- Partnership advances FARFETCH’S Luxury New Retail vision and
Neiman Marcus Group’s (NMG) pioneering omnichannel strategy to
revolutionize integrated luxury retail
- FARFETCH Platform Solutions (FPS) to re-platform and power
website and mobile application of Bergdorf Goodman, an NMG-owned
brand
- Neiman Marcus, an NMG-owned brand, is committed to using
select FPS modules, including foundational international
services
- FARFETCH to make up to $200 million minority investment in
NMG to support digital growth and innovation initiatives
FARFETCH Limited (NYSE: FTCH), the leading global platform for
the luxury fashion industry, and Neiman Marcus Group (NMG), the
largest omnichannel luxury retailer in the U.S. and the parent of
brands including Neiman Marcus and Bergdorf Goodman, today
announced a global strategic partnership and investment by FARFETCH
into NMG. The partnership builds on FARFETCH’S Luxury New Retail
vision and advances NMG’s pioneering strategy to revolutionize
integrated luxury retail, with an initial focus on re-platforming
the Bergdorf Goodman website and mobile application to expand its
global capabilities and services.
This press release features multimedia. View
the full release here:
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José Neves and Geoffroy van Raemdonck
(Photo: Business Wire)
As part of its commitment to the partnership and NMG’s long-term
success, FARFETCH will make a minority common equity investment of
up to $200 million in NMG, joining existing investors including
PIMCO, Davidson Kempner Capital Management, and Sixth Street. NMG
will use the proceeds to further accelerate growth and innovation
through investments in technology and digital capabilities.
The partnership brings together the resources of two industry
leaders with a shared commitment to creating a seamless experience
for customers. FARFETCH has invested for many years in its Luxury
New Retail vision through its differentiated global technology
platform. Neiman Marcus and Bergdorf Goodman have pioneered and
continued to redefine luxury retailing in the United States, with
exclusive products, an omnichannel offering and a team of more than
3,000 talented selling associates, which enable NMG to have an
unmatched relationship with the luxury-obsessed customer.
Through this agreement, NMG will utilize FARFETCH Platform
Solutions (FPS) to re-platform the Bergdorf Goodman website and
mobile application. As a result, Bergdorf Goodman will introduce
its digital customer experience and curated offering to customers
globally, integrating seamlessly with the iconic New York City
flagship. Additionally, Neiman Marcus is committed to using select
FPS modules, including foundational international services. Both
Bergdorf Goodman and Neiman Marcus will join the FARFETCH
Marketplace as a partner, adding participating brands in key global
geographies.
“I believe the U.S. luxury market is at a pivotal point,” said
José Neves, FARFETCH Founder, Chairman and CEO. “Whilst the U.S. is
proving to be a long-lasting source of growth for the luxury
industry, fueled by younger generations who are highly engaged with
the category, businesses will have to significantly upgrade their
digital capabilities – powering both online and offline customer
journeys – to meet these new customer expectations and stay ahead
in what is going to be a competitive space in the coming
years.”
Neves continued, “I greatly admire the Neiman Marcus Group, for
its distinguished role in our industry both with Neiman Marcus and
Bergdorf Goodman, and also for its stellar management team,
including Geoffroy and Darcy. We share the same unwavering vision
for the future of luxury, with the customer at the centre of all we
do. This partnership is about revolutionizing the luxury landscape
globally, both online and offline, by combining NMG’s iconic
presence in the U.S. and FARFETCH’s Luxury New Retail vision and
technology.”
“We are thrilled to be partnering with FARFETCH to accelerate
our e-commerce strategy, creating a seamless customer experience,”
said Geoffroy van Raemdonck, CEO of Neiman Marcus Group. “José and
the entire FARFETCH team have built a best-in-class technology
platform and are the ideal partner to help us grow Bergdorf Goodman
to be an even stronger global digital luxury retailer. FARFETCH’s
investment demonstrates their confidence in our omnichannel
strategy, and we look forward to partnering with FARFETCH to
continue revolutionizing the luxury customer experience and
delivering value to all our stakeholders.”
“Our partnership with Neiman Marcus Group is another example of
how FPS has become a preeminent digital partner for the luxury
fashion industry,” said Kelly Kowal, Chief Platform Officer at
FARFETCH. “This is a significant digital transformation opportunity
that will allow us to unlock massive value for Neiman Marcus Group,
its shareholders and its customers, who will now be able to shop
from wherever they are in the world.”
“By leveraging the technology and expertise of FARFETCH, we will
further advance our integrated strategy to expand our reach and
services to customers globally, bringing our one-of-a-kind iconic
New York fashion brand to customers worldwide,” said Darcy Penick,
President of Bergdorf Goodman. “This is an incredible opportunity
to amplify our brand, further embed the Bergdorf Goodman experience
across online and in-store, and continue our investments to further
establish Bergdorf Goodman as a digital luxury leader on a global
scale.”
Additional Details Completion of the global strategic
partnership and investment is expected by the third quarter of
2022, subject to the satisfaction of customary closing conditions.
Following completion of the agreements, NMG will not be a related
party of FARFETCH as defined by Item 7.B of Form 20-F.
J.P. Morgan is serving as exclusive financial advisor to NMG,
and Kirkland & Ellis LLP and Norton Rose Fulbright LLP are
serving as legal counsel. Bryan Cave Leighton Paisner and Taylor
Wessing LLP are serving as legal counsel to FARFETCH.
ENDS
FARFETCH Forward-Looking Statements This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
contained in this release that do not relate to matters of
historical fact should be considered forward looking statements,
including, without limitation, statements regarding the global
strategic partnership, Farfetch’s investment in NMG, the terms and
anticipated benefits thereof, opportunities and expectations
regarding FPS, any further transactions, market opportunities,
whether the global strategic partnership or investment will reach
closing, and assumptions underlying all such statements, as well as
statements that include the words “expect,” “intend,” “potential”,
“plan,” “believe,” “project,” “forecast,” “estimate,” “may,”
“should,” “anticipate,” “will” and similar statements of a future
or forward-looking nature. These forward-looking statements are
based on management’s current expectations. These statements are
neither promises nor guarantees, but involve known and unknown
risks, uncertainties and other important factors that may cause
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements, including
the factors discussed under the caption “Risk Factors” in
Farfetch’s Annual Report on Form 20-F filed with the U.S.
Securities and Exchange Commission (“SEC”) for the fiscal year
ended December 31, 2021, as such factors may be updated from time
to time in Farfetch’s other filings with the SEC, which are
accessible on the SEC’s website at www.sec.gov and the Investors
page of Farfetch’s website at www.farfetchinvestors.com. In
addition, Farfetch operates in a very competitive and rapidly
changing environment, and new risks emerge from time to time. It is
not possible for Farfetch’s management to predict all risks, nor
can Farfetch assess the impact of all factors on Farfetch’s
business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements that Farfetch may make.
In light of these risks, uncertainties and assumptions, the
forward-looking events and circumstances discussed in this release
are inherently uncertain and may not occur, and actual results
could differ materially and adversely from those anticipated or
implied in the forward-looking statements. Accordingly, you should
not rely upon forward-looking statements as predictions of future
events. In addition, the forward-looking statements made in this
release relate only to events or information as of the date on
which the statements are made in this release. Except as required
by law, Farfetch undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
Neiman Marcus Group Forward-Looking Statements NMG has
included statements in this press release that constitute
"forward–looking statements." As a general matter, forward–looking
statements are those focused on future or anticipated events or
trends, expectations and beliefs including, among other things,
NMG’s expectations with respect to the actions described herein.
Such statements are intended to be identified by using words such
as "believe," "expect," "intend," "estimate," "anticipate," "will,"
"project," "plan" and similar expressions in connection with any
discussion of future operating or financial performance. Any
forward–looking statements are and will be based upon NMG’s
then–current expectations, estimates and assumptions regarding
future events and are applicable only as of the dates of such
statements. Readers are cautioned not to put undue reliance on such
forward–looking statements. Such forward–looking statements are not
guarantees of future performance and involve risks and
uncertainties, and actual results may differ materially from those
projected in this press release for numerous reasons, including
factors outside NMG’s control. NMG undertakes no obligation to
update or revise any forward–looking statements, whether as a
result of new information, future events or otherwise.
About FARFETCH FARFETCH Limited is the leading global
platform for the luxury fashion industry. Founded in 2007 by José
Neves for the love of fashion, and launched in 2008, FARFETCH began
as an e-commerce marketplace for luxury boutiques around the world.
Today, the FARFETCH Marketplace connects customers in over 190
countries and territories with items from more than 50 countries
and more than 1,400 of the world’s best brands, boutiques and
department stores, delivering a truly unique shopping experience
and access to the most extensive selection of luxury on a single
platform. FARFETCH’s additional businesses include Browns and
Stadium Goods, which offer luxury products to consumers, and New
Guards Group, a platform for the development of global fashion
brands. FARFETCH offers its broad range of consumer-facing channels
and enterprise level solutions to the luxury industry under its
Luxury New Retail initiative. The Luxury New Retail initiative also
encompasses Farfetch Platform Solutions, which services enterprise
clients with e-commerce and technology capabilities, and Future
Retail, which develops innovations such as our Connected Retail
solutions.
For more information, please visit www.farfetchinvestors.com
About Neiman Marcus Group Neiman Marcus Group is a
relationship business that leads with love in everything we do for
our customers, associates, brand partners, and communities. Our
legacy of innovating and our culture of Belonging guide our roadmap
for Revolutionizing Luxury Experiences. As one of the largest
multi-brand luxury retailers in the U.S., with the world's most
desirable brand partners, we're delivering exceptional products and
intelligent services, enabled by our investments in data and
technology. Through the expertise of our 9,000+ associates, we
deliver and scale a personalized luxury experience across our three
channels of in-store, eCommerce, and remote selling. Our NMG|Way
culture, powered by our people, combines individual talents into a
collective strength to make life extraordinary. Our brands include
Neiman Marcus, Bergdorf Goodman, Neiman Marcus Last Call, and
Horchow. For more information, visit www.neimanmarcusgroup.com.
About Bergdorf Goodman A New York landmark since 1901,
Bergdorf Goodman represents the global pinnacle of style, service
and modern luxury. With its rich history of showcasing leading and
emerging designers, the iconic store at 5th Avenue and 58th
Street—the crossroads of fashion—is a singular destination for
discerning customers around the world. BG.com expands on Bergdorf
Goodman’s heritage, showcasing coveted collections for men and
women in an unparalleled online shopping experience. Bergdorf
Goodman is part of Neiman Marcus Group.
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FARFETCH Media Contacts:
Susannah Clark VP Communications, Global
susannah.clark@farfetch.com +44 7788 405224
Brunswick Group farfetch@brunswickgroup.com US: +1 (212) 333
3810 UK: +44 (0) 207 404 5959
FARFETCH Investor Relations
Contact: Alice Ryder VP Investor Relations
IR@farfetch.com
Neiman Marcus Group Media
Contacts: John Walls Senior Director, Corporate
Communications & Content Strategy, Neiman Marcus Group
+1-512-221-8434 john_walls@neimanmarcus.com
Andi Rose / Ed Trissel Joele Frank, Wilkinson Brimmer Katcher
+1-212-355-4449 Small Girls PR nmg@smallgirlspr.com
Neiman Marcus Group Investor Relations
Contact: Mark Anderson Director, Corporate Finance and
Investor Relations, Neiman Marcus Group
mark_d_anderson@neimanmarcus.com
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