Neiman Marcus will buy a German luxury e-retailer
September 15, 2014 02:50 PM
Neiman Marcus, the high-end department store chain that is No. 41 in the Internet Retailer Top 500 Guide, says it will buy Germany-based MyTheresa.com, which sells luxury fashion. The deal also will include the Theresa flagship bricks-and-mortar store in Munich.
Neiman Marcus did not say how much it will pay for the German merchant, which was founded in 1987 and launched e-commerce in 2006. The Top 500 retailer expects the deal to close later this year.
MyTheresa.com, No. 467 in the 2014 Europe 500, takes in some $130 million annually via the web and ships to more than 120 countries, Neiman Marcus says. The German company carries some 170 brands and focuses on such products as women’s clothes, shoes, handbags and accessories.
Neiman Marcus—whose web sales in 2013 increased 17.2% to $1.03 billion, according to Top500Guide.com—intends to run MyTheresa.com and the store as an independent subsidiary. Managing directors Thomas Mueller and Jens Riewenherm, along with buying director Justin O’Shea, will keep their jobs after Neiman buys their employer, the Top 500 chain says. The company employs more than 200 workers. The new business unit will report to Joshua Schulman, president of Bergdorf Goodman, which is a subsidiary of Neiman Marcus.
“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,” says Neiman Marcus Group CEO and president Karen Katz.