High-End Fashion Site Mytheresa To Start Trading On NYSE

High-End Fashion Site Mytheresa To Start Trading On NYSE

Mytheresa is set to go public at a value of $2.2 billion, with its stock priced at $26 per share, above its planned range of between $16 and $18 per share. The firm plans to list its stock on the NYSE with the “MYTE” ticker symbol and will commence trading on Thursday (Jan. 21), Reuters reported.

Mytheresa said it is selling approximately 13.6 million American depositary shares (ADS), while its only stockholder would sell two million ADS.

Mytheresa CEO Michael Kliger said in an announcement that Thursday’s IPO marks a milestone for the company, noting that Mytheresa has evolved into an international platform in high-end fashion.

“Every day, we deliver an unparalleled personalized digital luxury shopping experience to customers around the globe and inspire their loyalty through elevated curation, exclusive offerings, engaging content and exceptional service,” Kliger stated.

He added that Mytheresa is “in a position of strength” as highlighted by its unique value proposition for brands and customers, and the company’s “profitable growth that has proven to be enduring and scalable.”

Mytheresa, which launched in 2006, claims to be “one of the leading global luxury fashion eCommerce retailers.”

Mytheresa’s parent company, MYT Netherlands Parent B.V., said in December that it had filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for an IPO.

In separate news, Amazon reportedly intends to roll out a high-end fashion platform in the first half of 2021. The new platform will work much like the concession model in department and specialty stores, through which a brand will operate a mini-shop within a store.

Amazon’s novel platform will provide brands with full control over the look and feel of the digital space, as well as which products are sold. Brands that take part will also have access to Amazon’s logistics network, which will enable expedient delivery along with customer service.