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Neiman Marcus sets its sights on China with plans for new e-commerce website
Neiman Marcus has its eyes on China. The Dallas-based luxury retailer announced Thursday that it is investing in Glamour Sales Holding, a privately held e-commerce company that focuses on the luxury retail market in China.
It is the retailer's first move into the gigantic Chinese market, where such retailers as Louis Vuitton and Gucci already have a strong foothold.
"We are taking this bold step to establish Neiman Marcus Group as an international brand." — Karen Katz, president
"We are taking this bold step to establish Neiman Marcus Group as an international brand," Karen Katz, president and CEO of the Neiman Marcus Group, said in a statement. "Our strategic investment in Glamour Sales gives us a tremendous partner and a strong foothold in a rapidly expanding luxury market.”
Neiman Marcus plans to launch an e-commerce website through Glamour Sales Holding by the end of this year. The two companies will create a new team in China that will oversee the development, launch and management of the new site.
Glamour Sales Holding, founded in 2009 by Olivier Chouvet and Alain Soulas, and joined in 2010 by Thibault Villet, operates the leading, authorized flash sales websites in Asia: Glamour-Sales.com.cn in China and Glamour-Sales.com in Japan.
Flash sales, where online retailers provide a limited-time offer of high discounts on exclusive items, have proven to be tremendously successful in the European and U.S. markets.
Katz told Women's Wear Daily that the name of the new luxury site will be decided closer to its launch date. She said it is unclear at this point whether the investiment will lead to Neiman Marcus retail stores in China.