UPDATE 1-Neiman Marcus to woo China shoppers via the web
March 22 (Reuters) - U.S. department store operator Neiman Marcus Group Inc said on Wednesday it would venture into China's fast-growing luxury retail market for the first time, seeking to build a presence there via the web.
Neiman will invest $28 million in fashion website Glamour Sales Holding which will help it establish an e-commerce website by the end of 2012.
The site will sell current-season offerings as well as provide fashion expertise and behind-the-scenes videos.
The investment is also aimed at fueling growth in Glamour Sales' flash sales business, where online retailers provide limited-time discount offers on certain products.
Neiman, which operates namesake upscale department stores as well as Bergdorf Goodman, was bought by an investor group led by private equity firm TPG Capital and Warburg Pincus LLC in October 2005.
- Ukraine accuses Russia of "undisguised aggression" as rebels advance |
- Disruptive Hong Kong protests loom after China rules out democracy |
- Syrian army, rebels fight on Golan where peacekeepers held |
- European investors look past Ukraine, focus on ECB
- After unrest over shooting, Ferguson police now wear body cameras