The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Neiman Marcus Group Inc is working with Lazard Ltd on the sale of luxury apparel platform MyTheresa, which may fetch more than 500 million euros ($560 million), people familiar with the matter said.
Neiman said that it was evaluating options for MyTheresa, which has been at the centre of a dispute with creditors since the unit was effectively transferred out of bondholders’ reach in September. The firm has been working with Lazard and law firm Kirkland & Ellis LLP to help address its debt load.
The move to sell the fast-growing German unit comes as the US company is working on cleaning up its debt-plagued balance sheet.
The department-store operator hasn’t made any final decisions on a specific transaction or time frame for reviewing the unit, Neiman said in a filing. Representatives for Lazard and Neiman declined to comment.
Interest in the online luxury retail sector has surged in the last few years as brands use online portals to attract the increasing numbers of customers who choose to shop on the web.