German online luxury fashion store Mytheresa set to list in New York after pandemic boosts sales
Online luxury fashion retailer Mytheresa is set to list on the New York Stock Exchange after the pandemic bumped up its sales.
The German firm, which sells brands such as Gucci, Jimmy Choo and Burberry (pictured), wants to raise £111million in the US.
It has not yet decided how many shares it will sell, or what the offering will value the company at. Analysts think it could be worth up to £1billion.
Virus winner: German online luxury fashion firm Mytheresa, which sells brands such as Gucci, Jimmy Choo and Burberry (pictured), wants to raise £111m in the US
Mytheresa’s sales for the third quarter were up 27.5 per cent on the same period in 2019, to £114.8million. The pandemic has triggered a boom in online shopping.
Over those three months, Mytheresa made a profit of £8.7million compared to a loss of £3.9million a year earlier.
In the UK online retailers such as Boohoo and The Hut have seen sales hold firm this year.
Mytheresa is owned by Ares and CPPIB.
The retailer started life as aboutique in Munich, but in 2006 its married founders Susanne and Christoph Botschen decided to take the shop online.