Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
Reports showed that Mytheresa generated 6.4 million euros in the 2020 fiscal year, compared to $1.7 million euros raised in the previous year.
Mytheresa Group GmbH’s parent company MYT Netherlands Parent B.V has filed for an initial public offering (IPO) in the US. As stated in the announcement, MYT proposed the IPO of American Depositary Shares (ADS) representing its ordinary shares.
On the 28th of December, Mytheresa’s parent company MYT Netherlands Parent B.V filed for an IPO with the US Securities and Exchange Commission (SEC). Also, MYT said that Mytheresa, a fashion and luxury brand recorded a 27.5% increase in its quarterly net sales.
MYT Files for IPO
Per the IPO, MYT plans to list the ADS under the New York Stock Exchange (NYSE) with the ticker “MYTE.” A news release provided by Mytheresa gave more details on the underwriters for the proposed offering:
“Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are acting as lead book-running managers and representatives of the underwriters for the proposed offering. Credit Suisse Securities (USA) LLC and UBS Investment Bank are acting as book-running managers for the proposed offering. Jefferies Group LLC is acting as co-manager and Cowen Inc. is acting as passive bookrunner for the proposed offering.”
Although Mytheresa’s parent company MYT has filed its registration statement on Form F-1 with the SEC, the press release revealed that it is not yet effective. Until the registration statement becomes effective, MYT will not sell or offer the securities.
Mytheresa Records Gains in Quarterly Sales
During the quarter which ended on the 30th of September, MYT said German online retailer Mytheresa raised $126.4 million euros.
Reports showed that Mytheresa generated 6.4 million euros in its 2020 fiscal year, compared to $1.7 million euros raised in the previous year during the same period. Also adjusted net income reached 19.3 million euros and volume climbed 449 million euros in Fiscal 2019.
In the company’s 2020 fiscal year, about 68% of its net sales came from its top 30 brand partners. The CEO & president of Mytheresa Michael Kliger wote in the registration statement:
“Our long-standing brand relationships include Alexander McQueen, Balenciaga, Balmain, Bottega Veneta, Burberry, Dries van Noten, Dolce & Gabbana, Fendi, Loewe, Loro Piana, Moncler, Prada, Saint Laurent, Stella McCartney and Valentino.”
As a result of the pandemic and the global lockdown, there was a significant increase in volume of online shopping. At the time, online shopping retailers worldwide recorded gains during the stay-home period.
As online retailers generated increases during the stay-home period, other firms were recorded losses in their stocks. Swedish multinational retail company H&M – Hennes & Mauritz AB – (Stockholm: HM.B) reported an unexpected loss in 2020 Q3.
In the quarter, H&M sales dropped 16% to 51 million kronor, which equals $5.7 million. The group noted that the losses are caused by global lockdown. However, H&M added that the company was already recovering from the negative effects of the health crisis.
Despite recording declines and plans to close hundreds of stores, H&M said there is an increase in its online shopping as many people resorted to online shopping to curb the spread of the coronavirus.