The Neiman Marcus Group has decided to end its commercial partnership with Farfetch, WWD has learned.
The move comes in the wake of Korea-based Coupang’s purchase of Farfetch, completed last month. The London-based Farfetch had long struggled to turn a profit and was running out of cash amid rising interest rates and plummeting tech valuations, but Coupang provided $500 million to pull Farfetch out of its financial difficulties, as previously reported by WWD.
Neiman’s informed WWD on Wednesday morning that the Bergdorf Goodman website and app will no longer be re-platforming onto Farfetch Platform Solutions.
“NMG is well positioned with exceptional technology, talent, and resources to further invest in and expand our digital and e-commerce capabilities,” Neiman’s said in a statement Wednesday. “Our focus remains on continuing to deliver a differentiated luxury experience across all facets of our integrated retail model, and to position our business for sustainable, profitable growth. We appreciate Farfetch, which continues to be a minority investor in NMG.”