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Neiman Marcus Buys Stake in Pre-Owned Luxury Goods Site
The deal will see select stores become drop-off locations for Fashionphile customers.
A screenshot of digital pre-owned luxury marketplace Fashionphile’s jewelry and watches section
Dallas—Neiman Marcus is taking a big step into the pre-owned luxury market.
The retailer announced Wednesday it has acquired a minority stake in Fashionphile, a pre-owned e-commerce company focused on luxury handbags, accessories, and jewelry.
Financial terms of the deal were not disclosed.
Sarah Davis founded Fashionphile in 1999 and added business partner Ben Hemminger to the team in 2006 to help expand the business and get it in front of a larger market.
The company came in at No. 8 in Google’s most-searched-for fashion brands list for 2018 and currently has showrooms in Beverly Hills, San Francisco, Carlsbad, California, and Manhattan. It boasts a 15,000-item inventory.
While the partnership doesn’t mean that Neiman Marcus will begin selling pre-owned goods itself (those will continue to be sold exclusively through Fashionphile), the deal will allow the retailer to engage customers in the secondary market and introduce its brand to younger and aspirational shoppers already looking for luxury brands, it said in a press release.
As part of the partnership, Neiman Marcus and Fashionphile will collaborate on new ways for buyers and sellers to more easily take part in pre-owned shopping, the companies said.
For example, select Neiman stores will become drop-off locations for Fashionphile customers, where they will be able to receive not only an immediate quote for their items but also immediate payment, meaning they could then potentially turn around and shop in those Neiman Marcus stores.
The company did not respond to an inquiry about how many stores would have this feature by press time.
“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,” said Neiman Marcus Group CEO Geoffroy van Raemdonck. “Over half our customers already engage in pre-owned luxury, and this exclusive partnership exemplifies our commitment to providing our customers with services and offerings they want and need.”
Neiman Marcus said the move makes it the first major luxury retailer to directly invest in the pre-owned segment, which is expected to grow to $23 billion by 2023, according to ThredUp’s Annual Resale Report.
Neiman’s agreement with Fashionphile isn’t all that different from a partnership it had with The RealReal in 2015. Though it didn’t make an investment in that luxury
consignment platform then, its collaboration included Neiman Marcus store personnel advising customers that The RealReal was available to resell their goods, giving a bonus if they opted to get the payment in Neiman Marcus gift cards.
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