Shares in online luxury fashion retailer Cettire have surged almost six-fold since its December IPO, but questions have been raised about its long term prospects.
Mysterious online retailer poised to join Young Rich List
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Tech entrepreneur Dean Mintz appears set to debut on this yearâs Financial Review Young Rich list, and may even qualify for the AFR Rich List next year if his online luxury goods business Cettire continues to shoot the lights out.
After raising $65 million in an initial public offering in December, Cettire shares have risen almost four-fold, from 50¢ to a high this week of $1.94, valuing the pure-play online retailer at more than $700 million.
Online retailer Cettire sells luxury goods such as Gucci, Burberry, Fendi and Dolce & Gabbana. Â
Mr Mintz, who established the luxury goods retailer in 2017, owns 66 per cent of the company after selling 50 million shares into the float for $25 million.