German fashion retailer Mytheresa parent files for US IPO, says Q3 sales rose 28%



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German fashion retailer Mytheresa parent files for US IPO, says Q3 sales rose 28%

MYT Netherlands Parent BV, the Aschheim, Netherlands-headquartered parent organization of German luxury online retailer Mytheresa Group Gmbh, had filed for a US IPO (Initial Public Offerings) late on Monday, seeking to raise up to $150 million, a regulatory filing with the US Securities and Exchange Commission (SEC) had unveiled.

On top of that, according to the regulatory filings lodged with US SEC late in the day, the apparel industry behemoth had also added that its German online luxury retailing arm had notched a meteoric rise of 27.5 per cent in net sales over its third fiscal quarter of the year that ended on September 30.

In tandem, MYT had also added that Mytheresa, the luxury fashion and apparel retailer that sells cloths of a swathe of heavyweight fashion brands ranging from Prada to Gucci to Burberry, had reported a €126.4 million in net sales during its third fiscal quarter of the year.

Aside from that, Mytheresa had also registered a rise in net income to €9.6 million on Q3, 2020, compared to a loss of €4.3 million clocked in the same time a year earlier.

Mytheresa sales thrive as stiffer restriction balloons online shopping

In point of fact, latest filing for a US IPO of Mytheresa parent, MYT Netherlands Parent BV, came against the backdrop of a sharp spike in online shopping as millions of people stuck at home due to pandemic outbreak turned to e-commerce, while online sales of luxury items appeared to be booming.

Concomitantly, Monday’s regulatory filing had also revealed that the Mytheresa parent, MYT Netherlands Parent BV, had been working out an option to enlist its American depository shares (ADSs) in NYSE under the symbol “MYTE”, while, US lenders such as Morgan Stanley, JP Morgan, UBS Investment Bank, Cowen and Jefferies alongside Swiss financial services company Credit Suisse would be the underwriters of the IPO.