WASHINGTON (dpa-AFX) - Macy's Inc. (M) said it would sell an assortment of its highly regarded private brand merchandise directly to consumers in China 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 has made an equity investment of $15 million in VIPStore Co., a Chinese e-commerce firm and parent company of omei.com. Macy's joins other venture capital providers, including Intel Capital, in buying a minority interest in the company. Further 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 of Macy's Inc.
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© 2012 AFX News
