Neiman Marcus acquires MyTheresa

Neiman Marcus has acquired mytheresa.com and the Theresa flagship store in Munich, founded in 1987, from the Botschen family.

THERESA is a woman’s apparel and accessories online retailer that was established by Christoph and Susanne Botschen. The company’s revenues are approximately $130 million annually. Mytheresa.com has been around since 2006 and ships to more than 120 countries globally with more than two thirds of its revenue coming from outside of Germany.

“We are thrilled with mytheresa.com’s outstanding performance since our investment four years ago,”Jan-Gisbert Schultze, managing partner at international growth equity investor Acton Capital Partners, said in a release. “Neiman Marcus Group is ideally suited to continue mytheresa.com’s fantastic success story.”

Mytheresa.com and the Theresa 13,000 square-foot Theresa store is to be run 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.

In a release, Neiman said the online retailer’s strength in the European, Middle East and Asia markets complement’s Neiman’s core business in the U.S.

"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," Karen Katz, president and CEO of the Neiman Marcus Group, 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. As importantly, they have assembled a talented and accomplished team that will be a great cultural fit with our company."

The move comes at a time when Neiman Marcus is looking to expand its international business as well as strengthen its position at home. The acquisition of MyTheresa took place for an undisclosed amount and is expected to close later this year.