Neiman Marcus Group ends partnership with Farfetch
Neiman Marcus Group said Wednesday it will end its commercial partnership with online luxury retailer Farfetch.
Why it matters: It's a switch in fortunes for the two companies, one largely physical, the other largely digital.
Catch up fast: Nearly two years ago, high-flying Farfetch invested $200 million into Neiman Marcus in exchange for a minority stake.
- As part of that deal, Farfetch would re-platform subsidiary Bergdorf Goodman's website and mobile application.
- Neiman Marcus and Bergdorf Goodman would plan to join Farfetch's marketplace as partners.
Zoom in: Financially troubled Farfetch recently got a $500 million rescue from South Korea's Coupang and U.S. investment firm Greenoaks.
What they're saying: "The Bergdorf Goodman website and app will continue to serve as the luxury e-commerce destination for its customers and will no longer be re-platforming onto Farfetch Platform Solutions," per a statement from Neiman.
The intrigue: Farfetch, however, will continue to be a minority, non-voting investor.
Editor's note: This story has been corrected to reflect the status of Neiman's Farfetch platform and marketplace.