Neiman Marcus is an upscale retailer with an iconic image and a loyal customer following. Fiscal year 2012 sales were $4.3 billion.
As the firm’s Web site notes: “For over a century, the Neiman Marcus Group has stayed focused on serving the unique needs of the luxury market. Today, that commitment is stronger than ever. We have stayed true to the principles of our founders – to be recognized as the premier luxury retailer dedicated to providing our customers with distinctive merchandise and superior service. The Neiman Marcus Group is comprised of the Specialty Retail Stores division – which includes Neiman Marcus Stores and Bergdorf Goodman – and the Direct Marketing division, Neiman Marcus Direct. These renowned retailers offer upscale assortments of apparel, accessories, jewelry, beauty, and decorative home products to the affluent consumer. The Company operates 42 Neiman Marcus Stores across the United States and two Bergdorf Goodman stores in Manhattan. The Company also operates thirty one Last Call clearance centers. These store operations total more than 6 million gross square feet. Neiman Marcus Direct, our direct-to-consumer business, conducts both print catalog and online operations under the Neiman Marcus, Horchow, and Bergdorf Goodman brand names. Under the Neiman Marcus brand, Neiman Marcus Direct primarily offers women’s apparel, accessories, and home furnishings. Horchow offers quality home furnishings, linens, decorative accessories, and tabletop items.”
During its history, Neiman Marcus has gone through several changes in ownership; and now it is contemplating another one. The Wall Street Journal‘s Dana Mattoli reports: “The private-equity owners of Neiman Marcus Group Inc. are looking for an exit after holding on to the company for an unexpectedly long seven years, people familiar with the matter said. The trick is avoiding selling at a bargain price. Warburg Pincus LLC and TPG paid $5.1 billion during the credit boom for a company that analysts now say probably isn’t worth much more than $4 billion. The century-old department store chain and its investors have been talking more seriously about laying the groundwork for an eventual initial public offering, people familiar with the matter said. An IPO isn’t imminent, but Neiman is working to dress itself up as a company with potential to grow by beefing up its online sales efforts, venturing overseas, and wooing analysts at Wall Street banks, according to the people familiar with the matter.”
Photo by Jason Henry for the Wall Street Journal