Farfetch closes 200 million dollar minority investment in Neiman Marcus Group

Retail conglomerate Neiman Marcus Group (NMG) has announced the closing of a 200 million dollar equity minority investment in the group by luxury fashion platform Farfetch Limited, as well as a commercial agreement with Farfetch Platform Studios (FPS).

In a release, NMG said it will be using the proceeds to accelerate growth and innovation through investments in technology and digital capabilities.

Additionally, the agreement with FPS will allow NMG to re-platform its own brand, Bergdorf Goodman’s website and mobile application, introducing a digital customer experience to global consumers.

Both Bergdorf Goodman and Neiman Marcus will further be joining the Farfetch Marketplace as a partner, adding participating brands into its global reach.

“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 realising the important benefits of this partnership,” said Geoffroy van Raemdonck, CEO of NMG.

Raemdonck continued: “Farfetch’s investment demonstrates its confidence in our omnichannel strategy, and we look forward to partnering with them to continue revolutionising the luxury customer experience and delivering value to all our stakeholders.”