4/30/2014

Neiman Marcus will sell its 44% interest in Hong Kong-based discount fashion site Glamour Sales Holding, two years after acquiring the stake for $28 million. Glamour Sales, which will buy back the US retailer's stake for an undisclosed amount, said Neiman Marcus discovered that Chinese consumers were reluctant to pay full price for its high-end fashions. "Chinese consumers are going online to get a good deal. If there's no motivation on price, you can't convert them," said co-founder Olivier Chouvet.

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