Neiman Marcus acquires stake in Fashionphile

NEW YORK (AP) - Neiman Marcus Group is getting serious about the fast growing secondhand luxury business.

The Dallas-based luxury retailer said Wednesday it has acquired a minority stake in Fashionphile LLC, an online seller of preowned accessories.

As part of the deal, Neiman Marcus and Fashionphile, founded in 1999, will be launching new ways for both buyers and sellers to more easily participate in the preowned market. That means at select Neiman Marcus stores, customers will be able to not only receive an immediate quote for their items from Fashionphile but also payments they can spend immediately on new luxury items at the store. Neiman Marcus says preowned merchandise will continue to be sold exclusively through Fashionphile.

Neiman Marcus is trying to reinvent itself in a changing landscape.