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High end retailer Neiman Marcus becoming the latest western company turning to China hoping to tap into the country's seventeen point two.
Billion dollar luxury market for more on the latest venture I'm joined now by the CE yeah I think the markets -- Karen -- scared not -- -- and good afternoon thanks for having me great to have you with us are right you're making a 28 million dollar stake.
If Chinese fashion web -- tell us about that your -- what you hope to return might be.
Well we're very excited about investment that we're making in glamour sales hold saying.
They are currently.
One about a few flash sales web sites and operating -- in China and Japan.
Our goal is -- used that 28 million to.
I continue to fuel bear flash sales business in China.
As well as with some money.
Begin to build the full price multi brand luxury.
Web site in China.
-- -- -- stealing with the Chinese Government to get this deal happen.
Well I I have to say -- just to back up a little -- we started this process about a year and a half ago.
Looking at China to try to understand what the opportunities war.
Clearly China is going to emerge over the next ten years says.
The thing that's -- that's single largest market for.
Selling luxury goods and so it seemed a natural for us to try to figure how to get -- I -- me found -- glamour sales and one of the reasons that we decided to invest in them.
Is because they already have an infrastructure set up in China and they know how to.
You know deal web.
All of the opportunities and challenges that the market.
That you have to know what.
How to deal with in China already.
So how are you preparing to deal with the Chinese Government which as you know Karen is notoriously controlling especially over its media.
Well again that's the reason that we decided to make the investment in quite emotional spent a lot of experience in this area had -- been up and running.
-- website for the last four years.
And so we believe that there could be some challenges along the way we think that they you know -- that the -- there will help us.
Learn as we move along.
We hear more and more about this exploding middle class in China tell the demand specifically for luxury items in what particular items people in China are most interested in purchasing.
Well as I say -- -- -- many economists.
The rise the affluent class in China.
And that's really who were focused on is.
That top you know.
Group in China and we believe that they have just really started their spending in luxury goods that there are and wanting to get educated.
On new and different kinds of brands from around the world and that to our focus.
Is as we take our first step in to China.
I -- and again we believe that it will be the largest stack country for luxury brands over the next ten years.
Well good luck with that endeavor quickly couple seconds carriage house business in the US.
Well are -- Second quarter earnings came out just a few weeks -- we had a very good second quart her and our customer has really rebounded.
From the recession and and we felt very positive about our holiday selling season.
Gary -- CEO Nina Marcus thank you so much for joining us.
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