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Neiman Marcus Group

Neiman Marcus Group headquarters, located within the Neiman Marcus Building (2010)
Company type	Private
Industry	Retail
Founded	1987; 37 years ago (1987)
Defunct	December 23, 2024; 4 days ago (2024-12-23)
Fate	Acquisition by Hudson's Bay Company
Successor	Saks Global division of Hudson's Bay Company
Headquarters	Dallas, Texas, United States
Number of locations	43 (2024)
Area served	United States
Key people	Geoffroy van Raemdonck (CEO)
Revenue	US$4.9 billion (2018)
Net income	US$251.1 million (2018)
Total assets	US$7.546 billion (2018)
Subsidiaries	Bergdorf Goodman Horchow Neiman Marcus Neiman Marcus Last Call
Website	neimanmarcusgroup.com

Neiman Marcus Group was an American holding company of department stores. It was established after holding company Carter Hawley Hale spun-off several of the department store chains it owned in 1987. At the time of its acquisition by Toronto-based Hudson's Bay Company in 2024, it owned the full-line luxury stores Bergdorf Goodman (based in New York City) and Neiman Marcus (based in Dallas); off-price store Neiman Marcus Last Call; and home furnishings website Horchow.

Operations in the 20th century

Neiman Marcus Group was formed by a spin-off by its parent company Carter Hawley Hale in June 1987. General Cinema (later Harcourt General) originally held 60-percent stake in the new company, and later reduced to 10-percent stake in 1999. The new company held ownership of Dallas-based Neiman Marcus (acquired by Carter Hawley Hale in 1969), New York City-based Bergdorf Goodman (acquired by CHH in 1972), and Contempo Casuals (acquired by CHH in 1979).

Operations in the 21st century

On May 2, 2005, Neiman Marcus Group was the subject of a leveraged buyout (LBO), selling itself to two private equity firms, Texas Pacific Group and Warburg Pincus.

In August 2013, Women's Wear Daily reported Neiman Marcus Group was preparing for an initial public offering of its stock. In October 2013, the Neiman Marcus Group was sold for $6 billion to Ares Management and the Canada Pension Plan Investment Board. In August 2015, the company again announced it was preparing for an initial public offering. In late 2015 Neiman Marcus became a stand-alone company.

In 2018 Geoffroy van Raemdonck replaced Karen Katz as CEO.

In April 2019, Neiman Marcus acquired a minority stake in Fashionphile, an online resale platform for handbags, jewelry and accessories.

In July 2021, mytheresa was spun off and filed for IPO on the NYSE, valuing it at $2.2 billion which increased to $3 billion during the first day of trading.

In June 2022 Neiman Marcus Group reported their highest sales volume in almost half of their stores, and sales of their 20 best-selling brands grew by 70% above pre-COVID levels in 2019. The company has also been attracting younger customers, with the average age falling by seven years from pre-pandemic levels, from the mid-40s to the high-30s.

2020 bankruptcy

Neiman Marcus Group, Ltd. LLC and 23 affiliated debtors filed Chapter 11 bankruptcy in the United States District Court for the Southern District of Texas in May 2020. The debtors requested joint administration of the cases under Case No. 20-32519. According to the company's CEO, Geoffroy van Raemdonck, the filing was a direct result of the COVID-19 pandemic in the United States. The company's website, mytheresa.com, was not part of the bankruptcy. At the end of September 2020, Neiman Marcus exited Chapter 11 bankruptcy, and as of 2022 is owned by a consortium of investment firms (Davidson Kempner Capital Management, Sixth Street Partners and Pacific Investment Management).

Acqusition by Hudson's Bay Company

Toronto-based Hudson's Bay Company announced its pending acquisition of the Neiman Marcus Group on July 4, 2024. The purchase is valued at $2.65 billion, with financing facilitated by Amazon, Insight Partners, Rhône Capital, and Salesforce. The new Saks Global division will be created to oversee Bergdorf Goodman, Neiman Marcus, and the American operations of the HBC-owned Saks Fifth Avenue. The Neiman Marcus Group stores will also become sister brands to the off-price Saks Off 5th and Canadian full-line Hudson's Bay department stores through this ownership.

Nameplates

Notes

1. Store count included 36 Neiman Marcus, 5 Neiman Marcus Last Call, and 2 Bergdorf Goodman locations.

References

1. "Store Footprint". Neiman Marcus Group. Retrieved July 5, 2024.
2. "The Neiman Marcus Group, Inc". Encyclopedia.com. Retrieved July 5, 2024.
3. Neiman Marcus in $5.1B buyout CNN Money, May 2, 2005
4. Moin, David (August 7, 2013). "Neiman Marcus Inches Closer to IPO". WWD. Retrieved August 7, 2013.
5. Moin, David (September 19, 2013). "Neiman Marcus Profits Rise". WWD. Retrieved September 19, 2013.
6. Moin, David (October 25, 2013). "Neiman's Deal Nearly Done". WWD. Retrieved October 25, 2013.
7. Halkias, Maria (August 4, 2015). "Neiman Marcus files for initial public offering of stock". The Dallas Morning News. Retrieved August 12, 2015.
8. Hirsch, Lauren (January 5, 2018). "Neiman Marcus names Geoffroy van Raemdonck CEO, replacing Karen Katz". CNBC.
9. Hanbury, Mary. "Neiman Marcus has invested in an online secondhand luxury handbag store in its bid to woo millennial and Gen Z shoppers". Business Insider. Retrieved May 15, 2019.
10. "Exclusive: Neiman Marcus to File for Bankruptcy as Soon as This Week-Sources". The New York Times. April 19, 2020. Retrieved April 22, 2020.
11. Maheshwari, Sapna; Friedman, Vanessa (April 21, 2020). "The Death of the Department Store: 'Very Few Are Likely to Survive'". The New York Times. Retrieved April 22, 2020.
12. "Luxury fashion platform Mytheresa valued at $2.2 billion in U.S. IPO". Reuters. January 21, 2021. Retrieved November 13, 2023.
13. Danziger, Pamela (June 14, 2022). "With Last Quarter Sales Up 30%, Neiman Marcus Is Prepared For Changing Economic Winds". Forbes.
14. Danziger, Pamela N. (December 2, 2021). "After A Year Of Sweeping Change, Neiman Marcus Holds Tight To Tradition In Its Christmas Book". Forbes.
15. "Neiman Marcus, the Retailer to the Rich, Stumbles Into Bankruptcy". The Wall Street Journal. May 7, 2020. Retrieved May 7, 2020.
16. Chitrakorn, Kati (21 September 2020). "Out of bankruptcy, Neiman Marcus plans a comeback". Vogue Business. Condé Nast. Archived from the original on 30 November 2022. Retrieved 16 February 2023. After four months of court proceedings, the Dallas-based luxury retailer will have shed the bulk of its $5 billion debt load and gained new owners, including Davidson Kempner Capital Management, Sixth Street Partners and Pacific Investment Management, the largest shareholder controlling three of the company's seven board seats.
17. D'Innocenzio, Anne (July 4, 2024). "Parent company of Saks Fifth Avenue to buy Neiman Marcus for $2.65 billion". AP News. Retrieved August 5, 2024.
18. Harring, Alex (July 4, 2024). "Saks Fifth Avenue parent HBC to acquire Neiman Marcus Group in $2.65 billion deal". CNBC. Retrieved August 5, 2024.
19. "HBC, Parent of Saks Fifth Avenue, to Acquire Neiman Marcus Group for $2.65 Billion and Establish Saks Global, a Technology-Powered Luxury Retail Company". Business Wire. July 4, 2024. Retrieved July 5, 2024.

External links

• Official website

• 1987 establishments in Texas
• Clothing retailers of the United States
• Companies based in Dallas
• American companies established in 1987
• Retail companies established in 1987
• Department stores of the United States
• Luxury brands
• Privately held companies based in Texas
• CPP Investment Board companies
• Private equity portfolio companies
• 2013 mergers and acquisitions
• Companies that filed for Chapter 11 bankruptcy in 2020