| Neiman Marcus Group | |
| Type: | Privately held |
| Industry: | Retail |
| Fate: | Pending acquisition by Hudson's Bay Company |
| Successor: | Saks Global divison of Hudson's Bay Company (pending) |
| Hq Location City: | Dallas, Texas |
| Hq Location Country: | United States |
| Num Locations: | 43 |
| Num Locations Year: | 2024 |
| Area Served: | United States |
| Key People: | Geoffroy van Raemdonck (CEO) |
| Revenue: | billion |
| Revenue Year: | 2018 |
| Profit: | million |
| Profit Year: | 2018 |
| Assets: | billion |
| Assets Year: | 2018 |
Neiman Marcus Group is 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., it owns 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.
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).[1]
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.[2]
In August 2013, Women's Wear Daily reported Neiman Marcus Group was preparing for an initial public offering of its stock.[3] In October 2013, the Neiman Marcus Group was sold for $6 billion to Ares Management and the Canada Pension Plan Investment Board.[4] [5] In August 2015, the company again announced it was preparing for an initial public offering.[6] In late 2015 Neiman Marcus became a stand-alone company.
In 2018 Geoffroy van Raemdonck replaced Karen Katz as CEO.[7]
In April 2019, Neiman Marcus acquired a minority stake in Fashionphile, an online resale platform for handbags, jewelry and accessories.[8] [9] [10]
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.[11]
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.[12]
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.[13] 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.[14] 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).[15]
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.[16] [17] 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.[18]
| Bergdorf Goodman | 1899 | 1987 | ||
| Contempo Casuals | 1962 | 1987 | 1995 | Sold to Wet Seal |
| Horchow | 1971 | 1988 | ||
| Mytheresa | 1987 | 2014 | 2021 | Spun-off for IPO |
| Neiman Marcus | 1907 | 1987 | ||
| Neiman Marcus Last Call | ||||