PARIS (Reuters) – Farfetch (NYSE 🙂 Ltd., an online luxury fashion retailer, announced Tuesday that it would invest up to $200m in Neiman Marcus group to gain a better foothold in America as part of a deal for the development of the online department store.

The investment cements a “very strategic, very deep partnership that we want between the two groups,” Farfetch CEO José Neves told Reuters in an interview, noting it was the largest deal for the online retailer in the U.S.

Luxury groups are rushing to satisfy strong demand in America for luxury fashion accessories and high-end fashion. This market emerged last year as the main one, thanks to an increase in local consumption.

Farfetch, Neiman Marcus’ luxury department store in New York, will be powered by Farfetch under the terms of the partnership.

Farfetch will add brands to key markets worldwide by including Neiman Marcus and Bergdorf Goodman, said the companies.

Geoffroy van Raemdonck CEO, Neiman Marcus Group, stated that the expansion of Bergdorf Goodman’s ecommerce into foreign markets could occur in “a matter of months” once Farfetch services are integrated to the platform.

Farfetch will benefit from Neiman Marcus sales assistant tools, which are a “strategic chance” to make Farfetch stand out from other service providers.

Farfetch will join Neiman Marcus’ current investors, including Davidson Kempner Capital Management, Sixth Street, and PIMCO.

Neiman Marcus was made to declare bankruptcy after the pandemic. However, the company has seen brisk sales in this spring’s aftermath, said van Raemdonck.