Neiman Marcus invests in Chinese e-commerce company
Dallas -- The Neiman Marcus Group said Thursday that it will invest $28 million in Glamour Sales Holding, a Shanghai-based e-commerce company, as part of its strategy to gain a foothold in the Asian e-commerce marketplace.
“We are taking this bold step to establish Neiman Marcus Group as an international brand,” said Karen Katz, president and CEO, Neiman Marcus Group.
Through Glamour Sales Holding, Neiman Marcus Group said it will launch an e-commerce website by the end of 2012. The site will feature a mix of full-price, current-season offerings to reflect Chinese luxury customer preferences.
The two companies will combine talent to create a new team in China who will oversee the development, launch and management of the new website.