Neiman Marcus invests in luxury reseller Fashionphile, proving the power of re-commerce and Millennials
Share to twitterNeiman Marcus says it's the first major luxury retailer to invest in a resale business, taking a minority stake in Fashionphile. The retail industry, traditionally built on selling new things, is responding to consumers’ growing appetite for resale. The latest example: Neiman Marcus said it has become the first major luxury retailer to directly invest in the pre-owned business, taking a minority stake in 20-year-old luxury resale player Fashionphile.
Neiman Marcus, based in Dallas, decided to invest in resale last year after a company survey of its customers found that more than half of them engage in “re-commerce” but weren’t happy with their resale experience, Raemdonck said. Raemdonck, an industry veteran who has been with companies including Ralph Lauren and Louis Vuitton, said he isn’t worried that re-commerce or the growing sustainability movement will hurt luxury industry demand.
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