Neiman Marcus buys Munich-based mytheresa.com
Published 1:05 pm Monday, September 15, 2014
Neiman Marcus Group has expanded its international business with the purchase of mytheresa.com and the Theresa luxury specialty store based in Munich.
The woman’s apparel and accessories online retailer was sold by the founding family Christoph and Susanne Botschen and Acton Capital Partners. Neiman Marcus also acquired the Theresa flagship store in Munich, founded in 1987, from the Botschen family. The purchase price hasn’t been disclosed.
The transaction is expected to close later this year. The business has annual sales of $130 million.
The mytheresa.com website has been in business since 2006 and ships to more than 120 countries with two-thirds of its online sales coming from outside of Germany.
Mytheresa.com’s online sales come from Europe, the Middle East and Asia, complement Neiman Marcus’ U.S. business, said Dallas-based Neiman Marcus. Neiman Marcus’ online sales are 24 percent of the company.
The plan is to run Mytheresa.com and the Theresa 13,000 square-foot Theresa store as an independent subsidiary of Neiman Marcus Group based in Munich. Management will report to Bergdorf Goodman president Joshua Schulman who adds president of Neiman Marcus Group 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, Neiman Marcus Group CEO and president.
Katz said she was impressed by the talented and accomplished management team and believes they will be “a great cultural fit with our company.”
“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,” Katz said.
This was a prospect presented to Neiman Marcus by investment bankers.
Morgan Stanley acted as the financial advisor to Neiman Marcus Group. Proskauer Rose LLP and Hengeler Mueller acted as legal counsel for Neiman Marcus Group. Altium Capital and Goldman Sachs acted as financial advisors to Christoph and Susanne Botschen and Acton Capital Partners, Milbank and Guett Olk Feldhaus acted as legal advisors.
