Mytheresa owner files for IPO as sales surge and it swings to profit

German online luxury retailer Mytheresa Group’s parent company filed for a US initial public offering of up to $150 million on Monday, and said its unit’s quarterly net sales increased 27.5%.

MYT Netherlands Parent BV said Mytheresa, which sells clothes from the world’s biggest fashion brands including Prada, Gucci and Burberry, reported net sales of €126.4 million ($154.32 million) in the three months ended September 30.

The online retailer also posted net income of €9.6 million versus a loss of €4.3 million a year earlier.

Restrictions on movement put in place to stop the Covid-19 pandemic have led to a boom in online shopping, with luxury online shopping thriving.

MYT said it intended to apply to have the American depositary shares (ADSs) listed on the New York Stock Exchange under the symbol MYTE.

Morgan Stanley, JP Morgan, Credit Suisse, UBS Investment Bank, Jefferies and Cowen are underwriters to the IPO, MYT added.