NMG will use the proceeds to further accelerate growth and innovation through investment in technology and digital capabilities, NMG said in a media release.
“We are pleased to share that Farfetch has successfully concluded Farfetch’s investment in NMG, and now that the commercial arrangements are complete, we are excited to move on to realizing the significant benefits of Farfetch. this partnership,” Geoffroy van Raemdonck, CEO of Neiman Marcus Group. “Farfetch’s investment demonstrates confidence in our omnichannel strategy and we look forward to working with them to continue to revolutionize the luxury customer experience and deliver value to all customers.” our stakeholders.”
American luxury retailer Neiman Marcus Group (NMG) has announced the close of a $200 million minority equity investment by Farfetch Limited, the leading global platform for the luxury fashion industry, in NMG , and the signing of commercial agreements with Farfetch Platform Solutions (FPS). The proceeds will be used to accelerate the development of NMG.
In addition to the minority investment Farfetch is making in NMG, Farfetch and NMG have negotiated a commercial agreement under which FPS will re-platform the Bergdorf Goodman website and mobile app. As a result, Bergdorf Goodman will introduce digital customer experiences and offer curated services to customers around the globe, seamlessly integrating with New York City’s leading icon. In addition, Neiman Marcus is committed to the use of select FPS modules, including basic international services. Both Bergdorf Goodman and Neiman Marcus will join Farfetch Marketplace as partners, adding participating brands in key global geographies.
Fiber2 Fashion News Desk (KD)