US’ Neiman Marcus announces closing of $200 mn investment by Farfetch

NMG will use the proceeds to further accelerate growth and innovation through investments in technology and digital capabilities, NMG said in a media release.

“We are pleased to share the successful closing of the investment by Farfetch in NMG and now that the commercial agreements are final, we are excited to transition to realising the important benefits of this partnership,” said Geoffroy van Raemdonck, CEO of Neiman Marcus Group. “Farfetch’s investment demonstrates its confidence in our omnichannel strategy, and we look forward to partnering with them to continue revolutionizing the luxury customer experience and delivering value to all our stakeholders.”

American luxury retailer Neiman Marcus Group (NMG) has announced the closing of the $200 million common equity minority investment by Farfetch Limited, the leading global platform for the luxury fashion industry, in NMG, and the signing of the commercial agreements with Farfetch Platform Solutions (FPS). The proceeds will be used to accelerate NMG’s growth.

In addition to the minority investment Farfetch is making in NMG, Farfetch and NMG have negotiated a commercial agreement whereby FPS will re-platform the Bergdorf Goodman website and mobile application. As a result, Bergdorf Goodman will introduce its digital customer experience and curated offering to customers globally, integrating seamlessly with the iconic New York City flagship. Additionally, Neiman Marcus is committed to using select FPS modules, including foundational international services. Both Bergdorf Goodman and Neiman Marcus will join the Farfetch Marketplace as a partner, adding participating brands in key global geographies.

Fibre2Fashion News Desk (KD)