Farfetch Limited and the Neiman Marcus Group (NMG) have announced a global strategic partnership which will see Farfetch make a minority common equity investment of up to $200m (£152.75m) into NMG.
Through this agreement, NMG will utilise the Farfetch Platform Solutions (FPS) to 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 with the New York City flagship.
Additionally, both Bergdorf Goodman and Neiman Marcus will join the Farfetch Marketplace as a partner, adding participating brands in “key” global geographies.
Farfetch now joins existing investors including PIMCO, Davidson Kempner Capital Management, and Sixth Street.
Meanwhile, the completion of the global partnership and investment is expected by the third quarter of 2022, subject to the satisfaction of customary closing conditions.
José Neves, Farfetch founder, chairman and CEO, said: “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.
“This partnership is about revolutionising the luxury landscape globally, both online and offline, by combining NMG’s iconic presence in the US and Farfetch’s Luxury New Retail vision and technology.”
Geoffroy van Raemdonck, CEO of Neiman Marcus Group, added: “We are thrilled to be partnering with Farfetch to accelerate our e-commerce strategy, creating a seamless customer experience.
“José and the entire Farfetch team have built a best-in-class technology platform and are the ideal partner to help us grow Bergdorf Goodman to be an even stronger global digital luxury retailer. Farfetch’s investment demonstrates their confidence in our omnichannel strategy, and we look forward to partnering with Farfetch.”