Farfetch Agrees To Make ~$200M Investment In Neiman Marcus Group

Farfetch Ltd FTCH has entered into a partnership and investment agreement with the luxury retailer Neiman Marcus Group (NMG).
NMG is the parent of brands including Neiman Marcus and Bergdorf Goodman.
The partnership will initially focus on re-platforming the Bergdorf Goodman website and mobile application to expand its global capabilities and services.
Farfetch will also make a minority equity investment of up to $200 million in NMG which will be used to foster technology and digital capabilities.
Both Bergdorf Goodman and Neiman Marcus will join the Farfetch Marketplace as a partner, adding participating brands in key global geographies.
NMG's existing investors include PIMCO, Davidson Kempner Capital Management, and Sixth Street.
Price Action: FTCH shares are trading higher by 0.64% at $17.35 in premarket on the last check Tuesday.