Fashion etailer Mytheresa has unveiled plans for a Wall Street IPO.

Mytheresa, which is headquartered in Germany and sells luxury brands including Burberry and Gucci, could be valued at as much as £1bn.

Originally founded as a bricks-and-mortar store in Munich, Mytheresa launched its online business in 2006 and has since grown to trade in approximately 140 countries including the UK.

In its last financial year, Mytheresa generated net sales of €449.5m – up 8.6% on the previous year. Net income rose to €6.4m versus €1.7m in 2019.

In a letter to prospective shareholders, Mytheresa chief executive Michael Kliger said: “Mytheresa has grown into one of the leading luxury ecommerce destinations for the global luxury fashion consumer.

“Our customers are high-income luxury consumers that value quality and experience over price, and curation over assortment breadth. We are fortunate to be a leader in a category that has been underserved by digital and is rapidly going online.

“We have a differentiated value proposition, as well as a profitable business model that has proven enduring and scalable.”

He said that the business intends to grow by being “one of the finest edits in luxury fashion and the partner of choice for the world’s most coveted luxury brands”, by offering ”a true luxury experience to a global customer base” and by adding new categories.

In January last year, for instance, Mytheresa Men was launched with 100 brands.