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Neiman Marcus Group on Wednesday announced it has abandoned plans to use Farfetch’s e-commerce software to revamp the luxury department store’s online storefront and app. The luxury department store chain will also not join Farfetch’s marketplace.
Neiman Marcus Group first entered an agreement with Farfetch in 2022, when the luxury e-tailer invested $200 million in the department store chain. As part of that deal, Bergdorf Goodman was supposed to update its own e-commerce experience to use Farfetch’s software, Farfetch Platform Solutions, which provides online shopping tools for companies like Harrods, Chanel and Thom Browne.
Farfetch will remain a minority investor in Neiman Marcus Group, as the department store chain continues investing its original capital injection into building its own e-commerce technology, according to a person familiar with the matter.
“We continue to partner closely with thousands of brands and boutiques around the world to provide an elevated online luxury experience for millions of customers,” a Farfetch spokesperson said in an emailed statement.
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The news comes a week after South Korean e-commerce giant Coupang completed its acquisition of Farfetch’s assets, including FPS, amid backlash from a group of investors.
Learn more:
South Korea’s Coupang Completes Farfetch Acquisition
The Korean e-commerce giant on Wednesday announced it finalised its deal to control all of the London-based luxury e-tailer’s assets, which include its online marketplace and software platform.
Editor's Note: The article was revised on 7 February. An earlier version misstated which company in Neiman Marcus Group would revamp its site and app using Farfetch's technology. It was Bergdorf Goodman, not Neiman Marcus.
