Company type | Private |
---|---|
Industry | Retail |
Founded | 1987 |
Fate | Pending acquisition by Hudson's Bay Company |
Successor | Saks Global division of Hudson's Bay Company (pending) |
Headquarters | , United States |
Number of locations | 43 [a] (2024) |
Area served | United States |
Key people | Geoffroy van Raemdonck (CEO) |
Revenue | US$4.9 billion (2018) |
US$251.1 million (2018) | |
Total assets | US$7.546 billion (2018) |
Subsidiaries |
|
Website | neimanmarcusgroup |
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. As of 2024 [update] , 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). [2]
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. [3]
In August 2013, Women's Wear Daily reported Neiman Marcus Group was preparing for an initial public offering of its stock. [4] In October 2013, the Neiman Marcus Group was sold for $6 billion to Ares Management and the Canada Pension Plan Investment Board. [5] [6] In August 2015, the company again announced it was preparing for an initial public offering. [7] In late 2015 Neiman Marcus became a stand-alone company.
In 2018 Geoffroy van Raemdonck replaced Karen Katz as CEO. [8]
In April 2019, Neiman Marcus acquired a minority stake in Fashionphile, an online resale platform for handbags, jewelry and accessories. [9] [10] [11]
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. [12]
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. [13]
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. [14] 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. [15] 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). [16]
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. [17] [18] 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. [19]
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 | — | — | ||
The Hudson's Bay Company is a Canadian retail business group. A fur trading business for much of its existence, it became the largest and oldest corporation in Canada, before evolving into a major fashion retailer, operating retail stores across both the United States and Canada. The company's namesake business division is Hudson's Bay, commonly referred to as The Bay.
Saks Fifth Avenue is an American luxury department store chain founded by Andrew Saks and headquartered in New York City. The original Saks opened in the F Street shopping district of Washington, D.C. in 1867. Saks expanded into Manhattan with its Herald Square store in 1902 and flagship store on Fifth Avenue in 1924. The chain was acquired by Tennessee-based Proffitt's, Inc. in 1998, and Saks, Inc. was acquired by the Hudson's Bay Company in 2013.
Broadway Stores, Inc., was an American retailer based in Southern California. Known through its history as Carter Hawley Hale Stores and Broadway Hale Stores over time, it acquired other retail store chains in regions outside its California home base and became in certain retail sectors a regional and national retailer in the 1970s and 1980s. The company was able to survive takeover attempts in 1984 and 1986, and also a Chapter 11 bankruptcy filing in 1991 by selling off most of its assets until August 1995 when its banks refused to advance enough additional credit in order for the company to be able to pay off suppliers. At that point, the company sold itself to Federated Department Stores for $1.6 billion with the acquisition being completed on October 12, 1995.
Saks, Inc. was an American holding company founded in 1998 through the merger of Proffitts, Inc. and Saks Fifth Avenue. Before acquisition by the Canadian-founded Hudson's Bay Company in 2013, it held ownership of numerous regional department store chains including Carson's, McRae's, Parisian, and Proffitt's as well as the New York City-based Saks Fifth Avenue. It acquired several mid-range and specialty department store chains in the 1990s, however, refocused on upscale retailing and divested of them in the mid-2000s.
Lord & Taylor was the oldest-surviving department store chain in the United States. The company operated full-line department stores from 1826 until it filed for bankruptcy in 2020. The following year, in 2021, it closed all its brick-and-mortar stores. Saadia Group acquired the Lord & Taylor intellectual property and relaunched the e-commerce website later that same year. However, due to financial challenges, Saadia went into default in March 2024. In September 2024, Regal Brands Global acquired the Lord & Taylor intellectual property.
Barneys New York is an American department store chain founded in 1923 by Barney Pressman. The company operated full-line department stores in the United States from 1923 until 2020. Authentic Brands Group acquired Barneys' intellectual property in 2019, and has licensed the brand to Saks Fifth Avenue for specialty departments within its flagship stores since 2021.
Bergdorf Goodman Inc. is an American luxury department store based in New York City, founded in 1899 by Herman Bergdorf. As of 2024, it operates a women's store and a men's store across the street from each other on Fifth Avenue in Midtown Manhattan. It has been owned by the Neiman Marcus Group since 1987, and is a sister brand to the Dallas-based Neiman Marcus department store chain through this ownership.
Alfred Sung is a Canadian fashion designer and businessman. He is well known for producing apparel, fragrance, accessories and home fashions for women and men. He was born in Shanghai and raised in Hong Kong. Sung is the brother of late Hong Kong actress Lydia Shum. He is also a founder of Club Monaco, a mid-priced, high-end casual clothing retailer.
The Shops at Willow Bend, sometimes referred to as Willow Bend Mall, is a shopping mall located in Plano, Texas, with 84 stores and three anchor stores. The mall features the traditional retailers Dillard's, Macy's, Neiman–Marcus, Crate and Barrel, and Restoration Hardware, in addition to the Crayola Experience and Equinox. It currently features several additional prominent specialty retailers such as Brooks Brothers, H&M, J. Jill, Johnston & Murphy, and MAC Cosmetics. It is located at the intersection of West Park Boulevard and Dallas North Tollway in West Plano.
Burton M. Tansky is an American department store executive who retired as president and chief executive officer of The Neiman Marcus Group summer of 2010.
Alice + Olivia is a New York City-based contemporary clothing company with designer Stacey Bendet at the helm. The global brand launched at Barneys in 2002 and is now sold in over fifty countries.
Neiman Marcus is an American department store chain founded in 1907 in Dallas, Texas by Herbert Marcus, his sister Carrie Marcus Neiman, and her husband Abraham Lincoln Neiman. It has been owned by the Neiman Marcus Group since 1987, and is a sister brand to luxury department store Bergdorf Goodman through this ownership.
Gilt is an American online shopping launched in 2007. On January 7, 2016, The company was sold to Hudson's Bay Company for approximately $250 million. Prior to the Hudson's Bay acquisition, sales were exceeding growth projections but the firm had not been profitable yet. On June 4, 2018, Boston, Massachusetts-based Rue La La acquired Gilt from Hudson's Bay.
NRDC Equity Partners (NRDC) is an American private investment firm focused on retail, real estate, and consumer branded businesses.
Richard Alan Baker is an American business executive. He is the Governor, CEO, and Executive Chairman of Hudson's Bay Company (HBC) and executive chairman of each of HBC's eight portfolio companies. He is also the owner of National Realty and Development Corp. (NRDC), a US-based private real estate development and investment company, and is the Chairman of the Retail Opportunity Investments Corp. (ROIC), a public real estate company.
Ippolita Rostagno is an Italian-American jewelry designer based in New York City.
Giuseppe Zanotti is an Italian luxury footwear and fashion designer known for his sculptural, jeweled heels, luxury sneakers, handbags, jewelry, and leather ready-to-wear.
Farfetch is a British e-commerce company focused on luxury clothing and beauty products. It operates as a digital marketplace that sells products from several hundred brands, boutiques and department stores from around the world. In January 2024, the company was acquired by Coupang.
The Bergdorf Goodman Building is a department store building at 754 Fifth Avenue between 57th and 58th streets in Midtown Manhattan, New York City. The building, designed by Albert Buchman and Ely Jacques Kahn, was erected between 1927 and 1928 as seven separate storefronts. It contains the women's store of the luxury retailer Bergdorf Goodman and, since 1940, has also included a Van Cleef & Arpels jewelry store. Over the years, the building has contained numerous smaller shops and boutiques as well. The Bergdorf Goodman Building is a New York City designated landmark.
Mytheresa.com is a listed e-commerce company in the luxury fashion sectore based in Munich, Germany. Mytheresa sells ready-to-wear, shoes, bags, and accessories for womenswear, menswear and kidswear as well as lifestyle products and jewelry globally.
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.