Deal Will Put Macy's Brands Into China
Home & Textiles Today Staff -- Home Textiles Today, July 19, 2012
Macy's will become a stakeholder in China's VIPStore Co. Ltd. and will sell its private label merchandise through VIPStore's new omei.com ecommerce site for luxury and fashion brands.
Macy's has made a $15 million equity investment in the company, which makes it a minority stakeholder. VIPStore also operates jiapin.com, a flash sale site.
This is the third strategic move on the international front for Macy's Inc. Macys.com began selling online in more than 100 nations - including China - last year through a collaboration with FiftyOne, an international ecommerce provider. In 2010, it opened its first international Bloomingdale's store in Dubai through a licensing agreement with Al Tayer Group LLC, a leading luxury retailer and distributor in the region.
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