Neiman Marcus Group to acquire German online retailer, flagship store
Dallas -- Neiman Marcus Group has signed an agreement to acquire the German luxury fashion e-commerce site Mytheresa.com and Theresa, its flagship Munich store from Christoph and Susanne Botschen and Acton Capital Partners. The transaction is expected to close later this year.
Based in Munich, Germany, Mytheresa.com is an online extension of the Theresa flagship, which was founded in1987. The companies’ revenues are approximately $130 million annually. Mytheresa.com ships to over 120 countries globally with a highly localized approach and more than two-thirds of the company revenue comes from outside of Germany. Mytheresa.com’s strength in the European, Middle East, and Asia markets complements NMG’s core business in The United States. The key categories are women’s ready to wear, shoes, handbags and accessories.
The mytheresa.com online onsite and flagship will be run as an independent subsidiary of NMG based in Munich. The Mytheresa.com management team will continue in their current roles. An advisory board will be established for the independent business unit with Christoph and Susanne Botschen as well as representatives from NMG. The independent business unit will report to Joshua Schulman, currently president of Bergdorf Goodman. Schulman will add president of NMG International to his current responsibilities.
“With the acquisition of mytheresa.com, Neiman Marcus Group takes yet another strategically significant step towards our long range international strategy to more broadly serve the affluent customer around the world,” said Karen Katz, President and CEO Neiman Marcus Group. "Christoph and Susanne Botschen have brilliantly built and positioned mytheresa.com and Theresa by catering to the international luxury customer who is young and fashion savvy through incomparable editing of fashion and the trends, along with superior service. As importantly, they have assembled a talented and accomplished team that will be a great cultural fit with our company.”
Morgan Stanley acted as the financial advisor to Neiman Marcus Group.