Compulsive buying disorder (CBD) and borderline personality disorder (BPD) are highly comorbid. Accordingly, the theories concerning the etiological factors of CBD and BPD overlap. The present study aimed to test a multivariate etiological model of CBD in the presence of BPD. Our sample comprised shopping mall customers (N=1409, 63% female, mean age: 31.2 SD: 12.1). CBD was measured using the Edwards Compulsive Buying Scale Revised Version, and BPD was measured using the McLean Screening Instrument for BPD. Impulsivity, global self-esteem, contingent self-esteem, and psychiatric distress were also assessed. Overall, 8.5% (n=120) and 7.7% (n=109) of participants scored above the cut-off value on the CBD and BPD measures respectively. In total, 2.2% (n=31) had both BDP and CBD 26% of those with CBD also had BPD, corresponding to a risk ratio of 5.4. Path analysis revealed that contingent self-esteem (β=0.27 p<0.001) and impulsivity (β=0.27 p<0.001) exerted the strongest mediating effects, followed by psychiatric distress (β=0.15 p<0.15) and global self-esteem (β=0.12 p<0.001) after controlling for the effect of BPD. Distress had higher predictive value for men and contingent self-esteem had higher predictive value for women. The data suggest that impulsivity, contingent self-esteem, and distress (to a lesser extent) account for the high comorbidity between BPD and CBD and that etiological risk factors differ between men and women.