SHANGHAI — Glamour Sales Holdings Ltd., the Asian-based e-commerce site specializing in flash sales that had partnered with Neiman Marcus Group Ltd. LLC to help launch its Chinese e-tailing site, has received a $65 million investment from Chow Tai Fook Enterprises and Investec Bank Plc.
Neiman Marcus has pulled its $38 million investment, representing a 44 percent stake, from Glamour Sales. Both Glamour Sales and Neiman Marcus confirmed that the investment has been retracted. NMG recently decided not to hold inventory in Chinese warehouses and instead to ship to Chinese customers from the U.S. Glamour Sales had been handling the fulfillment from China.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"