Neiman Marcus enters Asian e-commerce market via alliance with Glamour Sales Holding
March 22, 2012,
Dallas - Neiman Marcus Group Inc. is making its first move into the luxury retail market in China with its recent, non-controlling strategic investment in privately-held ecommerce company Glamour Sales Holding.
Karen Katz, president and ceo of The Neiman Marcus Group, made the announcement today, noting the company is "taking this bold step to establish Neiman Marcus Group as an international brand. Our strategic investment in Glamour Sales gives us a tremendous partner and a strong foothold in a rapidly expanding luxury market."
Through Glamour Sales Holding, Neiman Marcus Group intends to launch an e-commerce website by the end of 2012. The site will feature "an expertly curated mix of full-price, current-season offerings to reflect the discerning taste of the Chinese luxury customer," the company noted. It will include editorial content, fashion expertise and behind-the-scenes videos "to make it a reliable and indispensable source of valuable insights about featured luxury brands."
Neiman Marcus Group's investment is $28 million, which will both help fuel the growth of Glamour Sales' existing flash sales business in Asia and build a new branded e-commerce business. The two companies will combine talent to create a new team in China who will oversee the development, launch and management of the new website.
"We have a rich, century-long heritage with two prestigious brands - Neiman Marcus and Bergdorf Goodman," Katz continued. "We believe that our vast experience and history of success in luxury and fashion, customer service and e-commerce, combined with Glamour Sales' keen understanding of the Chinese market, presents us with a unique opportunity to build a vibrant full-price, multi-brand, luxury online business in China."
Added Chouvet, ceo of Glamour Sales Holding: "We are delighted to be teaming up with the top luxury retailer in the world. This partnership represents the coming together of two pioneers. Neiman Marcus was the first luxury retailer to go online and Glamour Sales was the first to bring authorized flash sales to China. Together we look forward to offering Chinese customers the best merchandise and service available. And we will provide our customers with the peace of mind that comes from knowing that all of our luxury goods are authorized, authentic and sourced directly from the manufacturer."
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