Operations in the 21st century
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]
2020 bankruptcy
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]
