“Neiman Marcus Group Inc. (NMG/A), the luxury chain owned by Warburg Pincus LLC and TPG, said it will invest $28 million in a closely held Hong Kong e-commerce company in its first move into China’s luxury market.
Neiman Marcus plans to launch an e-commerce website in China with Glamour Sales Holding by the end of 2012, according to an e-mailed statement from the company today.
Karen Katz, who became CEO about 18 months ago, is turning to the world’s fastest-growing luxury-goods market to help the Dallas-based retailer recover its pre-recession sales volume. Besides the China venture, she has opened more U.S. stores, particularly discount outlets, and expanded the retailer’s social media marketing to attract younger customers….”
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