Skip to comments.Neiman Scaling Back Physical Presence in China
Posted on 05/26/2013 8:40:13 PM PDT by TexGrill
Neiman Marcus Group Inc. is scaling back its physical operations in China amid a broader slowdown in the country for luxury goods.
The high-end department-store chain, which sells goods through the Chinese website neimanmarcus.com.cn, notified suppliers Sunday that it will be closing its Chinese warehouse, according to Gabrielle de Papp, a Neiman spokeswoman. All sales through the website--which sells brands such as Alexander McQueen, Valentino, Diane von Furstenberg, Michael Kors and Tory Burch--will now be fulfilled from the U.S., Ms. de Papp said.
The move comes as some luxury brands have warned of a slowdown in China after years of rapid growth. "There has definitely been a softening," said Mortimer Singer, the president and chief executive of Marvin Traub Associates, a retail consulting firm based in New York. "Brands are pulling back and concentrating on major cities," he said.
(Excerpt) Read more at foxbusiness.com ...
Wouldn’t have anything to do with the counterfeit luxury item businesses?
Not really, people buying counterfeit luxury goods can’t afford the real stuff. Buying real luxury goods would be an investment, since the buyers would require documentation with their purchases so that they could sell it later at higher prices.
so they are going to send stuff to china that likely came from china in the first place...?
That’s funny but true. It’s going to be interesting to watch black market traders explain their goods aren’t counterfeit but come direct from Niemen Marcus after dumping its inventory. Buyers will still insist on paying counterfeit prices for these goods.