One of the world’s best-known department stores, Neiman Marcus Group, has acquired online fashion retailer Mytheresa.com and its luxury Munich store, Theresa.
The German e-commerce platform was owned until now by its founders Christoph and Susanne Botschen, and investment firm Acton Capital Partners, but now the brand will run as an “independent subsidiary of NMG based in Munich”.
The American luxury department store Neiman Marcus also owns Bergdorf Goodman, Manhattan’s stalwart, and has seen a rise on sales this year, which saw the company achieve a value of $6 billion (approx. £3.7 billion).
They’ve recently announced the opening of a 250,000sq ft store in Manhattan by 2018 – surprisingly their debut in New York. So the Dallas-based company has the core of its business in the US, its recent success is expanding across Europe too – by buying a growing German luxury retailer.
“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. We are excited to add mytheresa.com and the Theresa store to our prestigious portfolio of brands,” said Karen Katz, President and CEO Neiman Marcus Group.
From Munich, Mytheresa ships to over 120 countries, curates over 170 designers and have revenues of approximately $130 million annually. In order to keep the business running with same spirits, the management team will carry on their roles and the Botschen’s will be involved as the advisory board to continue curating the best of the many luxury labels they have since its inception in 2006, including Balenciaga, Dolce & Gabbana and Stella McCartney.
Mrs Katz said: "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.”
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