Tuesday, April 23, 2019

Neiman Marcus acquires stake in one of retail’s fastest-growing sectors

Chain Store Age
The booming resale market has gone mainstream.

Neiman Marcus Group said it is acquiring a minority stake in Fashionphile, an online retailer of previously-owned ultra-luxury handbags, jewelry and accessories. The upscale department store company is the first major luxury retailer to directly invest in the fast-growing pre-owned apparel and accessories market, which is projected to grow from $24 billion to $51 billion by 2024, according to a new report from reseller ThredUP. It did not disclose the amount of its investment. . . . more