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Luxury Fashion Platform Mytheresa Aims to Go Public at $1.58 Billion Valuation

Mytheresa is a digital platform that sells products from luxury fashion brands to its customers, such as Alexander McQueen, Fendi and Gucci. (Mytheresa via Facebook)
Mytheresa is a digital platform that sells products from luxury fashion brands to its customers, such as Alexander McQueen, Fendi and Gucci. (Mytheresa via Facebook)
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Luxury Fashion Platform Mytheresa Aims to Go Public at $1.58 Billion Valuation

Mytheresa is a digital platform that sells products from luxury fashion brands to its customers, such as Alexander McQueen, Fendi and Gucci. (Mytheresa via Facebook)
Mytheresa is a digital platform that sells products from luxury fashion brands to its customers, such as Alexander McQueen, Fendi and Gucci. (Mytheresa via Facebook)

Mytheresa said on Tuesday it aims to raise as much as $282 million in its US initial public offering, valuing the German luxury fashion e-commerce site at $1.58 billion.

Mytheresa said it plans to sell about 15.6 million American depositary shares (ADS) priced at between $16 and $18 apiece.

Munich-based Mytheresa is a digital platform that sells products from luxury fashion brands to its customers, such as Alexander McQueen, Fendi and Gucci.

After a series of stellar debuts last year, highlighted by those of Airbnb Inc and DoorDash Inc, the US IPO market is set to have another strong year of debuts in 2021, with at least eight businesses slated to price their offerings this week, seeking to raise a total of nearly $5 billion.

Mytheresa will list its ADS on the New York Stock Exchange under the ticker symbol “MYTE”, the company said.

The IPO proceeds are earmarked to repay debt related to last year’s bankruptcy of former parent Neiman Marcus.

Morgan Stanley & Co and J.P. Morgan Securities are the lead underwriters on Mytheresa’s offering.

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Fashion

H&M First-quarter Sales Weaker Than Expected

A woman is reflected next to the logo of the H&M fashion retailer in the Mall of Berlin shopping center in Berlin, Germany, in this September 25, 2014 file photo. REUTERS/Thomas Peter
A woman is reflected next to the logo of the H&M fashion retailer in the Mall of Berlin shopping center in Berlin, Germany, in this September 25, 2014 file photo. REUTERS/Thomas Peter
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H&M First-quarter Sales Weaker Than Expected

A woman is reflected next to the logo of the H&M fashion retailer in the Mall of Berlin shopping center in Berlin, Germany, in this September 25, 2014 file photo. REUTERS/Thomas Peter
A woman is reflected next to the logo of the H&M fashion retailer in the Mall of Berlin shopping center in Berlin, Germany, in this September 25, 2014 file photo. REUTERS/Thomas Peter

Swedish fast-fashion retailer H&M reported weaker than expected sales for its first quarter on Thursday and said sales were up 1% so far in March, in a sign of a slow start to its spring and summer season.
H&M reported sales of 55.3 billion Swedish crowns ($5.52 billion) for the December to February quarter, missing analysts' mean estimate of 55.9 billion Swedish crowns, Reuters said.
"Our sales and earnings in the quarter were somewhat weaker than planned – but the first quarter is the smallest quarter of the year for us in terms of sales and margin, and we are confident going forward," CEO Daniel Erver said in a statement.
Increased discounting and marketing investments impacted H&M's profitability in the quarter, the company said, with the operating profit margin falling to 2.2% from 3.9% in the same period a year ago.
Erver, leading H&M for just over a year, is trying to turn its fortunes around and has ramped up marketing, spending on pop stars like Charli XCX to model its collections as he tries to make the brand more desirable and better compete against Zara and Shein.