Luxury fashion e-tailer GmbH, known for its focus on luxury womenswear, is reportedly planning to go public in the U.S. with an initial public offering (IPO) in early 2021. The German company aims to capitalize on the strong digital market that has emerged during the Covid-19 pandemic. In preparation for the IPO, Mytheresa is working with advisers to determine a valuation between $1 billion and $1.5 billion, although these figures may be subject to change based on the company’s performance during the holiday season. Mytheresa has also attracted interest from listed blank-check firms, also known as special purpose acquisition companies.

Founded near Munich in 2006, Mytheresa was acquired by Neiman Marcus in 2014 for $253 million. However, following Neiman Marcus’ Chapter 11 bankruptcy filing in May 2020, the company was transferred to Ares Management Corp. and Canada Pension Plan Investment Board as a means of protecting it from creditors. Despite this, Ares and CPPIB still hold a majority stake in Mytheresa, reflecting their continued involvement in the company.

The Covid-19 pandemic has resulted in significant sales growth for e-commerce businesses, mainly due to temporary store closures and consumers’ preference for safer online shopping channels. According to Bloomberg, Internet companies have completed $18.3 billion worth of IPOs this year alone. Farfetch, a London-based rival of Mytheresa, has also experienced a surge in the value of its shares since its listing on the New York Stock Exchange in 2018. Furthermore, the strong growth in the resale market has led online fashion resale marketplaces ThredUp and Poshmark to file for their own IPOs.

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