Neiman Marcus Will Soon Own

Photo: M. Spencer Green/Corbis

The Dallas department-store giant and the Munich e-commerce upstart have formed an unlikely alliance. WWD reports that Neiman Marcus is purchasing, a haven for street-style-friendly labels like Each x Other and Stella Jean. The deal also nets Neiman's the company's brick-and-mortar store in Germany. President and CEO Karen Katz told the paper, “This acquisition is an important component of our long-range strategy to more broadly serve affluent customers around the world. Mytheresa has a very nice foothold in Europe and a developing foothold in Asia. We’ll probably close the deal at the end of October.” MyTheresa will operate as a stand-alone unit, in the same way fellow Neiman property Bergdorf Goodman does. More important, the acquisition gives the department-store giant a chance to compete with the e-commerce likes of Net-a-Porter and Matches Running with the cool kids: priceless.