US fashion retail giant, Neiman Marcus, has confirmed plans to buy the luxury fashion e-commerce site, Mytheresa.com (launched in 2006), as well as Theresa, the multi-brand flagship store in Munich, which was founded in 1987.
An agreement with Mytheresa.com founders, Christoph and Susanne Botschen, and Acton Capital Partners was signed on Friday, with the transaction expected to close by the end of October.
“We are very pleased to have found a strategic partner with a lot of experience,” said the founders. “The Neiman Marcus Group perfectly understands the luxury fashion DNA of Mytheresa.com and the Theresa store and supports the continued international growth path of our business.”
The acquisition follows news that Neiman Marcus has been looking to expand its global presence, including reaching out to the Middle East market—incidentally one of my Mytheresa.com’s strongest sources of revenues.
The company structure will run independently from the Dallas-based group and the existing management team—which includes buying director, Justin O’Shea —will remain in place.
Additionally, an advisory board, including MyTheresa founders and representatives from the Neiman Marcus Group, will also be established and the independent business unit will report to Joshua Schulman, currently president of Bergdorf Goodman.
