Macy's invests $15M in China retail

CINCINNATI, May 23 (UPI) -- Macy's says it has invested $15 million in a Chinese online retailer to expand the U.S. company's presence in the growing Chinese market.

The Cincinnati-based retailer says it has made an equity investment in VIPStore Co., a Chinese e-commerce firm and parent company of omei.com., the Web site that will offer Macy's products.

"Our relationship with VIPStore will allow us to gain additional experience in the fast-growing Chinese market, and to better understand how consumers across China interact with Macy's and the products we sell," said Terry J. Lundgren, chairman, president and chief executive officer of Macy's Inc.

"We know that Macy's is very well known and regarded in China through international tourism, globally broadcast events such as the Macy's Thanksgiving Day Parade, and movies such as 'Miracle on 34th Street.' But we still have a great deal to learn about the shopping patterns and merchandise preferences of consumers in China's very diverse and rapidly emerging consumer marketplace."

Lundgren said omei.com is a luxury and fashion online retailer that appeals to "style- and trend-conscious consumers."

The Macy's section on omei.com is expected to begin selling an assortment of I.N.C. women's and men's fashions in spring 2013. Orders placed through omei.com will be filled locally through that company's facilities in China.

Macy's said it first started selling online in China in 2011 through FiftyOne, an international e-commerce provider.