Neiman Marcus Group
| Company type | Private |
|---|---|
| Industry | Retail (luxury department stores) |
| Predecessor | Carter Hawley Hale |
| Founded | June 1987 |
| Headquarters | Dallas , United States |
Area served | United States |
| Products | Luxury department stores, home furnishings, off-price retail |
| Parent | Saks Global (Hudson's Bay Company) |
Neiman Marcus Group was a U.S.-based holding company focused on upscale department store retail. Originating in 1987 as a spin-off from Carter Hawley Hale, the parent of Broadway Stores, it oversaw prestigious luxury brands such as Bergdorf Goodman in New York City, Neiman Marcus headquartered in Dallas, the off-price outlet Neiman Marcus Last Call, and Horchow, an online retailer specializing in home furnishings.
Activities during the 20th century
Established in June 1987, Neiman Marcus Group initially saw General Cinema (which later became Harcourt General) hold a majority 60% interest, which was gradually reduced to 10% by 1999. The group unified ownership of prominent luxury retail properties: Neiman Marcus (originally acquired by Carter Hawley Hale in 1969), Bergdorf Goodman (added in 1972), and Contempo Casuals (brought in during 1979). This configuration positioned the enterprise as a dominant force within the luxury retail sector, concentrating on affluent market segments.
Developments in the 21st century
On May 2, 2005, Neiman Marcus Group was acquired through a leveraged buyout by private equity firms Texas Pacific Group and Warburg Pincus.
In August 2013, plans were underway for an initial public offering (IPO). Nevertheless, by October 2013, the company was sold for $6 billion to Ares Management and the Canada Pension Plan Investment Board. The firm filed again for an IPO in August 2015 and subsequently operated as an independent entity later that year.
Leadership transitioned in 2018 when Geoffroy van Raemdonck replaced Karen Katz as CEO, signaling a strategic pivot.
In April 2019, Neiman Marcus took a minority ownership position in Fashionphile, an online resale marketplace catering to younger buyers with offerings such as handbags, jewelry, and accessories.
July 2021 marked the spin-off of luxury fashion platform mytheresa, which launched an IPO on the NYSE with an initial valuation of $2.2 billion that surged to $3 billion on its debut trading day.
By June 2022, Neiman Marcus Group experienced record sales across nearly half its stores. Revenues from its top twenty brands increased by 70% compared to pre-pandemic figures from 2019. The company successfully attracted a younger demographic, lowering the average customer age from mid-40s to high-30s.
This timeline of ownership shifts, executive changes, strategic acquisitions, and market repositioning illustrates Neiman Marcus’s adaptive business approach aimed at growth, expanding market presence, and responding to evolving consumer profiles.
Bankruptcy filing in 2020
In May 2020, Neiman Marcus Group, Ltd. LLC along with twenty-three affiliated entities filed for Chapter 11 bankruptcy protection in the United States District Court for the Southern District of Texas. CEO Geoffroy van Raemdonck cited the operational disruptions caused by the COVID-19 pandemic as the primary reason for the filing. Importantly, its e-commerce site mytheresa.com was excluded from bankruptcy proceedings. By September 2020, Neiman Marcus emerged from Chapter 11 restructuring having eliminated most of its $5 billion debt load and coming under new ownership by investment firms Davidson Kempner Capital Management, Sixth Street Partners, and Pacific Investment Management Company—all securing significant influence on the board of directors.
Acquisition by Hudson's Bay Company
On July 4, 2024, Toronto-based Hudson's Bay Company declared its purchase of Neiman Marcus Group (NMG) in a $2.65 billion agreement funded by Amazon, Insight Partners, Rhône Capital, and Salesforce. This deal led to the creation of the new division Saks Global, responsible for managing Bergdorf Goodman, Neiman Marcus, and the U.S. operations of HBC-owned Saks Fifth Avenue. Within this framework, Neiman Marcus stores became affiliated brands alongside Saks Off 5th and the Canadian department store Hudson's Bay, thereby broadening HBC’s luxury retail offerings and enhancing its international market presence.
Later, on December 23, 2024, Saks Global completed the acquisition of NMG for $2.7 billion, strengthening its position in luxury retail by leveraging technology-driven operations and a diversified portfolio of brands.
Nameplates
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| Name | Year Founded |
Year Acquired |
Year Divested |
Remarks |
|---|---|---|---|---|
| Bergdorf Goodman | 1899 | 1987 | Template:N/A | |
| Contempo Casuals | 1962 | 1987 | 1995 | Transferred to Wet Seal |
| Horchow | 1971 | 1988 | Template:N/A | |
| Mytheresa | 1987 | 2014 | 2021 | Spun off through IPO |
| Neiman Marcus | 1907 | 1987 | Template:N/A | |
| Neiman Marcus Last Call | Template:N/A | Template:N/A |