. MYT is the parent company of Mytheresa Group, the German-based online luxury goods retailer that specializes in women’s clothing.

According to a press release, MYT has submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) for holding an IPO. Neither the number nor the prices for stock shares have been set.

The release added that “the initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.”

The pandemic has battered the luxury goods sector. A new study by Bain & Co. found the market for high-end personal goods fell by 23 percent since 2019.

At the same time, online sales of luxury goods have surged from 12 percent to 23 percent, year over year. The Bain study was conducted with Fondazione Altagamma, an Italian luxury goods industry group.

The study also concluded that luxury consumers are also increasingly seeking out goods associated with diversity, inclusion, and sustainability.

Bloomberg reported that Mytheresa is working with advisers and planning to go public in early 2021. According to the news outlet, people with knowledge of the matter said the company was planned to seek a valuation of about $1 billion to $1.5 billion — something subject to change depending on holiday sales.

There has also been interest in the online luxury goods retailer from special-interest acquisition companies (SPACs), the report said. Such companies raise money through an IPO and later use the cash to acquire businesses or assets.

Last year, the luxury retailer’s former owner, Nieman Marcus, was looking to take Mytheresa public. Since then, Nieman Marcus filed for Chapter 11 bankruptcy this May.

A committee of unsecured creditors ultimately agreed to drop objections to Neiman’s bankruptcy reorganization in exchange for a partial stake in the online business, Bloomberg said. MyTheresa as a separate corporation didn’t file for bankruptcy protection.

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