FARFETCH AND NEIMAN MARCUS GROUP ANNOUNCE THE CLOSING OF A $200 MILLION MINORITY INVESTMENT BY FARFETCH IN NEIMAN MARCUS GROUP
Neiman Marcus Group (NMG), the largest integrated luxury retailer in the U.S. and the parent of brands including Neiman Marcus and Bergdorf Goodman, announced the closing of the $200 million common equity minority investment by FARFETCH Limited (NYSE: FTCH), the leading global platform for the luxury fashion industry, in NMG, and the signing of the 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 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 realizing 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.”
In addition to the minority investment FARFETCH is making in NMG, FARFETCH and NMG have negotiated a commercial agreement whereby FARFETCH Platform Solutions (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.
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 invested for many years in its Luxury New Retail vision through its differentiated global technology platform. Neiman Marcus and Bergdorf Goodman have pioneered and continued to redefine luxury retailing in the United States, with exclusive products, an omnichannel offering, and a team of more than 3,000 talented selling associates, which enable NMG to have an unmatched relationship with the luxury-obsessed customer.