Neiman Marcus Group (NMG) abandoned plans to make use of Farfetch to update its online store and app, the corporate confirmed. Because of this, the apparel retailer will now not join Farfetch’s marketplace.
NMG is the parent company of Neiman Marcus, Bergdorf Goodman, Last Call and Horchow.
“NMG is well positioned with exceptional technology, talent, and resources to further spend money on and expand our digital and ecommerce capabilities,” a Neiman Marcus representative told Women’s Wear Every day. “Our focus stays on continuing to deliver a differentiated luxury experience across all facets of our integrated retail model, and to position our business for sustainable, profitable growth. We appreciate Farfetch, which continues to be a minority investor in NMG.”
Neiman Marcus ranks No. 72 within the Top 1000. The Digital Commerce 360 database ranks North America’s leading online retailers by their web sales. Farfetch is No. 30 within the Global Online Marketplaces Database, Digital Commerce 360’s rating of the highest 100 online marketplaces by gross merchandise value.
Neiman Marcus and Farfetch
The department store first announced a partnership with Farfetch in 2022. Farfetch, a luxury fashion online marketplace based within the U.K., invested $200 million in Neiman Marcus. That made Farfetch a minority investor in Neiman Marcus, which it stays today.
As a part of the agreement, Bergdorf Goodman planned to replatform its website and mobile app using Farfetch Platform Solutions. Each Bergdorf Goodman and Neiman Marcus agreed to affix Farfetch marketplace as partners and expand to latest global markets, they said in a joint press release on the time.
“We proceed to partner closely with hundreds of brands and boutiques world wide to offer an elevated online luxury experience for thousands and thousands of consumers,” a Farfetch spokesperson said an announcement regarding the top of the partnership.
Farfetch’s acquisition
NMG and Farfetch ended their relationship just days after Coupang accomplished its acquisition of Farfetch. Farfetch faced potential bankruptcy and agreed to be taken private by the South Korean ecommerce platform. The deal consisted of $500 million in bridge loans through a partnership with the investment firm Greenoaks Capital Partners.
Coupang ranks No. 12 within the Global Online Marketplaces Database. It operates the most important online marketplace in South Korea.
“Farfetch is a landmark of the posh landscape and has been a transformative force in demonstrating that online luxury is the long run of luxury retail,” said Bom Kim, founder and CEO of Coupang. “Farfetch will rededicate itself to providing essentially the most elevated experience for the world’s most exclusive brands, while pursuing regular and thoughtful growth as a personal company. We also see tremendous opportunities to redefine the client experience for luxury clients in all places.”
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