German based luxury e-commerce Company Mytheresa Group announced having filed for an initial public offering in the United States stock exchange markets.
The news was announced by its parent company MYT Netherlands Parent B.V which said the number of American depositary shares to be offered in the IPO is yet to be established. This move comes at a time when online shopping business has been booming due to the movement restrictions caused by the pandemic.
The company sells luxurious clothes from 250 biggest fashion brands in across the world. Some of these brands include Dolce&Gabbana, Prada, Burberry and Gucci.
Citing a report published by Bloomberg earlier in the month, the company will be in pursuit of a market valuation of between $1 billion to $1.5 billion. However, this target is subject to change depending on how busy the holiday season will be.
In the beginning of the month Mytheresa’s competitor Farfetch sourced a $1 billion investment from Swiss based Richemont and Alibaba Group (BABA).