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Neiman Marcus announces expansion into China
By Lu Nengneng |
March 22, 2012, Thursday
|
Online Edition
Online Edition
US-BASED Neiman Marcus Group Inc announced today that it will invest US$28 million in a Hong Kong e-commerce company to set up its first foothold in China, the world's fastest-growing luxury market.
Through the partnership with privately-held Glamour Sales Holding, the Dallas-based retailer will launch its own luxury e-commerce website by the end of this year, with multi-brand, full-price, and current-season offerings for Chinese consumers.
The investment will also help boost the "flash sales" online business operated by Glamour Sales, which provides limited-time high discounts on luxury goods in China and Japan, the company said.
Karen Katz, President and CEO of Neiman Marcus Group said the partnership heralds the company's international expansion, and the timing is good for exploring China, which is expected to become the world's largest luxury market in the next decade.
All the luxury goods will be sourced directly from manufacturers and priced at the same level as in the local boutiques though the company is aware that the luxury prices are higher in China than overseas, Katz added.
Founded in 1907, Neiman Marcus now has more than five million gross square feet of store operations in the US, including 42 namesake stores and two Bergdorf Goodman stores. It is said to be the first luxury retailer in the US to go online in 1999.
The US luxury chain is held by private-equity firms Warburg Pincus and TPG.
Through the partnership with privately-held Glamour Sales Holding, the Dallas-based retailer will launch its own luxury e-commerce website by the end of this year, with multi-brand, full-price, and current-season offerings for Chinese consumers.
The investment will also help boost the "flash sales" online business operated by Glamour Sales, which provides limited-time high discounts on luxury goods in China and Japan, the company said.
Karen Katz, President and CEO of Neiman Marcus Group said the partnership heralds the company's international expansion, and the timing is good for exploring China, which is expected to become the world's largest luxury market in the next decade.
All the luxury goods will be sourced directly from manufacturers and priced at the same level as in the local boutiques though the company is aware that the luxury prices are higher in China than overseas, Katz added.
Founded in 1907, Neiman Marcus now has more than five million gross square feet of store operations in the US, including 42 namesake stores and two Bergdorf Goodman stores. It is said to be the first luxury retailer in the US to go online in 1999.
The US luxury chain is held by private-equity firms Warburg Pincus and TPG.
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