Online luxury platform Farfetch has closed a $200 million common equity minority investment in US-based integrated luxury retailer Neiman Marcus Group (NMG).
NMG plans to use the proceeds to further accelerate growth and innovation through investments in technology and digital capabilities.
Announced in April 2022, the investment is part of a broader strategic partnership that will include Neiman Marcus and Bergdorf Goodman joining the Farfetch Marketplace as partners.
“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, 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.”
Farfetch and NMG have also negotiated a commercial agreement where 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 offerings globally, integrated with its New York City flagship store.
Neiman Marcus said it 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.
