MyTheresa.com – A Brand Profile
The story of MyTheresa.com begins with a single flagship store, which was founded by Christoph and Susanne Botschen. This store was opened in Munich in 1987, and it quickly became popular with German shoppers looking for a place to buy high end fashion merchandise. One of its main draws was the consistent selection of unique brands and lines from different designers. For decades the store remained profitable, however, the big break came when they decided to go online. MyTheresa.com was founded in 2006 and has grown consistently since that day.
The Current Stats
The popularity of online shopping is taking off. Or, to be more accurate, the popularity of online shopping is continuing to grow. In 2014 in the UK consumers spent 44.97 billion pounds online. That amounted to a 15.8% growth over the previous year. The numbers aren’t in for 2015 yet, but experts are predicting that we are going to end up seeing an even bigger growth this year!
Online sales should be an important part of any company’s business plan, and MyTheresa hasexcelled in that area. Every year, the sale of high end fashion products on MyTheresa.com generates more than 100 million Euros. Not only that, but MyTheresa.com now ships to over 120 countries and and draws a considerable amount of its profits from international customers. People care about the buying experience, whether it’s online or offline. By having a sleek website, a seamless purchasing process, and offering unmatched service, MyTheresa.com is able to capture a wide range of international customers who might otherwise shop for luxury products at local stores.
Even though the flagship (and only) MyTheresa store remains profitable in Munich, MyTherea founders Christoph and Susanne Botschen decided not to open any more stores. They felt that with the success of the online site, another location was simply not justified. This turned out to be a good decision, and MyTheresa.com’s success attracted attention.
In 2014 MyTheresa.com was bought by the Neiman Marcus Group. They were interested in increasing their online presence, and capturing a growing share of the market for high end fashion bought online. Of course, the Neiman Marcus Group also owns the Neiman Marcus department store, which sells high end clothing and other fashion items. The acquistion of MyTheresa.com fits into its play of continuing to grow its online presence in the fashion industry. As part of the deal, the Botschen’s will continue to serve on the advisory board, moving the company forward in the right direction.
Plans for the Future
In the coming years we can expect to see MyTheresa.com increase its dominance of the online, high end fashion market. Surprisingly only about 5% of all consumers who buy buy luxury fashion products currently buy them online. That leaves a wide gap for MyTheresa.com to fill, especially considering that a market leader has not yet emerged.
One of the keys for MyTheresa.com will be to contine its expansion into new international markets. Naturally, MyTheresa.com started with an English and a German version of its site. However, with some forward thinking they launched an Italian and French version in 2013. Not only that, but MyTheresa.com decided to create an Arabic themed website, to cater to the growing market for fashionable clothing and accessories in countries where they have not typically been popular.
2013 saw 44 million Euros in revenue
Website established in 2006
Headquarters in Munich, Germany
Heavy focus on selling to international customers
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