History of Neiman Marcus in Timeline
Neiman Marcus Group, Inc. is an American luxury retail corporation based in Dallas, Texas. The company owns and operates several high-end retail chains including Neiman Marcus, Bergdorf Goodman, Horchow, and Last Call. As of September 2021, the company is owned by a consortium of investment firms spearheaded by Davidson Kempner Capital Management, Sixth Street Partners, and Pacific Investment Management.
1914: Fire Destroys Original Store, Rebuilding Leads to Expansion
In 1914, a fire destroyed the original Neiman Marcus store. After operating a temporary store, Neiman Marcus opened a new, permanent location, allowing them to expand their product lines and double their profits within a year.
1927: Neiman Marcus Pioneers Retail Fashion Shows
Expanding on their success, in 1927, Neiman Marcus launched the first weekly retail fashion show in the United States, solidifying their position as a trendsetter in the industry.
1929: Neiman Marcus Introduces Menswear
In 1929, Neiman Marcus expanded their offerings to include menswear, catering to a wider customer base.
1936: "One Hundred Years of Texas Fashions" Show
In 1936, Neiman Marcus celebrated the centennial of Texan independence with a grand fashion show titled "One Hundred Years of Texas Fashions," which was a significant cultural event covered by Vogue.
1946: Neiman Marcus Overcomes Another Major Fire
Despite facing a major fire in 1946 that could have crippled the business, Neiman Marcus persevered and continued to grow and thrive, demonstrating its resilience and strong market position.
1950: Herbert Marcus Sr. Passes Away, Stanley Marcus Takes Charge
Following the death of Herbert Marcus Sr. in 1950, and Carrie Neiman two years later, Stanley Marcus, a visionary leader, assumed leadership and steered the company through a period of significant growth and innovation.
1952: Extravagant Gifts Debut in the Christmas Catalog
Stanley Marcus introduced the tradition of showcasing extravagant and unusual gifts in the annual Christmas catalog in 1952. This concept originated when journalist Edward R. Murrow inquired about any unique offerings. Marcus spontaneously came up with the idea of a live Black Angus bull paired with a sterling silver barbecue cart, which was then included in the catalog for $1,925.
1957: Launch of "Fortnight" Extravaganza
In 1957, Neiman Marcus launched "Fortnight," an annual event showcasing international fashion and culture. Running for 29 years, "Fortnight" became a highly anticipated Dallas tradition, attracting celebrities, dignitaries, and fashion enthusiasts alike.
1961: Eero Saarinen's Untimely Death and Design Changes
Eero Saarinen, the chosen architect for the Neiman Marcus store, passed away unexpectedly in 1961. His partners, Kevin Roche and John Dinkeloo, completed the design with E.G. Hamilton of Harrell & Hamilton (now Omniplan). Disagreements arose regarding the use of white marble, with Stanley Marcus advocating for it and Raymond Nasher and Hamilton pushing for design unity within NorthPark Center. Roche's design incorporated distinct departmental elements.
1961: Computer-Assisted Gift Selection
In 1961, Neiman Marcus in Dallas, along with Wanamaker's in Philadelphia, became one of the first stores in the U.S. to offer computer-based gift selection assistance for Christmas. The system analyzed recipient information against a database of 2,200 Neiman-Marcus products, providing a printout of the top 10 gift suggestions.
December 1968: Astronaut's Wife Receives Mink Coat from "Man in the Moon"
In December 1968, during the Apollo 8 mission, astronaut Jim Lovell's wife, Marilyn Lovell, received a mink coat as a Christmas gift. The coat, delivered in a Rolls-Royce by a Neiman Marcus driver, was wrapped in royal blue paper with Earth and Moon Styrofoam balls and a card that read, "To Marilyn, from the Man in the Moon."
1968: Merger with Broadway-Hale Stores Accelerates Expansion
The merger of Neiman Marcus with Broadway-Hale Stores in 1968 provided the financial backing for rapid expansion, allowing the company to open stores in over 30 cities across the United States, including prestigious locations like Beverly Hills and Bal Harbour.
June 1987: Neiman Marcus Goes Public After Spin-off
After being spun off from Carter Hawley Hale Stores in June 1987, Neiman Marcus became a publicly listed company, marking a significant shift in its ownership structure.
1987: Neiman Marcus Group Acquires Bergdorf Goodman
In 1987, Neiman Marcus Group acquired the luxury retailer Bergdorf Goodman, further solidifying its position in the luxury market.
1997: Neiman Marcus Debunks Cookie Recipe Urban Legend
In 1997, Neiman Marcus publicly addressed and debunked a popular urban legend circulating via email about their cookie recipe. As a gesture of good faith, they released a version of their cookie recipe for free to the public.
January 22, 2002: Stanley Marcus, Visionary Leader, Passes Away
On January 22, 2002, Stanley Marcus, the man behind Neiman Marcus's iconic marketing strategies, including the extravagant Christmas Book, passed away. His leadership and innovative ideas left a lasting legacy on the company and the retail industry.
May 2, 2005: Neiman Marcus Goes Private in Leveraged Buyout
On May 2, 2005, Neiman Marcus Group went private after a leveraged buyout by private equity firms Texas Pacific Group and Warburg Pincus.
October 2006: Neiman Marcus Acquires Full Ownership of Kate Spade LLC
Neiman Marcus Group acquired full ownership of Kate Spade LLC, a handbag and accessories manufacturer, for approximately $59.4 million.
November 2006: Neiman Marcus Sells Kate Spade to Liz Claiborne
Neiman Marcus sold 100% ownership of Kate Spade LLC to Liz Claiborne, Inc. for approximately $121.5 million.
2012: Neiman Marcus and Target's Holiday Collection
In 2012, Neiman Marcus collaborated with Target Corporation on a holiday collection. This partnership featured designs from 24 Council of Fashion Designers of America (CFDA) members and included apparel, accessories, and even gifts for dogs.
August 2013: Neiman Marcus Group Prepares for IPO, Later Sold
In August 2013, Neiman Marcus Group prepared for an initial public offering of its stock, signaling a potential return to the public market. However, the company was sold to Ares Management and the Canada Pension Plan Investment Board in October 2013.
November 2013: Neiman Marcus Unveils the "Nam Diamond"
In a surprising move, Neiman Marcus unveiled a 25-carat rough diamond, dubbed the "Nam Diamond," discovered off the coast of Namibia. Valued at $1.85 million, the diamond highlighted the company's ventures beyond traditional retail.
2013: Neiman Marcus Settles Fake Fur Lawsuit
Neiman Marcus settled a federal lawsuit in 2013 alleging that some of their products, which they claimed were faux fur, were actually made from real raccoon dog fur. Without admitting guilt, Neiman Marcus agreed to comply with federal fur labeling laws (the Fur Act) for the following 20 years.
2014: Neiman Marcus Acquires Mytheresa.com
In 2014, Neiman Marcus acquired the German luxury fashion e-commerce platform, Mytheresa.com, and its flagship store from its founders, Christoph and Susanne Botschen, and venture capital firm Acton Capital Partners.
2018: Geoffroy van Raemdonck Takes Helm as CEO
In 2018, Geoffroy van Raemdonck was appointed as the CEO of Neiman Marcus, succeeding Karen Katz and marking a new chapter in the company's leadership.
April 2019: Neiman Marcus Invests in Online Resale Platform Fashionphile
Recognizing the growing trend of luxury resale, Neiman Marcus made a strategic move in April 2019 by acquiring a minority stake in Fashionphile, an online platform for pre-owned luxury handbags, jewelry, and accessories.
2019: Lawsuit Against Neiman Marcus Dismissed
A lawsuit filed by Neiman Marcus creditor Marble Ridge Capital was dismissed in 2019. The lawsuit alleged an inappropriate transfer of the company's MyTheresa assets, but a Texas judge dismissed it due to lack of subject-matter jurisdiction.
2019: Sales Growth Compared to Pre-COVID Levels
In June 2022, Neiman Marcus reported a 70% increase in sales for their top 20 brands compared to pre-COVID levels in 2019.
March 2020: Neiman Marcus Launches NM Connect App
In March 2020, Neiman Marcus Group launched NM Connect, an app designed to enhance communication between salespeople and customers. This app facilitates interaction through various channels, including text messages, emails, phone calls, and video calls.
May 2020: Neiman Marcus Files for Bankruptcy
In May 2020, Neiman Marcus Group, Ltd. LLC, and 23 affiliated debtors filed for Chapter 11 bankruptcy due to the COVID-19 pandemic.
August 2020: Neiman Marcus Closes Five Stores
In August 2020, Neiman Marcus announced the closure of five stores, including locations in Washington D.C., New York City, Fort Lauderdale, Palm Beach, and Bellevue.
September 2020: Neiman Marcus Exits Bankruptcy
Neiman Marcus successfully exited Chapter 11 bankruptcy in September 2020.
June 2021: Neiman Marcus Group Acquires Stylyze
In June 2021, Neiman Marcus Group acquired Stylyze, an e-commerce platform, to bolster its e-commerce capabilities. Users can connect to Neiman Marcus Group through their proprietary app, Connect.
July 2021: Mytheresa IPO
In July 2021, Neiman Marcus Group spun off its subsidiary, Mytheresa, which went public on the NYSE with a valuation of $2.2 billion, increasing to $3 billion on the first day of trading.
September 2021: Neiman Marcus Group Acquired by Investment Consortium
In September 2021, Neiman Marcus Group underwent another ownership change, this time being acquired by a group of investment companies led by Davidson Kempner Capital Management, Sixth Street Partners, and Pacific Investment Management.
April 2022: Farfetch Invests in Neiman Marcus Group
In April 2022, Farfetch Limited made a $200 million minority investment in Neiman Marcus Group, aiming to accelerate growth by leveraging Farfetch's "Platform Solutions" e-commerce marketplace.
June 2022: Neiman Marcus Reports Record Sales and Younger Customer Base
In June 2022, Neiman Marcus Group reported record sales volume in nearly half of its stores, a 70% increase in sales for their top 20 brands compared to pre-COVID levels in 2019. They also saw a decrease in the average customer age, dropping from the mid-40s to the high-30s.
2022: Neiman Marcus Under New Ownership
As of 2022, Neiman Marcus is owned by a consortium of investment firms, including Davidson Kempner Capital Management, Sixth Street Partners, and Pacific Investment Management.
