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![]() Neiman Marcus Group headquarters, located within the Neiman Marcus Building (2010) | |
Company type | Private |
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Industry | Retail |
Founded | 1987 |
Defunct | December 23, 2024 |
Fate | Acquisition by Hudson's Bay Company, spin-off into Saks Global |
Successor | Saks Global |
Headquarters | , United States |
Number of locations | 43 [a] (2024) |
Area served | United States |
Key people | Geoffroy van Raemdonck (CEO) |
Revenue | ![]() |
US$251.1 million (2018) | |
Total assets | US$7.546 billion (2018) |
Subsidiaries |
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Website | neimanmarcusgroup |
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.
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 (NMG) 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]
On December 23, 2024, Saks Global announced that it had completed its purchase of NMG for $2.7 Billion. [20] [21]
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 | — | — | ||
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.