The Dutch Mirage Retail Group has decided to cancel its IPO: due to rising costs, the retailer will not meet its financial targets. According to owner Michiel Witteveen, the situation is now too turbulent.
Turbulent times
In 2019, the parent company of Blokker, Intertoys and BCC announced that it was planning for an IPO. However, after the Covid pandemic resulted in store closures and lost sales, Witteveen postponed that project until 2022. He is now backtracking on that too: results are still under pressure due to sharply increased wages and other costs, he told Dutch newspaper De Telegraaf.
“You have to meet your targets to be able to go to the stock exchange. You have to be able to deliver on promises to investors. The cost level overall has increased enormously. Times are hugely turbulent now, the war in Ukraine affects us all. Now I first want to wait and see how things develop and get peace of mind.”
Mirage is not the first Dutch retailer to have to postpone an IPO due to the uncertain economic situation. Earlier, Coolblue and bol.com also shelved their IPO plans.
