عربي English Türkçe اردو فارسى
Logo
Latest News
Fashion

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)
TT
20
TT

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.

Most Viewed

 
Fashion

Boohoo Pushes Ahead with Debenhams Rebrand despite Frasers’ Opposition

Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
TT
20
TT

Boohoo Pushes Ahead with Debenhams Rebrand despite Frasers’ Opposition

Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)

British online fashion retailer Boohoo said on Friday it would rebrand as Debenhams Group even though opposition from top shareholder Frasers meant the name change for its holding company did not get shareholder approval.

At a general meeting, 62.04% of votes cast supported the official name change, falling short of the required 66% of votes, the company said.

"This general meeting was only related to the technical name change of the ultimate holding company," the company told Reuters in an email.

"While this will now remain the same, the company is absolutely moving forward as Debenhams Group."

Boohoo had announced its rebranding earlier this month.

Frasers, which owns just over 29% of Boohoo shares based on LSEG data, voted against the resolution.

Frasers, majority-owned by British retail tycoon Mike Ashley, in January unsuccessfully tried to oust Boohoo's co-founder from the board, and the companies have been involved in a long-running corporate tussle.

Boohoo, boosted by an online shopping surge during the coronavirus pandemic, has been facing supply chain issues, weak demand and stiff competition from e-commerce firms such as Shein and Temu.

The company has said it sees the Debenhams brand having the potential to achieve multi-billion pound gross merchandise value in the medium term.

In March, Boohoo appointed Phil Ellis, Debenhams' finance director, as its CFO, following the appointment of Dan Finley as the group's CEO late last year.