Macy's broadens presence in China with luxury website investment
CINCINNATI — Macy's is offering customers in China access to an assortment of its highly regarded private brand merchandise through a Macy's section on Omei.com, a newly established China-based online retailer of in-season luxury and fashion brands operated by VIPStore Co., Ltd.
In addition, Macy's Inc. has made an equity investment of $15 million in VIPStore Co., a Chinese e-commerce firm and parent company of Omei.com. Macy's Inc. joins other venture capital providers, including Intel Capital, in acquiring a minority stake in the company. In addition
to omei.com, VIPStore operates jiapin.com, an established flash sales site.
"Our relationship with VIPStore will allow us to gain additional experience in the fast-growing Chinese market, and to better understand how consumers across China interact with Macy's and the products we sell," said Terry Lundgren, chairman, president and chief executive
officer of Macy's Inc.
The Macy's section on Omei.com is expected to begin selling an assortment of I.N.C. women's and men's fashions in spring 2013. Other Macy's private brands are planned to roll out in the following seasons. Moreover, visitors to the Macy s section of Omei.com can link to the full merchandise assortment available to Chinese customers on Macys.com.
Macys.com first started selling online in China and more than 100 other nations in 2011 through a collaboration with FiftyOne, an international e-commerce provider.