Neiman Marcus Group

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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 two-fold acquisition by Toronto-based Hudson's Bay Company and spin-off into Saks Global 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).[1]

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.[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]

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.[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]

Acquisition by Hudson's Bay Company

Toronto-based Hudson's Bay Company announced its pending acquisition of the Neiman Marcus Group (NMG) 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]

On December 23, 2024, Saks Global announced that it had completed its purchase of NMG for $2.7 Billion.[19][20]

Nameplates

List of nameplates owned by Neiman Marcus Group
Name Year
founded 		Year
acquired 		Year
divested 		Notes
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 — —

Notes

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References

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  1. ↑ Script error: No such module "citation/CS1".
  2. ↑ Neiman Marcus in $5.1B buyout CNN Money, May 2, 2005
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External links

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Template:Neiman Marcus Template:Leonard Green Template:Department stores in the United States

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