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Second time the charm for Neiman Marcus?

8/5/2015

New York -- The nation’s premier luxury department store company wants to return to the public arena, and use proceeds from the offering to repay some of its debt and invest in technology, among other things.



Neiman Marcus Group has filed plans for an initial public offering — for the second time in two years — of $100 million (the sum is a placeholder that doesn’t necessarily reflect the final offering amount.) The company said it would trade under the ticker symbol NMG.





In addition to tech investments, Neiman Marcus in its filing said it plans to grow sales by identifying and partnering with new designers, and expanding its global footprint.




The retailer also plans to remodel 23 of its 43 full-price stores and is looking to open U/S/ locations. It will enter the New York City metro area in 2016, on Long Island, and make its Manhattan debut 2018, as an anchor for the giant Hudson Yards complex being built on the city’s West Side.



Neiman Marcus had previously filed to go public back in June 2013. But owners TPG and Warburg Pincus instead sold the luxury retailer to Ares Management LLC and the Canada Pension Plan Investment Board for $6 billion.



The company reported $4.8 billion in revenue for fiscal 2014. It has posted 22 consecutive quarters of positive same-store sales growth through the end of the third quarter of fiscal 2015. Overall, the luxury market is booming, and is expected to grow 4.1% this year compared to the 3.6% rate for the overall global market.



Neiman Marcus operates 41 stores under its own banner, 42 “Last Call” off-price stores and two Bergdorf Goodman locations. It also owns German online fashion retailer My Theresa, which has a flagship location in Munich.


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