Marketplace®

Daily business news and economic stories

Neiman Marcus moves into the secondhand market

The Fashionphile investment follows a boom in the used goods market.

Neiman Marcus moves into the secondhand market
Scott Olson/Getty Images

Neiman Marcus, purveyor of the lavish and exclusive, just made an investment in Fashionphile, an online luxury accessories reseller. The market for used goods is booming. Last year, consumers spent $6 billion on secondhand luxury items. In four years, that’s expected to grow to $23 billion. With this move, Neiman Marcus has a chance to make some money off of that boom.

Click the audio player above to hear the full story.

Related Topics