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© Reuters. Online luxury fashion retailer MyTheresa is planning a NYSE listing: sources
By Alexander Hübner and Arno Schütze
MUNICH / FRANKFURT (Reuters) – Online luxury fashion retailer MyTheresa plans to be listed on the New York Stock Exchange to take advantage of robust stock markets.
Its owner Neiman Marcus works with Morgan Stanley (NYSE 🙂 about the planned listing, which could take place in April, they added.
The buyout fund Ares, owned by Neiman Marcus, and Morgan Stanley declined to comment, while MyTheresa was not available to comment.
The company, which sells clothing from 250 of the world's most sought-after fashion brands, including Prada, Gucci, Burberry, and Dolce & Gabbana, could close a potential deal worth around $ 500 million, one source said.
MyTheresa colleagues such as Zalando, Global Fashion and Asos are listed in Europe, but the company continues to choose a listing in New York, according to online fashion retailers Farfetch and The RealReal.
The couple had successful launches, but have had difficulties since both companies' share trading was below their IPO prices.
The IPO would also be the latest example of a private equity firm spinning out more powerful retail assets from its weak parent company.
BC Partners acquired PetSmart's successful Chewy Inc brand last year, while the US clothing chain J Crew, which is part of TPG, is currently considering an IPO of its upscale Madewell brand.
The fashion retailers Susanne and Christoph Botschen opened a shop called Theresa in Munich in 1987, which still exists. In 2006 they started the online shop MyTheresa. Neiman Marcus bought the company in 2014.
Neiman Marcus said in April that he is exploring strategic alternatives to MyTheresa to address his high debt.
Ares and the Canada Pension Plan Investment Board have been owned by Neiman Marcus since 2013.
According to Neiman Marcus, MyTheresa generated operating earnings before interest, taxes, depreciation and amortization of EUR 15.2 million and sales of EUR 272 million in the nine months to March 31, 2019.
According to an application for approval in Germany, MyTheresa generated a net profit of EUR 21 million in 2018/19 with sales of EUR 370 million.
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