EXCLUSIVE: Neiman Marcus Ends Farfetch Commercial Partnership
The Neiman Marcus Group has decided to end its commercial partnership with Farfetch, WWD has learned.
The move comes in the wake of Korea-based Coupang’s purchase of Farfetch, completed last month. The London-based Farfetch had long struggled to turn a profit and was running out of cash amid rising interest rates and plummeting tech valuations, but Coupang provided $500 million to pull Farfetch out of its financial difficulties, as previously reported by WWD.
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Neiman’s informed WWD on Wednesday morning that the Bergdorf Goodman website and app will no longer be re-platforming onto Farfetch Platform Solutions.
“NMG is well positioned with exceptional technology, talent, and resources to further invest in and expand our digital and e-commerce capabilities,” Neiman’s said in a statement Wednesday. “Our focus remains on continuing to deliver a differentiated luxury experience across all facets of our integrated retail model, and to position our business for sustainable, profitable growth. We appreciate Farfetch, which continues to be a minority investor in NMG.”
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