Exit: Neiman Marcus Group to acquire MyTheresa
Munich/Dallas, September 15, 2014 – Neiman Marcus Group LTD LLC announced today that it has signed an agreement to acquire the MyTheresa global online luxury business from Christoph and Susanne Botschen and Acton Capital. In addition, 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.
Based in Munich, Germany, MyTheresa 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 in Munich 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. MyTheresa’s strength in the European, Middle East, and Asia markets complements NMG’s core business in The United States. MyTheresa is well known for its highly curated mix of over 170 luxury brands and for its depth of selection. The key categories are women’s ready to wear, shoes, handbags and accessories.
The MyTheresa online store and THERESA will be run as an independent subsidiary of NMG based in Munich. The MyTheresa management team including Managing Directors Dr. Thomas Mueller and Jens Riewenherm and Buying Director Justin O’Shea will be continuing in their current roles. An advisory board will be established for the independent business unit with Christoph and Susanne Botschen as well as representatives from NMG. The independent business unit will report to Joshua Schulman, currently President of Bergdorf Goodman. Mr. Schulman will add President of NMG International to his current responsibilities.
“With the acquisition of MyTheresa, 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, Neiman Marcus Group
“We are excited to add MyTheresa and the THERESA store to our prestigious portfolio of brands,” said Karen Katz, President and CEO Neiman Marcus Group. “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.“
“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 and the THERESA store and supports the continued international growth path of our business.”
Christoph & Susanne Botschen, MyTheresa
Both parties are going to benefit from this partnership and we are proud to be part of the NMG portfolio. We would like to thank the Acton team who helped us a great deal in scaling the business and organization, while keeping the spirit of a founder-led company intact.”
“We are thrilled with mytheresa.com’s outstanding performance since our investment four years ago.”
“Today it certainly is one of the world’s leading online stores for luxury fashion. Neiman Marcus Group is ideally suited to continue MyTheresa’s fantastic success story,” said Dr. Jan-Gisbert Schultze, Managing Partner at the Munich-based international growth venture capital investor Acton Capital Partners. “We would like to thank Susanne and Christoph Botschen, and the mytheresa.com team for their exceptional work and wish them all the best for the coming years.”
Neiman Marcus Group LTD LLC operations include the Specialty Retail Stores segment and the Online segment. The Specialty Retail Stores segment consists primarily of Neiman Marcus, Bergdorf Goodman and Last Call stores. The Online segment conducts direct to consumer operations under the Neiman Marcus, Horchow, CUSP, Last Call and Bergdorf Goodman brand names.
Morgan Stanley acted as the financial advisor to Neiman Marcus Group. Proskauer Rose LLP and Hengeler Mueller acted as legal counsel for Neiman Marcus Group. Altium Capital and Goldman Sachs acted as financial advisors to Christoph and Susanne Botschen and Acton Capital Partners, Milbank and Guett Olk Feldhaus acted as legal advisors.
MyTheresa is one of the world’s leading online retailers for luxury fashion. Launched in 2006, MyTheresa prides itself on offering the best choice of collections from more than 170 international top designers such as Balenciaga, Saint Laurent, Valentino and many, many more. The product range includes clothing, shoes, bags and accessories. Around 500 new products go online every week. Following the longterm internationalization strategy mytheresa.com now ships to more than 120 countries globally and with more than two-thirds of the company’s revenue coming from outside of Germany. The company employs over 200 people at its locations in Aschheim and Heimstetten near Munich. The THERESA local store was established in 1987 by Christoph and Susanne Botschen. With its’ superior choice of luxury fashion products and long-term relations to the best luxury brands globally THERESA is the core as well as foundation of the MyTheresa success.