MYT Netherlands Parent BV /zigman2/quotes/223883413/composite MYTE +4.43% , parent company to luxury e-commerce retailer Mytheresa Group GmbH, has filed with the U.S. Securities and Exchange Commission to go public.
Mytheresa joins a growing list of e-commerce companies that have filed to go public.
The company intends to list its American Depository Shares (ADSs) on the New York Stock Exchange to trade under the ticker “MYTE.”
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are the lead underwriters for the filing.
MyTheresa has set a target of raising $150 million, a placeholder amount that is typically amended.
The company began with a Theresa shop in Munich more than 30 years ago. Mytheresa launched online in 2006.
Mytheresa was acquired by Neiman Marcus in 2014. The luxury department store filed for bankruptcy earlier this year, driving a reorganization at Mytheresa. Neiman Marcus has since emerged from bankruptcy.
MYT Netherlands has done business through German-based Mytheresa Group GmbH, a German limited liability company registered in Munich and a wholly-owned subsidiary of MYT Netherlands. MYT Netherlands was incorporated on May 31, 2019, and on September 7, 2020, MYT Netherlands named its place of effective management in Aschheim, Germany.
“We will take the position that MYT Netherlands is a tax resident of Germany under German law,” the prospectus said.
MYT Holding LLC is a Delaware limited liability company and the sole shareholder of MYT Netherlands prior to the offering.
Poshmark Inc. /zigman2/quotes/223776918/composite POSH +6.48% shares began trading last week . And ContextLogic Inc. /zigman2/quotes/223233051/composite WISH +4.93% , parent company to the Wish app, began trading in December.
These companies are going public at a time when a massive shift to online shopping is happening.
Even before the coronavirus pandemic, an increasing number of shoppers were heading online to purchase goods. As COVID-19 shuttered stores and kept shoppers at home, many have turned to their computers and mobile devices to purchase everything from groceries to pajamas to home goods and electronics.
Amazon.com Inc. /zigman2/quotes/210331248/composite AMZN +0.61% and Wayfair Inc. /zigman2/quotes/201071690/composite W -0.53% are among the companies that have seen shares pop due to the change in consumer behavior. Amazon stock is up 75.5% over the past year, and Wayfair has soared 177.7%.
But it’s not just digital-focused retailers capitalizing on the shift. Traditional retailers like Walmart Inc. /zigman2/quotes/207374728/composite WMT -0.31% and Target Corp. /zigman2/quotes/207799045/composite TGT -0.08% , which have both invested in their e-commerce platforms and delivery options, have been snapping up market share as well. Walmart stock is up 26.1% for the past year and Target has rallied 60.8%.