link.png Neiman Marcus announces plans to go public← Back

 
Yesterday evening American luxury department store Neiman Marcus announced plans to list the business on the stock market.
 
Neiman Marcus, which first saw the light of day in 1907, is based in Dallas, Texas. The luxury fashion company now counts 41 Neiman Marcus stores across the US as well as two Bergdorf Goodmans department stores, which are all principally aimed at consumers of luxury goods. Indeed, according to figures released by the company almost 40% of Neiman Marcus’ customers have an income of over $200, 000 a year, with 79% of customers being women. A strong player in the US’ luxury market, it counts high-end retailers Nordstrom and Bloomingdales as its competitors. 
 
A private equity consortium paid $5.1 billion for the company in 2005. This is the second time in the past two years that the company has filed for an IPO: in 2013, Neiman Marcus originally announced its intention to go public before being bought by Ares and Canada Pension Plan Investment Board.
 
This latest decision to float comes in an attempt to liquidate some of the company’s debt: it aims to raise $100 million in order to repay part of the $4.7 billion debt it has racked up. Despite having announced its intention to go public, Neiman Marcus hasn’t however revealed how many shares it plans to sell, nor which stock exchange it plans to list on.
 
Neiman Marcus has recently made efforts to tap into the growing luxury market in the US. Last year it strengthened its online presence by acquiring luxury fashion etailer MyTheresa. In addition, future plans include the overhaul of more than half its existing stores and the opening of new branches in Long Island as well as Manhattan.