This is Signa Retail’s seventh digitally oriented acquisition in 14 months and its second in less than a week. As reported, last Wednesday, Signa Retail, the parent company of Germany’s Karstadt Department stores, acquired a 70 percent stake in German online marketplace Hood.de.
The latest acquisition sees Signa Retail taking a 60 percent share of Mybestbrands, the remaining 40 percent staying with the company’s founders Joerg Domesle and Moritz Seidel. Domesle and Seidel will continue to independently manage Mybestbrands in the future.
Founded in 2008 but shifting its focus exclusively to fashion in 2013, Mybestbrands is a membership platform offering premium and luxury fashion and lifestyle products from 100 top online shops. The platform’s one million members regularly receive special offers and new product information from 5,000 brands and designers. The Mybestbrands app recorded more than two million downloads and reported a gross merchandise volume of around 100 million euros in 2016.
“As with previous acquisitions, we are continuing to aggressively expand our omnichannel offensive,” said Signa Retail chief executive officer Stephan Fanderl. This latest deal will particularly boost the digital clout of the KaDeWe Group, which is comprised of Germany’s three leading premium department stores: KaDeWe in Berlin, Alsterhaus in Hamburg and Oberpollinger in Munich. Signa Retail said close collaboration with the KaDeWe Group “promises outstanding potential.”
Mybestbrands ceo and cofounder Domesle said the partnership with Signa will allow the platform “to offer our discerning customers all the advantages of online and brick-and-mortar retail services. We will continue to expand our range and develop access to brands in the premium and luxury sector.”
As with Hood.de, Mybestbrands will be taken over by the new founded Signa Luxury Marketplace GmbH, a newly established joint venture between Karstadt and Signa Retail.