Mytheresa Steps Closer to IPO with Confidential SEC Filing

LONDON – Mytheresa is on the road to an initial public offering in the U.S., according to a statement issued by the company.

Mytheresa Netherlands Parent B.V., the parent company of the Mytheresa Group GmbH, said late Monday that it has “confidentially submitted” a draft registration statement on Form F-1 to the U.S. Securities and Exchange Commission relating to a “proposed initial public offering” of its ordinary shares.

The number of shares to be offered, and the price range for the proposed offering, have not yet been determined, the statement said, adding that any IPO is expected to take place after the SEC completes its review process, subject to market and other conditions.

Reports have been circulating for months about Mytheresa wanting to pursue an IPO, but it is understood that the company’s new owners are looking at a variety of options now that Mytheresa has passed out of Neiman Marcus’ ownership.

Industry sources say that no decisions have been made with regard to an IPO, its timing or pricing.

In September, Mytheresa said that consolidated net revenues for the fiscal year ended in June were up 19.4 percent to 450 million euros, with 3 percent of all of Mytheresa’s customers generating 30 percent of the business.

The overall sales figure included the online business, which saw a 20 percent uptick in the 12-month period, as well as the men’s and women’s physical stores in Munich.

Although the company did not reveal a profit figure for fiscal 2020, it said overall profitability grew “significantly.”

As reported, following the Neiman Marcus bankruptcy resolution, Mytheresa is now controlled by Ares Management and the investment fund Canada Pension Plan Investment Board.

During the court battles earlier this year, it emerged that Mytheresa was worth roughly $822 million in 2018, when the company’s ultimate owners moved it, controversially, to another part of the overall business.

Neiman Marcus originally purchased the Munich-based retailer in 2014, well before it began running into financial trouble.


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