For years following its acquisition by Neiman Marcus, MyTheresa was a singular bright spot for the struggling, indebted department store. Its revenue ballooned while Neiman Marcus limped along. It was a “crown jewel,” so-called by those who sued Neiman Marcus and its private equity owners when they shunted MyTheresa outside Neiman’s direct ownership and out of reach of lenders.
The bitter conflict over MyTheresa played out over more than two years. It ensued precisely because the e-commerce specialist, which sells brands online such as Gucci, Prada and Saint Laurent, was so successful. Its revenue and equity value more than doubled since Neiman acquired it.
Dan Kamensky and his hedge fund, Marble Ridge, led the fight against Neiman Marcus and its owners following MyTheresa’s move within the organizational structure.Retail Dive