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Farfetch invests up to 200 million US dollars in Neiman Marcus

Apr 6, 2022 United Kingdom
Farfetch invests up to 200 million US dollars in Neiman Marcus
The luxury e-commerce platform has announced a global strategic partnership with the US-based omnichannel luxury retailer Neiman Marcus Group (NMG)
Farfetch will make a minority common equity investment of up to 200 million US dollars in NMG, joining existing investors, such as PIMCO, Davidson Kempner Capital Management and Sixth Street. The US retailer intends to further growth through the enhancement of technology and digital capabilities and services. Initially, NGM will use Farfetch Platform Solutions to re-platform the Bergdorf Goodman website and mobile application. In turn, both Bergdorf Goodman and Neiman Marcus will join the Farfetch Marketplace as partners, which will allow expanding the marketplace’s brand offerings in key locations.

"I believe the US luxury market is at a pivotal point. Whilst the US is proving to be a long-lasting source of growth for the luxury industry, fuelled by younger generations who are highly engaged with the category, businesses will have to significantly upgrade their digital capabilities - powering both online and offline customer journeys - to meet these new customer expectations and stay ahead in what is going to be a competitive space in the coming years", explained José Neves, Farfetch Founder, Chairman and CEO.

According to Globaldata managing director Neil Saunders, as quoted by Vogue Business, "Farfetch’s investment in Neiman Marcus is a vote of confidence by a new-generation luxury player in a more traditional business", enabling the US retailer to connect with more young luxury shoppers, which "has long been an Achilles’ heel of the company as its focus on older consumers is not conducive to generating future growth".

"We are thrilled to be partnering with Farfetch to accelerate our e-commerce strategy, creating a seamless customer experience. José and the entire Farfetch team have built a best-in-class technology platform and are the ideal partner to help us grow Bergdorf Goodman to be an even stronger global digital luxury retailer. Farfetch’s investment demonstrates their confidence in our omnichannel strategy, and we look forward to partnering with Farfetch to continue revolutionizing the luxury customer experience and delivering value to all our stakeholders", concluded Geoffroy van Raemdonck, CEO of Neiman Marcus Group.


Image Credits: farfetchinvestors.com


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