Neiman Marcus

Neiman Marcus
	File:Neiman Marcus Logo.svg Logo used since 2016
Company type	Private
Industry	Retail (department stores)
Founded	September 10, 1907; 119 years ago in Dallas, Texas, U.S.
Founder	Herbert Marcus, Carrie Marcus Neiman, Abraham Lincoln Neiman
Headquarters	Dallas, United States
Area served	United States
Key people	Geoffroy van Raemdonck (CEO, as of 2018)
Products	Luxury apparel, accessories, jewelry, beauty products, home goods
Owner	Saks Global (since 2024)
Parent	Saks Global
Website	www.neimanmarcus.com

Neiman Marcus is a prominent American department store chain established in 1907 in Dallas, Texas by Herbert Marcus, alongside his sister Carrie Marcus Neiman and her spouse, Abraham Lincoln Neiman. Since 2024, ownership has been held by Saks Global, a division spun off from the Hudson's Bay Company.

1907–1949

In 1907, former Dallas Sanger Brothers buyer Herbert Marcus Sr. joined forces with his sister Carrie Marcus Neiman and her husband, Abraham Lincoln Neiman, to start a retail venture funded with $25,000 from their earlier sales-promotion enterprise. They declined early investment offers such as the then-nascent Coca-Cola company, opting instead to focus on creating an upscale department store in Dallas. Opening its doors on September 10, 1907, the store showcased luxury apparel largely procured by Carrie during buying trips to New York. It swiftly attracted wealthy Texans enriched by oil, proving profitable despite the economic challenges of the Panic of 1907.

A devastating fire in 1914 destroyed the initial store and its merchandise; however, a temporary shop operated for 17 days before reopening at a new flagship location at Main and Ervay Streets. This larger venue broadened its inventory to include accessories, lingerie, children's wear, and expanded women’s fashion selections. Within the first year at this site, Neiman Marcus achieved $700,000 in sales and $40,000 in profit—almost twice prior results.

The company pioneered the country’s first weekly retail fashion show in 1927 and organized grand events like the 1936 "One Hundred Years of Texas Fashions" gala, which received acclaim from industry figures including Vogue editor Edna Woolman Chase. To diversify its offerings, menswear was introduced in 1929. During the Great Depression and World War II years, Neiman Marcus incorporated more affordable merchandise alongside luxury items to sustain growth. Revenue rose significantly from $6 million in 1942 to $11 million in 1944. Despite suffering another major fire in 1946, the store remained profitable throughout this period.

1950–1999

Following the deaths of Herbert Marcus Sr. in 1950 and Carrie Neiman in 1952, leadership passed to Stanley Marcus, who steered the company’s expansion and marketing creativity. The 1950s saw the debut of a $1.6 million, 63,000-square-foot store at 8300 Preston Road in Preston Center, decorated with Southwestern Indian art motifs that aligned with the company’s strategy of integrating luxury retail with cultural influences. Stanley Marcus enhanced seasonal campaigns through art collaborations, famously borrowing 20 paintings by Paul Gauguin to inspire fabric palettes and elevate the brand’s artistic appeal.

During these years, Neiman Marcus hosted Gittings Studios—a portrait service catering to distinguished clients such as Lyndon Johnson, Howard Hughes, and members of the Pahlavi dynasty. In 1957, it launched Fortnight—an annual international fashion and culture exhibition that became a cornerstone marketing event for nearly thirty years.

Geographic expansion began in earnest in 1955 with acquisition of Ben Wolfman, Inc., adding a Houston location—the first outside Dallas/Fort Worth. The Houston store relocated to Houston Galleria in 1970. By 1965, the Preston Center store closed to make way for a larger outlet at NorthPark Center; additional stores opened in Fort Worth and other areas. By 1967, four stores produced annual sales of $58.5 million with profits exceeding $2 million.

The merger with Broadway-Hale Stores in 1968 accelerated growth, facilitating entry into new markets such as Florida (Bal Harbour, 1971) and expanding into over thirty U.S. cities including Atlanta, Beverly Hills, Boston, Chicago, Las Vegas, Minneapolis, San Francisco, and St. Louis. Although plans for a substantial Cleveland location fell through in 1992, expansion efforts persisted.

In 1987, Neiman Marcus Group acquired Bergdorf Goodman, further strengthening its stature within luxury retail. During this period, the company streamlined its name by removing the hyphen from "Neiman-Marcus." This era cemented Neiman Marcus’s competitive position through strategic acquisitions and broadening its geographic presence.

File:Neiman Marcus Boston.jpg

Neiman Marcus at Boston's Copley Place

2000–2010

Stanley Marcus, who formerly served as president and chairman, passed away on January 22, 2002. He played a pivotal role in defining Neiman Marcus’s identity through creative marketing efforts such as fashion shows, advertising campaigns in New York despite being a regional retailer, in-store art installations, and the renowned Christmas catalog showcasing exclusive luxury products.

Throughout more than twenty years, Neiman Marcus experienced several changes in ownership. In June 1987, it was separated from its retail parent company, Carter Hawley Hale Stores, and began trading publicly. General Cinema (which later became Harcourt General) retained majority control until 1999, when Neiman Marcus fully divested from its parent organization. On May 2, 2005, private equity firms Texas Pacific Group and Warburg Pincus finalized a leveraged buyout of the company.

The Dallas Public Library’s Texas & Dallas History & Archives Division preserves the "Neiman-Marcus Collection," which includes archival business documents and memorabilia associated with Stanley Marcus.

2010–2019

In August 2013, there were indications that Neiman Marcus planned to initiate an initial public offering (IPO). However, by October 2013, the company was acquired for $6 billion by Ares Management and the Canada Pension Plan Investment Board. The firm filed again for an IPO in August 2015 and reestablished itself as an independent entity later that year.

A notable event occurred in November 2013 when Neiman Marcus uncovered a 25-carat rough diamond off Namibia’s shore, appraised at $1.85 million—highlighting its engagement with high-value luxury assets.

In 2018, Geoffroy van Raemdonck replaced Karen Katz as CEO, marking a leadership transition focused on advancing growth initiatives. By April 2019, Neiman Marcus had secured a minority investment in Fashionphile, an online resale platform catering to millennial and Gen Z consumers, aligning with its strategic efforts to reach emerging luxury market segments.

2020–present

In May 2020, Neiman Marcus Group, Ltd. LLC along with 23 affiliated debtors filed for Chapter 11 bankruptcy protection, attributing the financial distress primarily to the COVID-19 pandemic as stated by CEO Geoffroy van Raemdonck. The luxury e-commerce site mytheresa.com was excluded from this bankruptcy process. By September of the same year, Neiman Marcus emerged from bankruptcy under new ownership by investment firms Davidson Kempner Capital Management, Sixth Street Partners, and Pacific Investment Management.

Mytheresa was spun off in July 2021 and debuted on the New York Stock Exchange with an initial valuation of $2.2 billion that surged to $3 billion on its opening day. During 2020, Neiman Marcus shuttered five stores located in key U.S. cities including Washington D.C., New York City, Fort Lauderdale, Palm Beach, and Bellevue.

By June 2022, the company reported robust growth: nearly half of its retail locations attained their highest sales figures in recent years, with sales from the top 20 brands climbing 70% above pre-pandemic levels. Additionally, the customer base skewed younger as the average shopper’s age dropped from the mid-40s to the high-30s.

In July 2024, Neiman Marcus announced a $2.65 billion merger agreement with Saks Fifth Avenue. This was followed by a December 2024 acquisition by Saks Global valued at $2.7 billion through a transaction supported by Amazon.

In February 2025, Neiman Marcus disclosed plans to close its flagship Downtown Dallas store on March 31, concluding nearly 120 years of continuous operation and marking the end of its longest-standing retail location.

Corporate affairs

Neiman Marcus continues to maintain its headquarters in Dallas, operating under its established brand name. The Neiman Marcus Group encompasses Specialty Retail outlets such as Neiman Marcus and Bergdorf Goodman, which provide high-end apparel, accessories, jewelry, beauty products, and home goods. By mid-2022, the company managed 36 Neiman Marcus stores throughout the United States and two Bergdorf Goodman locations situated in Manhattan. South Florida represents its most significant market, hosting five stores. Additionally, the group runs five "Last Call" clearance centers along with Horchow.com, an online platform specializing in luxury furniture.

Historically, Neiman Marcus held a controlling interest in Kate Spade LLC, fully acquiring the brand in 2006 before divesting it to Liz Claiborne, Inc. for $121.5 million. The company also sold its majority share in Gurwitch Products LLC, known for Laura Mercier cosmetics, to Alticor Inc. for $40.8 million.

In 2013, Neiman Marcus resolved a federal allegation concerning the mislabeling of products marketed as faux fur that actually contained real raccoon dog fur. The company agreed to adhere to federal fur labeling regulations for twenty years without admitting any wrongdoing.

The firm broadened its digital presence by purchasing the German luxury fashion site mytheresa.com in 2014 from founders Christoph and Susanne Botschen and venture capital firm Acton Capital Partners. Mytheresa specializes in worldwide delivery of designer women's clothing, footwear, handbags, and accessories.

In 2019, a legal claim brought by creditor Marble Ridge Capital accusing Neiman Marcus of improper transfer of Mytheresa assets was dismissed by a Texas court due to lack of jurisdiction.

To improve client interaction, Neiman Marcus Group introduced the NM Connect app in March 2020, allowing sales associates to engage with customers via text messaging, email, telephone calls, and video conferencing. In June 2021, it acquired Stylyze, an e-commerce technology company, further enhancing its proprietary Connect app’s digital capabilities.

In April 2022, luxury e-commerce firm Farfetch Limited invested $200 million to acquire a minority stake in Neiman Marcus Group. This strategic collaboration is designed to accelerate growth by integrating Farfetch’s "Platform Solutions" marketplace with Neiman Marcus retail operations. Following this alliance, Neiman Marcus experienced a 30% rise in sales during the last quarter, signaling stronger financial results and promising business expansion.

"His and Hers" and "Fantasy" gifts

Since its inception in 1939, Neiman Marcus has published an annual Christmas catalog that has attracted national media attention for featuring unique and lavish gifts not available in stores. These offerings have often included themed "his and hers" items, luxury trips, and high-end automobiles.

The custom of extravagant gifts was initiated by Stanley Marcus in 1952 through The Christmas Book. When journalist Edward R. Murrow asked about unusual items featured in the catalog, Marcus fabricated the concept of a live Black Angus bull accompanied by a sterling silver barbecue cart priced at $1,925. The catalog’s popularity led to frequent thefts from mailboxes and prompted suggestions that it be sent in plain packaging.

Neiman Marcus’s fantasy gift selections have encompassed a $20 million submarine, authentic mummy cases, seats from Ebbets Field, a $1.5 million Cobalt Valkyrie-X aircraft, and a Boeing Business Jet valued at over $35 million.

Additional Christmas Presents

Back in 1961, Neiman Marcus was one of only two retailers in the United States utilizing computer technology to aid customers in selecting gifts. This innovative system compared recipient characteristics against a catalog of 2,200 products and recommended the most suitable options; notably, one trial suggested a yacht for President John F. Kennedy when seeking presents valued over $1,000.

During the 1968 Apollo 8 expedition, Marilyn Lovell was surprised with a mink coat delivered by Neiman Marcus via Rolls-Royce. The package was adorned with Styrofoam spheres representing the Earth and Moon, accompanied by a card inscribed "To Marilyn, from the Man in the Moon."

In 2012, Neiman Marcus collaborated with Target Corporation to introduce a holiday collection showcasing 24 designers affiliated with the Council of Fashion Designers of America (CFDA). This exclusive 50-item assortment featured clothing, accessories, and gifts for pets.

Data Compromise

In 2024, Neiman Marcus suffered a major security breach and extortion incident associated with the Snowflake mass hacking operation. The compromised information included personally identifiable data (PII) of close to 30 million customers, partial credit card details, online purchase records for all digital shoppers, and more than 12 million gift card codes. Both Neiman Marcus and Bergdorf Goodman were impacted. Regulatory notifications were submitted in Maine and Vermont.

Chocolate Chip Cookie Recipe Myth

Since the 1930s, a popular urban tale has circulated about a woman who was charged $250 for a Neiman Marcus chocolate chip cookie recipe after misreading the price as $2.50. By 1997, this story had become widely viral through email chains, prompting Neiman Marcus to publicly refute it as fiction and to share their cookie recipe freely as a gesture of goodwill.

External links