It’s official: The odd holiday tie-up between Neiman Marcus and Target is a flop.
Target this week slashed prices by 50 percent on a slew of exclusive fashions and accessories from designers like Marc Jacobs, Proenza Schouler and Diane von Furstenberg.
Target had launched the collection from 24 top designers at the start of the month in an unusual partnership with Neiman Marcus, whose swanky stores have been carrying the same goods.
A splashy marketing blitz that included pricey print and TV ads had predicted shopping frenzies and quick sellouts, limiting shoppers to five items each.
But the “cheap chic” merchandise evidently wasn’t cheap enough.
A canvas tote bag by Oscar de la Renta on Target’s website yesterday was slashed to $29.99, from $59.99, while a wool and cashmere Marc Jacobs scarf was selling for $34.99, down from $69.99.
A Tory Burch lunch box, featuring an antimicrobial lining and a two-way zip top adorned with the label’s signature “T” logo, was advertised at $9.99, lowered from $19.99.
“It’s a new program,” said Target spokesman Joshua Thomas, when asked if the retailer considered the upscale launch a disappointment.
“Like any new program, Target will look at the results to determine how we move forward.”
The best move might be to not move forward at all, according to some industry experts.
“If the quality difference between Target and Neiman Marcus is obscured, why bother paying a premium for the Neiman Marcus designer brands?” said Pam Danziger of Unity Marketing, a Philadelphia-based luxury consulting firm.
Neiman Marcus, whose stratospheric prices long ago prompted cost-conscious consumers to nickname it “Needless Markup,” said this month it was looking to broaden its image with shoppers.
The swanky store kept the items in the collection at full price this week, but officials hinted at a post-Christmas sale.
At Target, the restrictions on quantities per customer have been lifted, Thomas said.
“Now that it’s on sale, we anticipate it will move very quickly,” he added.