Milbank, Tweed, Hadley & McCloy LLP has advised the owners of the premium fashion retailer Schustermann & Borenstein (S&B) led by private equity investor Ardian on the sale to Permira Funds. The financial investor Permira will acquire a majority in S&B, the two founding families Schustermann and Borenstein will continue to be invested in the S&B group.

S&B, headquartered in Munich, sells more than 3,000 designer brands at attractive prices through its website BestSecret.com as well as three stores in Munich and Vienna. The company has established itself as a leading e-commerce platform in the DACH region while also expanding in the UK, Sweden and France.

The transaction remains subject to approval by the competent merger control authorities.

A Milbank team led by Norbert Rieger comprehensively advised the seller on corporate, tax, antitrust and finance law in relation to the transaction.

Advisor to Owners of Schustermann & Borenstein: Milbank, Tweed, Hadley & McCloy LLP

Norbert Rieger, Sebastian Heim (joint lead, both Corporate/M&A, Munich), Matthias Schell (Tax, Munich), Thomas Ingenhoven (Finance, Frankfurt), Alexander Rinne (Antitrust, Munich), Patrick Droese, Timo Schwarzwälder, Sebastian Reiner-Pechtl (all Corporate/M&A, Munich), Jörg Schrade (Tax, Munich), Thomas Möller, Alexander Klein (both Finance, Frankfurt)