Dallas—Neiman Marcus Group hasn’t had an international presence until today. The luxury retailer revealed it is purchasing a global luxury online retailer and taking over a flagship luxury store in Munich, Germany.
Neiman signed an agreement to acquire mytheresa.com from Christoph and Susanne Botschen and Action Capital Partners. It will also take over the THERESA flagship store. Details of the transaction were not released but the deal is expected to close later this year.
The stores will be run as an independent subsidiary of Neiman Marcus based in Munich. Mytheresa.com’s management team will continue in their current roles, and an advisory board will be established for the independent business unit with the Botschen’s and representatives from Neiman. The unit will report to Joshua Shulman, president of Bergdorf Goodman who will soon be president of Neiman Marcus Group International.
THERESA is a luxury multibrand fashion store that was established in 1987. The company’s revenues are approximately $130 million annually. Mytheresa.com ships to more than 120 countries globally with more than two thirds of its revenue coming from outside of Germany.
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.
“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.”