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Neiman Marcus Group
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 centuryNeiman 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] Operations in the 21st centuryOn 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] 2020 bankruptcyNeiman 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] Acquisition by Hudson's Bay CompanyToronto-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] Nameplates
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