Business Insider reports that Neiman Marcus has acquired a minority stake in the online fashion site, Fashionphile. The virtual shop is an online resale platform for luxury handbags, jewelry, and accessories. Neiman Marcus is cashing in on the current shift away from department stores in favor of more secondhand and resale shops which is being driven by younger consumers. In a statement to the press, the company focused on its intent to attract younger shoppers as one of the reasons for the acquisition, saying; "The exclusive partnership will serve as a catalyst for Neiman Marcus to enable its existing customers to participate in pre-owned, while also reaching new, younger shoppers ahead of their peak spending years".

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Fox News 21 Aug 2019 05:03 CEST

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