Target admits to missteps with failed Neiman Marcus line

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A Target spokesman says the Minneapolis-based retailer has learned some valuable lessons from the disappointing collaboration with Neiman Marcus, Forbes reports. Joshua Thomas said the limited-edition holiday collection was priced a bit too high and not timed well with the Christmas shopping season.

Thomas told Women's Wear Daily, "There was so much excitement going into the [Neiman’s] partnership that, in an effort not to disappoint guests, we more than doubled the inventory. We still moved through most of the collection, but there were some barriers we faced.," Business Insider reports.

Just days before Christmas, Target slashed prices by 50 percent on the items created by 24 top designers. Dismal sales eventually forced the big-box to cut prices by as much 70 percent, the Star Tribune reports.

This was a much different outcome compared to Target's past partnerships like Missoni, which sold out in less than a day and crashed its website.

Target is moving forward with its next collaboration. The cheap-chic discounter is teaming up with celebrity stylist Kate Young to offer an exclusive collection of women’s apparel and accessories, according to a company news release.

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