Mytheresa Confidentially Files for IPO

Samantha McDonald
·2-min read

Mytheresa Group GmbH plans to go public.

The Germany-based online luxury marketplace’s parent company announced yesterday that it has confidentially submitted a draft registration statement on Form F-1 to the United States Securities and Exchange Commission. The filing is related to the proposed initial public offering of American Depositary Shares representing its ordinary shares.

MYT Netherlands Parent B.V. did not specify the number of shares to be offered and the price range for the proposed offering. The float is expected to take place following the SEC’s review process, subject to market and other conditions.

Speculation over Mytheresa’s IPO mounted two weeks ago, when reports indicated that the e-commerce platform was working with advisors on the proposal and intends to seek a valuation of roughly $1 billion to $1.5 billion — depending on its performance during the critical holiday season. The rumored offering, added people with knowledge of the matter, could occur as soon as early next year. (At the time, Mytheresa told FN that it did not comment on rumors or speculation about the company.)

As the coronavirus pandemic took hold around the world, apparel and footwear have been among the retail’s hardest hit sectors, leading only few brands in the space to make the leap from private to public this year. Those who remained active in the market were primarily e-commerce businesses, versus the traditional brick-and-mortar giants — perhaps a testament to the strength of digital as more consumers flock online amid the COVID-19 health crisis.

Within weeks of each other, resale businesses ThredUp and Poshmark announced that they were gearing up for their own IPOs. Both have yet to determine the size and price range of their offerings. On the other hand, Cole Haan and Madewell shelved their planned initial public offerings: Insiders have suggested that the shoemaker might wait until it sees improvement in the market before going public, though the timeline for that remains unclear. Separately, J.Crew Group — which notably filed for Chapter 11 protection in May — withdrew plans for Madewell’s public market launch this past September.

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