Following the submission of a confidential filing last month, the German online luxury retailer Mytheresa has filed for a public listing in the US, with a public S-1 filing made with the US Securities and Exchange Commission (SEC).

As it’s based outside the US, Mytheresa will offer American Depositary Shares to US-based investors, with the size of its public offering yet to be determined.

Mytheresa is owned by the American luxury department store chain Neiman Marcus, which went through whirlwinds this year as the Covid-19 pandemic greatly affected retail businesses. The retail chain went into Chapter 11 bankruptcy but emerged with one of the biggest restructurings ever witnessed in the American retail industry.

Neiman Marcus bought Mytheresa in 2014 for over $250 million and is apparently now looking to cash in on its investment, said to be targeting a valuation of up to $1.5 billion from Mytheresa’s IPO.

Mytheresa’s S-1 filing shows a net income of 9.6 million euros ($11.7 million) on 126.4 million euros ($154.3 million) in sales in the three months ended Sept. 30., 2020.

Mytheresa offers clothing and accessories from many of the world’s famous luxury brands such as Prada, Burberry, and Gucci. With a mobile-first approach, mobile orders made up 53% of sales in the company’s fiscal 2020.

Germany represents Mytheresa’s biggest market, followed by the US and then spread across countries in Europe.

The American investment banks Morgan Stanley and J.P. Morgan are acting as lead underwriters for Mytheresa’s IPO, which is expected to take place in 2021.

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