Neiman Marcus to acquire minority stake in Fashionphile

18 April 2019 (Last Updated April 18th, 2019 15:28)

US-based luxury retailer Neiman Marcus Group has announced an agreement to purchase a minority stake in e-commerce company Fashionphile.

Neiman Marcus to acquire minority stake in Fashionphile
Neiman Marcus to acquire minority stake in Fashionphile. Credit: Business Wire.

US-based luxury retailer Neiman Marcus Group has announced an agreement to purchase a minority stake in e-commerce company Fashionphile.

Both companies will work together to create enhanced pre-owned experiences by pairing Neiman’s physical footprint and customer base with Fashionphile’s digital inventory.

The partnership will also support the luxury retail chain in enabling its customers to buy pre-owned goods, as well as reach new shoppers.

Neiman Marcus Group CEO Geoffroy van Raemdonck said: “Our investment in Fashionphile is an exciting step in Neiman Marcus Group’s transformation into a luxury customer platform, as we work to better serve our customers, continue to shape the future of luxury and position Neiman Marcus for long-term and sustainable growth.

“Our investment in Fashionphile is an exciting step in Neiman Marcus Group’s transformation into a luxury customer platform.”

“With Fashionphile, we will engage with customers participating in the secondary market and introduce Neiman Marcus to younger and aspirational shoppers already devoted to luxury brands. We look forward to partnering with Fashionphile to create yet another exciting reason to experience our stores.”

Neiman will offer immediate quotes to customers for their items from Fashionphile, and immediate payments that can be used to reinvest in new luxury fashion items, at select stores, on the same day.

Fashionphile founder and president Sarah Davis said: “Neiman Marcus is the perfect partner for Fashionphile as we pursue more innovative ways to engage with customers. Since our launch two decades ago, Fashionphile has expanded to become one of the leading and most trusted destinations for pre-owned luxury. I am excited about our future as we enter this new stage in the company’s growth.”

Fashionphile co-founder and chief executive officer Ben Hemminger said: “Customers are approaching luxury in new ways, and pre-owned is at the centre of that shift. Fashionphile is ideally positioned to benefit from this trend, and we look forward to leveraging the resources, capabilities and expertise of Neiman Marcus to help us scale more quickly.”