Farfetch, the luxury e-tailer from London, along with Neiman Marcus Group have announced a global strategic alliance, wherein the former will invest up to US $ 200 million in the latter.
The alliance’s maiden project will be to, reportedly, re-platform Bergdorf Goodman’s website and mobile application using Farfetch Platform Solutions.
Here it is important to state that Neiman Marcus Group owns Bergdorf Goodman.
Notably, both Neiman Marcus Group and Bergdorf Goodman will join the Farfetch Marketplace as partners adding participating brands in key global geographies.
Moreover, both Neiman Marcus and Bergdorf also get an opportunity to now connect with younger shoppers.
The partnership could end out to be more profitable for Farfetch!
As is the case with the secondhand apparel platform ThredUp, whose ‘resale as a service’ tech seems to be making more money for it than apparel sales, Farfetch could also taste more success as a tech provider.
Substantiating on this, Kelly Kowal, Chief Platform Officer, Farfetch, said that the alliance with Neiman Marcus Group is yet another instance of how Farfetch Platform Solutions has become a pre-eminent digital partner for the luxury fashion industry.
Founded in 2007, Farfetch is a British-Portuguese online luxury fashion retail platform that sells products from over 700 boutiques and brands from around the world.
Also Read: Farfetch’s Q4 revenue climbs 23% to US $ 666 million; full-year revenue up by 35%
