Neiman Marcus Group announced today that it has signed an agreement to acquire the mytheresa.com global online luxury business from Christoph and Susanne Botschen and Acton Capital Partners.
Based in Munich, Germany, mytheresa.com was founded by Christoph and Susanne Botschen in 2006 as a way to expand the reach of the THERESA store in Munich. THERESA has long been established as the premier luxury multi-brand fashion store since its founding in 1987. The companies’ revenues are approximately $130 million annually. From its base in Munich, 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. Therefore, NMG will also be acquiring the THERESA flagship luxury fashion store in Munich from the Botschen family. The transaction is expected to close later this year, subject to regulatory approvals and other customary closing conditions.
After the acquisition, mytheresa.com online store and THERESA will be run as an independent subsidiary of NMG based in Munich and an advisory board will be established for the independent business unit with Christoph and Susanne Botschen as well as representatives from NMG.
“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.
Christoph and Susanne Botschen, founders of mytheresa.com said: “We are very pleased to have found a strategic partner with a lot of experience. 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. Both parties are going to benefit from this partnership and we are proud to be part of the NMG portfolio.”