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Luxury Fashion Platform Mytheresa Valued at $2.2b in US IPO

Luxury Fashion Platform Mytheresa Valued at $2.2b in US IPO
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Luxury Fashion Platform Mytheresa Valued at $2.2b in US IPO

Luxury Fashion Platform Mytheresa Valued at $2.2b in US IPO

Munich-based luxury fashion platform Mytheresa said on Wednesday it raised $406.8 million in its US initial public offering (IPO), valuing the e-commerce site at $2.2 billion.

The company said its offering of 15.6 million American depositary shares (ADS) is priced at $26 per ADS, up from its previously planned range of $16 to $18 apiece.

Mytheresa, a digital platform that sells products from luxury fashion brands to customers such as Alexander McQueen, Fendi and Gucci, said in a statement it is selling around 13.6 million ADS and its sole shareholder would sell 2 million ADS.

The company will list its shares on the New York Stock Exchange under the ticker symbol “MYTE” and will begin trading on Thursday.

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

France Fines Shein 40 Million Euros for Misleading Discounts

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
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France Fines Shein 40 Million Euros for Misleading Discounts

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo

France's antitrust agency said on Thursday it had fined China-founded fast-fashion retailer Shein 40 million euros ($47.17 million) for alleged deceptive business practices including misleading discounts, following a nearly year-long probe.

The agency, in charge of consumer protection as well as competition, said Infinite Style E-Commerce Co Ltd, which handles sales for the Shein brand, had misled customers about discounts, and that the company had accepted the fine, Reuters reported.

Under French regulations, the reference price for any discount is the lowest one given by a retailer during the 30 days preceding the offer. Shein infringed that rule by not taking into account previous offers, and sometimes increasing the price before applying a discount, the agency said.

It said its investigation showed the company "deceived consumers about the authenticity of discounts they could benefit from."

The probe, conducted across thousands of products on Shein's French site between October 1, 2022 and August 31, 2023, found 57% of advertised deals were not, in fact, offering a lower price; 19% had less of a discount than advertised; and 11% were in fact price increases.

In a statement, Shein said the antitrust agency had informed Infinite Style Ecommerce Co Ltd (ISEL) of breaches related to reference price and environmental regulations in March last year, and ISEL had taken corrective action within the following two months.

"This means that all identified issues were addressed more than a year ago," Shein said, adding that ISEL was committed to complying with French regulations.