They may make an odd couple, but discounter Target and luxury merchant Neiman Marcus are teaming up on a limited collection spanning from fashion to sporting goods for the upcoming holiday season.
More than 50 products from 24 CFDA finalists, including Carolina Herrera, Derek Lam, Diane von Furstenberg, Jason Wu, Marc Jacobs, Oscar de la Renta and Tory Burch will be available at both stores and on their websites starting Dec. 1 and runs until they sell out. Prices span from $7.99 to $499.99, but the majority of items will sell for less than $60.
The 2 companies are obviously aware of their differences, with Kathee Tesija, Target’s executive vice president of merchandising saying, “They’re high-end, and we’re mass appeal”. Target sells $25 dresses and generates almost half its revenue from staples like food and detergent, while Neiman Marcus has cultivated a reputation for expensive fashion, selling $1,000 shoes and $3,000 handbags. But, they have chosen to celebrate their commonality – they both love design!!
With the limited partnership both companies hope to grab a new segment of customers who are increasingly shopping around, checking out both higher and lower-price stores. Target, whose sales growth has been uneven since the recession, is seeking new ways to boost its fashion image. And Neiman Marcus, whose affluent customers are back to splurging, needs to step outside its comfort zone to stay competitive. By giving customers a reason to come visit their store for a first time, Neiman Marcus hopes they will discover it also sells more affordable items for under $100.
This time around in order to avoid more disappointed customers, like the ones they had when Missoni for Target sold out in ” the blink of an eye”, shoppers will be allowed to buy only a limited number of each item, though Target spokesman Joshua Thomas said the number hasn’t been set. Spread the wealth, sounds like a good idea!