- Kristopher Fraser
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Reuters has reported that MyTheresa is set to list on the New York Stock
Exchange. The Neiman Marcus owned e-tailer is working with Morgan Stanley
on the planned listing, which could happen as early as April.
Neither Neiman Marcus or Morgan Stanley responded to comment on the matter.
It is reported that MyTheresa’s valuation could be around 500 million
dollars. The luxury e-tailer is known for carrying top luxury brands like
Balenciaga and Alexander McQueen. Just last month, they launched a men’s
department.
The move comes after other luxury retailers have launched on the NYSE,
including Farfetch and resale site The Real Real. In 2014, Neiman Marcus
acquired MyTheresa. Last April, Neiman Marcus said it was exploring options
as to what to do with MyTheresa to alleviate their high debt levels. Neiman
Marcus has been owned by buyout fund Ares and Canadian Pension Plan
Investment Board since 2013.
MyTheresa’s sales look to be going strong. For the nine months ending March
2019 MyTheresa saw sales of 272 million euros and operative earnings of
15.2 million euros. The company posted a net profit of 21 million euros and
sales of 370 million euros.
photo: via MyTheresa.com
