Neiman Marcus acquires MyTheresa.com
In a deal that took just four months to complete, NMG have acquired rising e-tailer MyTheresa.com. The deal is part of huge expansion plans for Neiman Marcus, who recently announced that it would open its first Manhattan store in 2018.
"We are beyond excited about this," Karen Katz, the president and chief executive officer of the Neiman Marcus Group, told WWD.
"This acquisition is an important component of our long-range strategy to more broadly serve affluent customers around the world. Mytheresa has a very nice foothold in Europe and a developing foothold in Asia. We'll probably close the deal at the end of October."
Just like it operates its NMG-owned Bergdorf Goodman's, Neiman Marcus plan to run Mytheresa.com as a seperate business, Katz also said in the report. The Mytheresa.com team will even remain at their current headquarters in Munich.
Joshua Schulman, the president of Bergdorf Goodman, and now the president of the Neiman Marcus Group said: "It's going to be a complete, independent, separate business unit reporting into me," Schulman said. "We really value the team on the ground at Mytheresa.
"As we get into working together, we will find opportunities to learn from each other, but we are buying it on the basis of it being a stand-alone business unit," he noted.
The company is said to have been attracted to the German eCommerce business because it offers a European, international perspective, and "a different viewpoint" to the current NMG websites.