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 Both Glamour Sales and Neiman Marcus confirmed that the investment has been retracted.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.
Glamour Sales executives declined to disclose the size of the new investors’ stake in the company. It makes them “one of the major partners of Glamour Sales Holdings,” said Alain Soulas, cofounder of Glamour Sales Asia.
The Hong Kong-based Chow Tai Fook Enterprises is the parent of New World Development Co. Ltd., a developer of a number of malls in China, including the recently opened K11 art mall in Shanghai. The company plans to open nearly 20 art malls in China over the next decade. The concept, which mixes fashion with art installations, was first introduced by New World to Hong Kong in 2009. The company also owns Chow Tai Fook, the largest jewelry retailer in the world by market value.
Soulas said the partnership would be mutually beneficial, enabling the e-commerce company, which has operations in China and Japan, to tap into Chow Tai Fook Enterprises’ knowledge of Chinese luxury consumers while the Hong Kong-based group could learn more about online retail from Glamour Sales.
The partnership “will help in terms of our understanding of the luxury world,” Soulas said. “To understand better the Chinese consumer and their luxury behavior. It is changing everyday. Chinese consumers are still reluctant to buy full-priced luxury online, and we need to find that exact turning point when it will change. This kind of partner can help.”
Soulas declined to elaborate on the situation between Glamour Sales and NMG. “It was a good experience to work with them,” he said.
“To operate in China, you have to be very close to the consumer,” he said. “I don’t think it is really possible to operate outside of the country.”
According to Glamour Sales, the company has had an annual growth rate of 92 percent over the past four years. The e-commerce site is forecasting the sale of 2.4 million products this year and revenues of $155 million in 2014 compared to $82 million last year.
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye