Farfetch invests £152m in Neiman Marcus to advance luxury new retail vision
Luxury fashion platform Farfetch is investing up to £152 million into Neiman Marcus Group (NMG), as it advances its Luxury New Retail vision.
NMG said that it would use the funds to further accelerate growth and innovation through investments in technology and digital capabilities.
The partnership will initially use Farfetch Platform Solutions (FPS) to re-platform the Bergdorf Goodman website and mobile application to expand its global capabilities, with Neiman Marcus also introducing select FPS modules such as foundational international services.
The two department stores will also join the Farfetch Marketplace as a partner, adding participating brands in key global geographies.
“I believe the US luxury market is at a pivotal point,” said José Neves, the founder, chair and CEO of Farfetch.
He said that while the US is proving to be “a long-lasting source of growth for the luxury industry”, businesses will have to “significantly upgrade their digital capabilities” to stay ahead in the competitive space.
“This partnership is about revolutionizing the luxury landscape globally, both online and offline, by combining NMG’s iconic presence in the US and Farfetch’s Luxury New Retail vision and technology,” Neves said.
Darcy Penick, President of Bergdorf Goodman added: “By leveraging the technology and expertise of Farfetch we will further advance our integrated strategy to expand our reach and services to customers globally, bringing our one-of-a-kind iconic New York fashion brand to customers worldwide.
“This is an incredible opportunity to amplify our brand, further embed the Bergdorf Goodman experience across online and in-store, and continue our investments to further establish Bergdorf Goodman as a digital luxury leader on a global scale.”
