Online luxury fashion retailer MyTheresa plans NYSE listing -sources
13/02/2020 18:21
By Alexander Hübner and Arno Schuetze
MUNICH/FRANKFURT, Feb 13 (Reuters) - Online luxury fashion
retailer MyTheresa plans to list on the New York Stock Exchange,
taking advantage of robust equity markets, people close to the
matter said.
Its owner Neiman Marcus is working with Morgan Stanley
MS.N on the planned listing, which could take place as early
as April, they added.
The buyout fund Ares, which owns Neiman Marcus, and Morgan
Stanley declined to comment, while MyTheresa was not available
for comment.
The firm, which sells clothes from 250 of the world's most
covetable fashion brands including Prada, Gucci, Burberry and
Dolce&Gabbana, may be valued at around $500 million in a
potential deal, one of the sources said.
MyTheresa peers such as Zalando ZALG.DE , Global Fashion
GFG.DE and Asos ASOS.L are listed in Europe, but the firm is
still opting for a listing in New York, the sources said,
following fellow online fashion retailers Farfetch FTCH.K and
The RealReal REAL.O .
The pair had successful market debuts but have since
struggled, with both companies' stock trading below their IPO
prices.
The IPO would also be the latest example of a private equity
firm spinning out a better-performing retail asset from its
struggling parent company.
BC Partners last year took out its successful Chewy Inc
CHWY.K brand from PetSmart, while TPG-owned U.S. clothing
chain J Crew is currently exploring an IPO of its up-market
Madewell brand. urn:newsml:reuters.com:*:nFWN28C0G0
Fashion retailers Susanne and Christoph Botschen in 1987
opened a store called Theresa in Munich, Germany, which still
exists. In 2006, they launched the online shop MyTheresa. Neiman
Marcus bought the business in 2014.
Neiman Marcus said in April that in order to address its
high debt levels, it was exploring strategic alternatives with
respect to MyTheresa. urn:newsml:reuters.com:*:nFWN22C13K
Ares and the Canada Pension Plan Investment Board have owned
Neiman Marcus since 2013.
For the nine months ended March 31, 2019, MyTheresa posted
operative earnings before interest, tax, depreciation and
amortisation of 15.2 million euros on sales of 272 million
euros, according to a filing from Neiman Marcus.
According to a regulatory filing in Germany, MyTheresa
posted a net profit of 21 million euros on sales of 370 million
euros in its fiscal 2018/19.
(Additional reporting by Joshua Franklin in New York; Editing
by Kirsten Donovan)
((arno.schuetze@thomsonreuters.com; +49.69.7565.1197; Reuters
Messaging: arno.schuetze.reuters.com@reuters.net))