Neiman Marcus Group announced Wednesday that it has scrapped plans to use Farfetch's e-commerce software to revamp the luxury department store's online store and app. Luxury department store chains will also not participate in Farfetch's marketplace.
Neiman Marcus Group first signed a deal with Farfetch in 2022, when the luxury e-tailer invested $200 million in the department store chain. As part of the deal, Bergdorf Goodman will enable its e-commerce experience to use Farfetch Platform Solutions, Farfetch's software that provides online shopping tools to companies such as Harrods, Chanel and Thom Browne. was scheduled to be updated.
Farfetch will remain a minority investor in Neiman Marcus Group as the group continues to inject initial capital into building its own e-commerce technology, the people said.
“We continue to work closely with thousands of brands and boutiques around the world to deliver elevated online luxury experiences to millions of customers,” a Farfetch spokesperson said in an emailed statement. ” he said.
The news comes a week after South Korean e-commerce giant Coupang completed its acquisition of Farfetch's assets, including FPS, amid pushback from investor groups.
learn more:
South Korea's Coupang completes acquisition of Farfetch
The South Korean e-commerce giant announced Wednesday that it has signed a deal to manage all of the London-based luxury e-tailer's assets, including its online marketplace and software platform.
Editor's note: This article was revised on February 7th. A previous version incorrectly stated which Neiman Marcus Group companies would use Farfetch's technology to modernize their sites and apps. It was Bergdorf Goodman, not Neiman Marcus.
