After various speculations in the industry the rumor has now been confirmed: Neiman Marcus Group (NMG) takes over luxury online retailer Moreover, NMG also takes over the Munich based luxury store Theresa from founders Christoph and Susanne Botschen. The transaction is expected to be completed by the end of this year.

The online shop and the retail store Theresa will be run as independent, Munich-based subsidiaries of NMG. Mytheresa’s management team composed of general managers Dr. Thomas Müller and Jens Riewenherm, as well as buying director Justin O’Shea, among others, will remain in the respective function within the company. An additional advisory board will be installed, consisting of the Botschen couple plus NMG representatives. will report to Joshua Schulman, currently president of Bergdorf Goodman and now also appointed president of NMG International.

“With the acquisition of the Neiman Marcus Group makes another significant strategic step in its long-standing strategy of internationalization and will be able to offer luxury customers worldwide an even broader range of products. We are very pleased to be able to include and the Theresa store in our well-known brand portfolio,” said Karen Katz, president and CEO of the Neiman Marcus Group.

“We are very pleased to have found a strategic partner with that much experience (…).The Neiman Marcus Group understands the brand and luxury identity of and Theresa perfectly. NMG will support our international course of growth significantly,” said Christopher and Susanne Botschen.

The company, with its headquarters in Munich, Germany, was founded in 2006 by Christoph and Susanne Botschen, to expand the range of their local retail store Theresa, which was originally founded in 1987. Total (net) sales of both businesses account for approximately €100 million. In 2010, investment company Acton Capital Partners has purchased shares in the online shop and therefore enabled the rapid growth of the store during the past four years.