Written by Kati Chitrakorn
Mytheresa, the luxury e-commerce firm, plans to focus on global expansion to take on competitors like Farfetch, says chief executive officer Michael Kliger. The company’s valuation surged to $3 billion on its first day of trading Thursday.
The shares, which Mytheresa increased in price from $16 to $26 ahead of listing amid investor demand, closed the first day at $31. Mytheresa raised $407 million selling 15.6 million shares. The proceeds will be used to repay debt stemming from bankruptcy proceedings for Neiman Marcus, from whom it was spun off ahead of the US department store group’s Chapter 11 bankruptcy proceedingslast year, out of which it emerged in Autumn 2020.
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