Wealthy Australians Support Cettire Luxury Selling Platform
His market cap soared to $ 1.32 billion – well above much larger online player Kogan at $ 1.11 billion and triple that of Myer at $ 407 million.
Cettire was successful in gaining the early backing of some prominent investors ahead of the IPO – some of whom remain shareholders, such as Tony Gandel (son of billionaire real estate developer John Gandel) and former investment banker David Tozer ( who runs Tozer and Co with his twin brother). Others, like Bell Potter Securities chairman Colin Bell, appear to have sold out.
The list of company names likely reflects the list of top clients from Melbourne brokerage, Bell Potter, who managed the Cettire float.
A few offshore institutions such as TA Associates Management have recently joined the register.
The second largest shareholder after Mr. Mintz is hedge fund Cat Rock Capital Management, which controls 6.635%, followed by Regal Funds Management at 4.37%. The listed investment firm Washington H. Soul Pattinson owns 1.44% of Cettire.
Mr. Tozer is the largest private shareholder and has continued to increase his stake. He said in a recent letter to investors that cettire is one of the most compelling technology platforms with superior end-to-end infrastructure.
“It’s a pure game of direct online themes towards customers who have accelerated with COVID. The advanced platform will enable the most modern analysis and machine learning for a variety of activities, ”he said.
Mr Tozer added that Cettire is rated less than comparable global companies and offers higher growth potential as it is in its early stages.
Mr. Mintz’s supporters say he’s up to the task, and because of his unique technology, Cettire is a natural partner for fashion brands. However, several fund managers who spoke in the background believed that the fashion houses would ultimately set the minimum price terms and structure if they formed a relationship directly with the company and therefore would not be. not able to offer such large discounts.
Mr Mintz spoke briefly to investors on August 31, when he said talks with brand owners were in their infancy and that he was “very selective” in terms of relationships. direct with brands.
“We will seek to make the best possible use of our core technology,” he said. “Modeling cost pricing with brands, but also with our third-party vendors, is quite complex, and a lot of that is handled through the integration that we have.
“We have also developed new technological capabilities on the price side to meet the demands of both sides. “
Mr Mintz prefers to keep a low profile, but he spent $ 14.5 million in February on a five-bedroom house in Toorak in Melbourne.