Neiman Marcus buys German retailer Mytheresa
Neiman Marcus Group has bought Mytheresa.com, a German luxury apparel and accessories retailer. With this acquisition the American department store is expanding its international reach. With online sales representing 24 percent of total sales, Neiman Marcus already has a large ecommerce business, but its latest addition gives the company exposure to a growing online luxury market outside the USA.
In addition to the acquisition, Neiman Marcus Group will also be taking over the Theresa flagship luxury fashion story in Munich from Christoph and Susanne Botschen, who owned Mytheresa.om together with Acton Capital Partners. To date it’s unknown what Neiman Marcus has paid for the online store and accompanied flagship store. The transaction is expected to close later this year, due to regulatory approvals and other customary closing conditions.
Mytheresa.com was founded by Christoph and Susanne Botschen in 2006. But they didn’t start the brand with an online store, the webshop was a way to expand the reach of their Theresa store in Munich. Theresa, as a matter of fact, has been established as a prominent luxury fashion store in Munich since its founding in 1987. Mytheresa.com ships products of 170 luxury brands to over 120 countries globally and more than two-thirds of the company revenue comes from outside of Germany. The online store is especially popular in European, Middle East and Asia markets and this strength complements Neiman Marcus Group’s core business in the US.
Step towards international strategy
“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 customers around the worlds”, says Karen Katz, CEO of Neiman Marcus Group.