Neiman Marcus Group considering selling Mytheresa.com

Mytheresa

US department store group Neiman Marcus Group has said it is considering the sale of online luxury fashion platform Mytheresa.com.

According to Bloomberg, Neiman’s parent company “was evaluating options for MyTheresa, which has been at the center of a dispute with creditors since the unit was effectively transferred out of the reach of bondholders in September.”

However the group said it had not put a specific timeframe on any potential sale of the business, which it acquired in 2014.

My-theresa.com is a valuable asset for Neiman Marcus whose balance sheet is laden with debt. The online retailer, which stocks brands from Gucci to Balenciaga and Isabel Marant, recorded online sales up 27% to $303m in the year to 30 June 2018.

Last year the Dallas-based retail group ran into controversy by placing Mytheresa.com assets in a unit under the company’s ultimate parent. As a result, Neiman’s creditors no longer had an equity claim to that asset backing their debt. One creditor Marble Ridge Capital attempted to sue the retailer over the move but the case was eventually dropped in Texas state court.

Mytheresa.com was launched in 2006 and was born from the globally renowned Munich boutique Theresa, which was founded in 1987. The physical boutique was recently completely revamped and has also adopted the Mytheresa.com branding.