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Farfetch invests £152m in Neiman Marcus to advance Luxury New Retail vision

Camilla Rydzek
05 April 2022

Farfetch is to make a minority investment of up to £152 million into Neiman Marcus Group, parent company of the namesake department store and Bergdorf Goodman, as it advances its Luxury New Retail vision.

NMG said that it would use the funds to further accelerate growth and innovation through investments in technology and digital capabilities.

The partnership will initially use Farfetch Platform Solutions (FPS) to re-platform the Bergdorf Goodman website and mobile application to expand its global capabilities, with Neiman Marcus also introducing select FPS modules such as foundational international services.

The two department stores will also join the Farfetch Marketplace as a partner, adding participating brands in key global geographies.

For the financial year of 2021 Farfetch reported a 35% year-on-year revenue increase to £1.7 billion, which was largely driven by its digital marketplace, generating growth from multi-brand retailers and e-concession partners.

José Neves, Farfetch Founder, Chairman and CEO said: “I believe the U.S. luxury market is at a pivotal point. Whilst the U.S. is proving to be a long-lasting source of growth for the luxury industry, fueled by younger generations who are highly engaged with the category, businesses will have to significantly upgrade their digital capabilities – powering both online and offline customer journeys – to meet these new customer expectations and stay ahead in what is going to be a competitive space in the coming years.”

Darcy Penick, President of Bergdorf Goodman added: “By leveraging the technology and expertise of Farfetch we will further advance our integrated strategy to expand our reach and services to customers globally, bringing our one-of-a-kind iconic New York fashion brand to customers worldwide.

"This is an incredible opportunity to amplify our brand, further embed the Bergdorf Goodman experience across online and in-store, and continue our investments to further establish Bergdorf Goodman as a digital luxury leader on a global scale.”

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