Neiman Marcus invests in Chinese e-commerce company
Dallas — The Neiman Marcus Group said Thursday that it will invest $28 million in Glamour Sales Holding, a Shanghai-based e-commerce company, as part of its strategy to gain a foothold in the Asian e-commerce marketplace.
“We are taking this bold step to establish Neiman Marcus Group as an international brand,” said Karen Katz, president and CEO, Neiman Marcus Group.
Through Glamour Sales Holding, Neiman Marcus Group said it will launch an e-commerce website by the end of 2012. The site will feature a mix of full-price, current-season offerings to reflect Chinese luxury customer preferences.
The two companies will combine talent to create a new team in China who will oversee the development, launch and management of the new website.
Urban Outfitters CFO stepping down
Philadelphia — Urban Outfitters said Wednesday that CFO Eric Artz is leaving the company, and will be replaced by current chief accounting officer Frank Conforti, effective April 3.
No reason has been given for Artz’s departure, other than he plans to return to the west coast.
Urban Outfitters operates under the Anthropologie, BHLDN, Free People, Terrain and Urban Outfitters brands.
Claire’s profit rises in Q4
Chicago — Claire’s Stores reported Thursday that net income for the quarter ended Jan. 28 rose to $39.5 million, from $21 million in the year-ago period.
Sales edged up 3.1% to $434.9 million, compared with $422 million last year. Same-store sales rose 0.9%, consisting of a 3.4% increase in North America and a 3.6% decrease in Europe.