FARFETCH and Neiman Marcus Gro
DALLAS, May 31, 2022 /PRNewswire/ — Neiman Marcus Group (NMG), the largest integrated luxury retailer in the United States and the parent company of brands such as Neiman Marcus and Bergdorf Goodman, announced the closure of the $200 million the minority equity investment of FARFETCH Limited (NYSE: FTCH), the world’s leading luxury fashion industry platform, in NMG, and the signing of commercial agreements with FARFETCH Platform Solutions (FPS). NMG will use the proceeds to further accelerate growth and innovation through investments in technology and digital capabilities to make life extraordinary for its customers.
“We are delighted to share the successful closing of FARFETCH’s investment in NMG and now that the commercial agreements are final, we are excited to move on to realize the significant benefits of this partnership,” said Geoffrey van Raemdonck, CEO of Neiman Marcus Group. “FARFETCH’s investment demonstrates their confidence in our omnichannel strategy, and we look forward to partnering with them to continue to revolutionize the luxury customer experience and deliver value to all of our stakeholders.”
In addition to FARFETCH’s minority investment in NMG, FARFETCH and NMG have negotiated a commercial agreement whereby FARFETCH Platform Solutions (FPS) will re-platform Bergdorf Goodman’s website and mobile application. As a result, Bergdorf Goodman will showcase its digital customer experience and curated offering to customers around the world, integrating seamlessly with the iconic New York City flagship. In addition, Neiman Marcus agrees to use selected FPS modules, including core international services. Bergdorf Goodman and Neiman Marcus will join FARFETCH Marketplace as a partner, adding participating brands in key global geographies.
The partnership between Neiman Marcus Group and FARFETCH brings together the resources of two industry leaders with a shared commitment to creating a seamless experience for customers. FARFETCH has been investing in its Luxury New Retail vision for many years through its differentiated global technology platform. Neiman Marcus and Bergdorf Goodman pioneered and continued to redefine luxury retail in United Stateswith exclusive products, an omnichannel offer and a team of more than 3,000 talented salespeople, which allow NMG to nurture an unparalleled relationship with the luxury-obsessed customer.
About Neiman Marcus Group
Neiman Marcus Group is a relationship company that lovingly directs everything we do for our customers, associates, brand partners and communities. Our heritage of innovation and our culture of belonging guides our roadmap to revolutionize luxury experiences. As one of the largest multi-brand luxury retailers in the United States, with the world’s most sought-after brand partners, we deliver exceptional products and intelligent services, enabled by our investments in data and technology. . Thanks to the expertise of our more than 9,000 associates, we offer and develop a personalized luxury experience on our three channels of in-store, e-commerce and remote sales. Our NMG|Way culture, powered by our people, combines individual talents into a collective force to make life extraordinary. Our brands include Neiman Marcus, Bergdorf Goodman, Neiman Last call from Marcus, and Horchow. For more information, visit www.neimanmarcusgroup.com.
FARFETCH Limited is the leading global platform for the luxury fashion industry. Founded in 2007 by José Neves for the love of fashion and launched in 2008, FARFETCH began as an e-commerce marketplace for luxury boutiques around the world. Today, the FARFETCH Marketplace connects customers in over 190 countries and territories with items from over 50 countries and over 1,400 of the world’s top brands, boutiques and department stores, delivering a truly unique and access to the widest selection of luxury products. on a single platform. Additional FARFETCH businesses include Browns and Stadium Goods, which provide luxury goods to consumers, and New Guards Group, a platform for the development of global fashion brands. FARFETCH offers its wide range of consumer-facing channels and enterprise-grade solutions to the luxury industry as part of its Luxury New Retail initiative. The Luxury New Retail initiative also includes FARFETCH Platform Solutions, which provides enterprise customers with e-commerce and technology capabilities, and Future Retail, which develops innovations such as our Connected Retail solutions.
For more information, visit www.farfetchinvestors.com
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SOURCENeiman Marcus Holding Company, Inc.