Company:Mytheresa

From HandWiki
Mytheresa
Type of businessPublic GmbH
Available inEnglish, German, French, Italian, Spanish, Arabic, Chinese, Korean
Traded asNYSE: MYTE
Founded2006
HeadquartersMunich, Germany
Area servedWorldwide
Key peopleMichael Kliger, Chief Executive Officer; Martin Beer, Chief Financial Officer; Isabel May, Chief Customer Experience Officer; Sebastian Dietzmann, Chief Operations Officer; Gareth Locke, Chief Growth Officer
IndustryLuxury, E-commerce
ProductsLuxury and lifestyle goods
Revenue€747.3 Million GMV in fiscal year 2022 (+21.3% vs. FY21) [1]
ParentMYT Netherlands Parent B.V.
Websitemytheresa.com

Mytheresa is a large global luxury e-commerce platforms shipping to over 130 countries. Founded as a boutique in 1987, Mytheresa launched online in 2006 and offers ready-to-wear, shoes, bags and accessories for womenswear, menswear, kidswear and lifestyle products. Its CEO is Michael Kliger.[2]

In January 2021, Mytheresa filed an IPO on the New York Stock Exchange that valued the company at $2.2 billion;[3] its valuation increased to $3 billion on its first day of trading.[4]

History

The Mytheresa online shop was founded in 2006 by Susanne and Christoph Botschen and is associated with the eponymous multi-brand store in Munich (previously the THERESA store).

In 2014, the physical THERESA store and mytheresa.com were acquired by American luxury retailer Neiman Marcus for €150m, giving Neiman Marcus greater access to international customers and bolstering their e-commerce technology.[5] During Neiman Marcus's 2020 bankruptcy, the company began the process of spinning off mytheresa as an independent entity.[6]

In January 2019 Mytheresa launched a kidswear category,[7] and January 2020 saw the launch of Mytheresa Men.[8] A new homeware and lifestyle category Life followed in May 2022.[9] In 2022, Mytheresa expanded its luxury offering to home décor and lifestyle products.

In 2023, Mytheresa announced the launch of certified pre-owned watches from over 25 luxury brands, such as Audemars Piguet and Cartier, in collaboration with Swiss jewelry and watch company Bucherer.[10]

As a global retailer, Mytheresa operates in 8 languages: English, German, French, Italian, Spanish, Arabic, Chinese, and Korean [11] [12].
According to an interview on February 23, 2023, Michel Kliger, a representative of the company, stated, 'Wir entlassen nicht, wir stellen ein' (German for 'We don't dismiss, we hire'). However, in November of the same year, the company faced significant financial challenges and subsequently laid off over 70 employees, constituting nearly 10% of their inhouse workforce at the Munich headquarters.

References

  1. ↑ "Mytheresa - Q4 and Full FY22 Results". https://investors.mytheresa.com/news/news-details/2022/Q4-and-Full-FY22-Results-Mytheresa-Accelerates-Growth-in-Q4-and-Concludes-the-Full-Fiscal-Year-With-a-GMV-Growth-of-21.3-a-Two-Year-GMV-Growth-of-66.3-and-a-Record-Profitability-of-9.6-Adjusted-EBITDA-Margin/default.aspx. 
  2. ↑ Mytheresa Prices IPO at $26 per Share, for a $2.3 Billion Valuation LAUREN SHERMAN, JANUARY 21, 2021
  3. ↑ Luxury fashion platform Mytheresa valued at $2.2 billion in U.S. IPO Aishwarya Nair and Kanishka Singh, Reuters , January 20, 2021
  4. ↑ Mytheresa CEO talks as valuation reaches $3 billion KATI CHITRAKORN, Vogue, 22 JANUARY 2021
  5. ↑ Moin, David (2014-09-14). "Neiman Marcus Acquires Mytheresa.com" (in en-US). https://wwd.com/feature/neiman-marcus-acquires-mytheresacom-7911653-1047867/. 
  6. ↑ Edelson, Sharon. "Former Neiman Marcus Unit Mytheresa Valued At $3.08 Billion In NYSE Debut" (in en). https://www.forbes.com/sites/sharonedelson/2021/01/21/former-neiman-marcus-unit-mytheresa-valued-at-308-billion-in-nyse-debut/. 
  7. ↑ Mytheresa Launches Kids TAMISON O'Connor, October 24, 2018,
  8. ↑ Mytheresa is about to start selling menswear Faye Fearon, December 11, 2019,
  9. ↑ Mytheresa launches Life, a new luxury lifestyle category Samantha Conti, May 16, 2022,
  10. ↑ Mohammed, Hikmat (2023-09-21). "Bucherer Fine Jewellery Taps Mytheresa as First Retail Partner" (in en-US). https://wwd.com/accessories-news/jewelry/bucherer-fine-jewellery-taps-mytheresa-as-first-retail-partner-1235825865/. 
  11. ↑ Mytheresa.com unveils Korean-language site after seeing triple-digit growth Barbara Santamaria, March 21, 2017
  12. ↑ MyTheresa targets Latin America with Spanish website launch Elena Campos Valladares, April 10, 2018,

See also



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