Neiman Marcus Group (NMG) has acquired the German fashion e-commerce site MyTheresa.com as well as Theresa, its flagship brick-and-mortar in Munich.
Previously owned by founders Cristoph and Susanne Botschen and investment firm Acton Capital Partners, the brand will now function as an independent subsidiary of the NMG in Germany.
The transaction is expected to close later this year, subject to regulatory approvals.
Based in Munich, MyTheresa.com was founded in 2006 as a way to expand the physical store Theresa. Theresa is an established, multi-brand fashion store that has served luxury shoppers since 1987.
The company brings in about $130 million annually in revenue. The retailer's e-commerce ships to more than 120 countries, with two-thirds of the company revenue originating from outside of Germany.
While NMG's core business lies in the United States, the brand also enjoys appeal in the European, Middle Eastern and Asian markets where MyTheresa.com is well-known. Much like Neiman Marcus, the German luxury brand features women's ready-to-wear, shoes, handbags and accessories.
The retailer will report to Joshua Schulman, currently president of Bergdorf Goodman. Schulman will tack on "president of NMG international" to his list of 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, president and CEO, NMG. "We are excited to add MyTheresa.com and the Theresa store to our prestigious portfolio of brands."
"We are very pleased to have found a strategic partner with a lot of experience," said Christoph and Susanne Botschen, founders of MyTheresa.com. "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."
Many luxury retailers have made a big international push in the past year. For example, brands such as Nordstrom (NYSE:JWN) and Saks Fifth Avenue (NYSE:HBC) are moving into Canada to take advantage of the country's rising wealth.
Acquiring an international website will enhance NMG's omnichannel strategy. The company announced last year that it would invest $100 million in new mobile and ship-to-store retail initiatives.
-See this Neiman Marcus Group press release
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