DALLAS, Jul 12, 2012/ — However surprising it might sound, discount store Target and luxury merchant Neiman Marcus have joined forces to offer a limited collection for the 2012 winter holidays. Starting December 1, over 50 products from a group of 24 CFDA designers will be offered at both stores, as well as on their websites until they have all been sold.
These limited edition items will cost from approximately $8 to $500, with most priced at less than $60. It is anticipated that this collection will offer clothing, shoes, accessories, and gift items.
Target made headlines last fall with their launch of an exclusive collection from high-fashion brand, Missoni, priced specially to appeal to Target consumers. The launch was so intensely anticipated it to the crash of the retailer’s website for nearly an entire day. Target has pioneered the trend of partnerships between price conscious retailers and respected designers.
This new partnership between Target and Neiman Marcus is unprecedented. Consider that Target sells most of their dresses for $25-$40 and nearly half their revenue comes from the sale of household staples like detergent or food. Neiman Marcus, on the other hand, offers refined and expensive fashion with items like handbags and shoes selling at price points over $1,000.
Both companies are attempting to attract new customers. Target’s sales growth has been irregular since the recession, which is why they are looking for new ways to improve its fashion image and set themselves apart from their competition.
What is in it For Neiman Marcus?
The affluent customers typical of Neiman Marcus are spending money once again now that the recession is, well, receding. But Neiman Marcus still needs to stay competitive by stepping outside of its comfort zone. This means, it needs to introduce itself to those who never even considered shopping at the store. According to company executives, with this partnership, these consumers will discover that Neiman Marcus also sells items at affordable price points. In fact, some of these items cost less than $100, they just need to get consumers in the door.
Passion for Design
Each company states that they share a passion for design and refer to one another’s strengths. Neiman Marcus praises Target’s ability to sell huge quantities of high quality products, while Target lauds Neiman Marcus’s ongoing relationships with numerous designers. The partnership is being considered a modern approach to cross shopping.
While Target has over 1,700 stores, Neiman Marcus has only 42. The collaboration has been in the works for a couple years, however, nothing came together until Neiman Marcus mentioned a holiday collection. In about a week, all 24 CFDA designers were on-board. It is expected that these designers will create a wide range of it items, like women’s dresses, blouses, children’s clothing, shoes, boots and home accessories.
Neiman Marcus and Target stated that there is already some overlap between their shoppers. Loyal Neiman Marcus customers go to Target to shop for food and might also pick up affordable fashions from Jason Wu and Missoni, to add to their collections from Neiman Marcus.
Since Neiman Marcus has cozy ties with a lot of luxury labels, the upcoming joint collection will include designs by:
Each of the CFDA designers will contribute up to three designs and it is expected that these items will sell out rather quickly. Price points will vary by item, but each item will have the same pricing at both retailers and their websites.
Louis studied in L.A. And now freelances and blogs about fashion and celebs. He’ll never forget the time he almost made the cut for Project Runway.