Neiman Marcus Group LTD LLC is to acquire mytheresa.com, a global online luxury business from Christoph and Susanne Botschen and Acton Capital Partners and the THERESA flagship luxury fashion store in Munich from the Botschen family.
The amount of the transaction, which is expected to close later this year, subject to regulatory approvals and other customary closing conditions, was not disclosed.
Founded by Christoph and Susanne Botschen in 2006 as a way to expand the reach of the THERESA store in Munich established in 1987 , mytheresa.com offers products from over 170 luxury brands delivered to over 120 countries globally in European, Middle East, and Asia markets.
The company, which has revenues of approximately $130m annually, employs over 200 people at its locations in Aschheim and Heimstetten near Munich.
Following the deal, The mytheresa.com online store and THERESA will be run as an independent subsidiary of NMG based in Munich. The mytheresa.com management team including Managing Directors Dr. Thomas Mueller and Jens Riewenherm and Buying Director Justin O’Shea will be continuing in their current roles.
19/01/2010: Germany, mytheresa.com Receives Minority Investment