NEW YORK — They may make an odd couple, but discounter Target and luxury merchant Neiman Marcus are jointly offering a limited collection, ranging from fashion to sporting goods, for the winter holidays. More than 50 products from 24 designers, including Oscar de la Renta and Diane von Furstenberg, will be available at both stores and on their websites starting Dec. 1 until they sell out. Items in the collection will cost from $7.99 to $499.99, but most will sell for less than $60.
“We definitely have our differences,” said Kathee Tesija, Target’s executive vice president of merchandising. “They’re high end, and we’re mass appeal. But we both love design.”
Target pioneered the idea of low-price chains teaming with designers to create limited-time, affordable versions. But the partnership with Neiman Marcus is unprecedented. Target sells $25 dresses and generates almost half its revenue from staples such as food and detergent, while Neiman Marcus has cultivated a reputation around $1,000 shoes and $3,000 handbags. Now, both want to grab a new segment of customers who are increasingly shopping around. Wanda Gierhart, senior vice president and chief marketing officer at The Neiman Marcus Group, described the partnership as a “modern approach” to cross-shopping. “Customers love innovation, and they want a surprising shopping experience,” she said.
