Mytheresa ($MYTE), an online luxury platform offering ready-to-wear, bags and accessories for men, women and children, made its debut on the NYSE Thursday. Shares of the company opened at $36 apiece, well above their IPO price of $26. The initial public offering, Mytheresa CEO Michael Kliger told Cheddar, was a company goal since its split with parent company Neiman Marcus in 2020.
“What makes us unique in this space is that we are highly curated and really focused on the inspirational part of luxury,” said Kliger. “We only focus on the true luxury brands from Europe - Italy, France - and we focus on the high-end of the consumer base.”
The business model is working. The company has seen significant growth over the past year, with the number of active users jumping 21.7 percent to 486,000, shipping 1,092,000 orders to 133 countries. This growth, coming hand-in-hand with profitability, is helping spur the company's success.
What sets Mytheresa apart is the focus on curated luxury goods, which more and more consumers have used the internet to buy amid the coronavirus pandemic. The company works with more than 200 coveted luxury brands and has retained all of its brand partners since founding. It’s also retaining its customer base, with return customers accounting for 79.6 percent of net sales in 2020.
Mytheresa stock closed the day Thursday at $31, a 19 percent jump from its IPO.
Disney content has gone dark on YouTube TV, leaving subscribers of the Google-owned live streaming platform without access to major networks like ESPN and ABC. That’s because the companies have failed to reach a new licensing deal to keep Disney channels on YouTube TV. Depending on how long it lasts, the dispute could particularly impact coverage of U.S. college football matchups over the weekend — on top of other news and entertainment disruptions that have already arrived. In the meantime, YouTube TV subscribers who want to watch Disney channels could have little choice other than turning to the company’s own platforms, which come with their own price tags.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
Universal Music Group and AI platform Udio have settled a copyright lawsuit and will collaborate on a new music creation and streaming platform. The companies announced on Wednesday that they reached a compensatory legal settlement and new licensing agreements. These agreements aim to provide more revenue opportunities for Universal's artists and songwriters. The rise of AI song generation tools like Udio has disrupted the music streaming industry, leading to accusations from record labels. This deal marks the first since Universal and others sued Udio and Suno last year. Financial terms of the settlement weren't disclosed.
