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Neiman Marcus

Neiman Marcus is an chain headquartered in , , specializing in high-end fashion, accessories, jewelry, beauty products, and home furnishings, with a reputation for exceptional , innovative merchandising, and exclusive offerings. Founded in 1907 by siblings Herbert Marcus Sr. and Carrie Marcus Neiman, along with Carrie's husband A.L. Neiman, the company pioneered apparel in a single location, emphasizing quality, style, and value for a broad clientele rather than elite custom tailoring. As of January 2025, Neiman Marcus operates 36 full-line stores across 18 states, primarily in upscale urban and suburban markets, complemented by its robust e-commerce platform and specialty formats like Last Call clearance outlets. In December 2024, the Neiman Marcus Group was acquired by Saks Global for $2.7 billion, integrating it with Saks Fifth Avenue and Bergdorf Goodman to create a dominant multi-brand retail powerhouse serving affluent consumers worldwide. From its inception, Neiman Marcus distinguished itself through bold innovations, such as launching the iconic Christmas Book catalog in , which featured extravagant "Fantasy Gifts" like a jet airplane or a rare diamond—items that blended whimsy with opulence to captivate holiday shoppers. The chain expanded rapidly post-World War II, opening its first out-of-state store in 1971 and growing to approximately 25 locations by the late 1980s, while maintaining a family-led under subsequent generations of the Marcus family until its shift to public ownership in and later backing amid financial challenges, including a 2020 filing resolved through . Today, under Saks Global's umbrella, Neiman Marcus continues to emphasize personalized experiences, such as dedicated style advisors and private events, while navigating a competitive landscape dominated by digital natives and luxury brands.

History

Founding and early years (1907–1949)

Neiman Marcus was founded on September 10, 1907, in , , by Herbert Marcus, his sister Carrie Marcus Neiman, and her husband A. L. Neiman, who used $25,000 earned from selling their previous millinery business in to launch the venture. The trio had taken a buying trip to to acquire high-end European , including clothing, gloves, and fine accessories, which they sold from a modest 8,600-square-foot store at the corner of Elm and Murphy streets in . This approach differentiated Neiman Marcus from typical stores by emphasizing fashionable, imported merchandise tailored to affluent customers, with Carrie Neiman playing a key role in selecting trendsetting items and fostering personal customer relationships through attentive service. The business was incorporated as Neiman-Marcus Company in 1908, allowing for structured growth amid early challenges, including a in 1913 that prompted a relocation to a larger space at Main and Ervay streets. By the , the store had expanded significantly, doubling its footprint in 1927 to accommodate increasing demand for its upscale offerings, while introducing innovative personal shopping services that provided customized advice and home deliveries to build loyalty among Texas's elite. Carrie's focus on fashion-forward merchandising, combined with Herbert's operational expertise and A. L.'s financial oversight, solidified the store's reputation for exceptional and quality, attracting a clientele of oil tycoons and socialites. The Great Depression posed severe challenges, but Neiman Marcus survived by diversifying into more moderately priced practical items while maintaining its core luxury appeal for its wealthy patrons, incurring losses in only two years during the 1930s. During World War II, material shortages and rationing further tested the business, leading to strategies such as stocking utilitarian goods like household essentials and workwear alongside limited high-end imports, ensuring continuity through adaptive merchandising that prioritized customer needs. These efforts, guided by the founding family's commitment to service, preserved the store's viability and laid the groundwork for postwar recovery.

Expansion and diversification (1950–1999)

In the post-World War II era, Neiman Marcus began its national expansion by opening its first suburban branch at Preston Center in in 1951, marking a shift from its downtown flagship to serve growing suburban populations. This was followed by the acquisition and rebranding of an existing specialty store in in 1955, establishing the company's first location outside and capitalizing on the city's booming oil economy. By the , further branches opened in Fort Worth (1965) and (1972), allowing Neiman Marcus to penetrate new markets in the Southwest and Southeast while maintaining its focus on high-end and . Under the leadership of , who became president in 1950 following his father's death, the company emphasized personalized luxury shopping experiences, including in-store fashion shows and custom consultations that differentiated it from competitors. In 1969, Neiman Marcus merged with Broadway-Hale Stores (later Carter Hawley Hale), providing capital for accelerated growth while Marcus continued to guide merchandising strategy until his retirement as president in 1972. This period solidified the brand's reputation for innovation, with expansions into additional U.S. cities and an emphasis on exclusive designer collections. The launch of the Neiman Marcus Book in its modern fantasy format during the late 1950s, featuring extravagant "His and Hers" gifts like diamond-studded airplanes starting in 1959, transformed the catalog into a cultural phenomenon that enhanced brand visibility nationwide. By the , the catalog's growth complemented physical store expansion, reaching millions of households and driving mail-order sales that accounted for a significant portion of revenue. During the 1980s and 1990s, Neiman Marcus diversified its offerings by expanding into home furnishings, fine jewelry, and beauty products, while acquiring Bergdorf Goodman in 1971 to bolster its New York presence. That same year, the company was spun off from Carter Hawley Hale as an independent public entity, enabling focused investments in new stores and merchandising. Early e-commerce experiments culminated in the 1999 launch of neimanmarcus.com, pioneering online luxury retail amid the dot-com boom. Stanley Marcus, who had transitioned to chairman emeritus, fully retired from active involvement around 1988, leaving a legacy of excellence as the retailer adapted to changing consumer landscapes.

Digital era and acquisitions (2000–2019)

In 1999, Neiman Marcus launched its platform, neimanmarcus.com, as a significant step into , allowing customers to browse and purchase online while integrating features like in-store pickup to bridge physical and virtual shopping experiences. This early adoption built on the company's longstanding catalog tradition, evolving printed wish books into interactive formats that enhanced accessibility for affluent consumers. By the mid-2000s, the platform had grown to support a broader range of merchandise, including apparel, accessories, and home goods, with sales contributing meaningfully to overall revenue as online shopping gained traction. A pivotal shift occurred in 2005 when TPG Capital and acquired Neiman Marcus Group for $5.1 billion in cash, taking the company private and ending its public trading status since 1987. This ownership injected capital for strategic investments, emphasizing operational efficiency and brand enhancement amid a competitive landscape. Under this structure, the company expanded its footprint, growing to over 40 full-line stores by the late 2010s, alongside formats like the Neiman Marcus outlets, which offered discounted luxury items to capture value-conscious shoppers without diluting the core brand. The outlets, launched in the but expanded during this era, reached up to 38 locations by 2017, serving as a complementary channel to the flagship stores in high-end markets. Technological advancements became central to Neiman Marcus's strategy, with the 2012 introduction of the NM Service enabling personalized shopping assistance, such as connecting customers to dedicated sales associates via real-time notifications and purchase history access. Further investments included data-driven tools, like features in the by 2014, which allowed users to snap photos of items for instant product matches and recommendations tailored to individual preferences. These innovations supported an approach, syncing online inventories with in-store availability to facilitate seamless experiences, such as buy-online-pickup-in-store options. Facing intensifying competition from pure-play online luxury retailers like Net-a-Porter in the , Neiman Marcus responded with store remodels to modernize layouts and elevate experiential elements, investing in capital projects that boosted revenues at renovated locations. This rivalry, coupled with shifting consumer behaviors toward digital-first purchasing, prompted a focus on omnichannel integration, including enhanced loyalty programs and targeted marketing to retain high-value clients. By prioritizing these adaptations, the company aimed to differentiate its service-oriented model from disruptors, maintaining relevance in a fragmented market through the end of the decade.

Bankruptcy, merger, and restructuring (2020–present)

In May 2020, Neiman Marcus Group filed for Chapter 11 bankruptcy protection amid the pandemic's impact on luxury retail, including widespread store shutdowns that exacerbated its existing financial strains from approximately $5 billion in debt accumulated through prior leveraged buyouts. The filing, initiated on May 7 in the U.S. Bankruptcy Court for the Southern District of , was supported by a agreement with major creditors, securing $675 million in to sustain operations during the proceedings. The company emerged from in September after less than five months, having eliminated over $4 billion in debt and reduced annual interest expenses by $200 million, leaving it with a restructured of approximately $3.3 billion in total debt. Ownership transitioned to a of investment firms, including , , and Sixth Street, which provided $750 million in exit financing to support ongoing operations and strategic investments. This new ownership structure positioned Neiman Marcus to focus on long-term recovery, building on pre- foundations that enabled a pivot to digital channels during the crisis. From 2023 to 2024, Neiman Marcus pursued recovery through targeted store optimizations and enhanced digital integration, investing over $200 million in physical location upgrades to improve customer experiences while streamlining its footprint. Digital sales grew to represent about 30% of total revenue by 2024, reflecting a strategic emphasis on omnichannel capabilities that blended online personalization with in-store services. These efforts contributed to double-digit revenue increases compared to pre-pandemic levels, though challenges from economic headwinds persisted. In December 2024, Neiman Marcus completed a $2.7 billion merger with and , forming Saks Global as a unified luxury retail platform under ownership to consolidate operations, leverage shared supply chains, and compete more effectively against brands. The transaction, finalized on December 23, integrated the brands' portfolios while maintaining distinct identities, aiming to drive efficiencies in and . In February 2025, Saks Global announced plans to close Neiman Marcus's historic flagship store, initially scheduled for March 31, 2025, but later extended through the 2025 holiday season, after 117 years of operation, attributing the decision to a lease termination notice from the landlord amid escalating operational costs and a strategic shift toward suburban and optimized formats. The closure, despite city intervention to resolve the dispute, redirected resources including a $100 million investment in the location to align with evolving consumer preferences for accessible luxury environments. In 2025, Saks Global faced sales declines of 13% year-over-year in the first half, amid broader luxury market headwinds, while announcing additional closures such as the Plano Willow Bend store.

Corporate affairs

Ownership and leadership

Neiman Marcus was founded in 1907 by Herbert Marcus Sr., his sister Carrie Marcus Neiman, and her husband A.L. Neiman as a family-owned specializing in apparel. The company remained under family control through the Marcus and Neiman descendants until 1969, when it was acquired by Broadway-Hale Stores, Inc., for approximately $40 million, marking the end of direct family ownership. During this period, , son of cofounder Herbert Marcus Sr., served as president from 1950 to 1972 and later as chairman until 1976, overseeing significant expansion and innovation in retailing. His brother, , succeeded him as CEO from 1979 to 1988, guiding the company through national growth amid the transition to corporate ownership. Broadway-Hale, which rebranded as Carter Hawley Hale Stores in the 1970s, held Neiman Marcus until 1987, when it spun off the retail operations as the independent Neiman Marcus Group, with General Cinema Corporation acquiring a 60% majority stake in exchange for its prior investment in Carter Hawley Hale. General Cinema's ownership continued until the early 1990s, when it merged its retail interests into Harcourt General, Inc., which maintained control through the decade. In 2005, The Neiman Marcus Group went private in a $5.1 billion leveraged buyout led by private equity firms TPG Capital and Warburg Pincus LLC. This ownership shifted again in 2013, when TPG and Warburg Pincus sold the company for $6 billion to a consortium including Ares Management LLC and the Canada Pension Plan Investment Board. Following its 2020 Chapter 11 bankruptcy filing amid the , Neiman Marcus emerged restructured in September 2020, having eliminated over $4 billion in debt, with emerging as the largest shareholder and securing three of seven board seats to influence governance during recovery. The reconstituted board included CEO Geoffroy van Raemdonck as chair, alongside representatives from major creditors like , , and , emphasizing financial stabilization and digital transformation. Van Raemdonck, appointed CEO in 2018, led through the until departing in 2024 following the company's acquisition by Saks Global. In late 2024, Saks Global, backed by investors including and , completed a $2.7 billion merger with Neiman Marcus Group, integrating it into a unified platform under CEO Marc Metrick, who oversees operations across , Neiman Marcus, and as of 2025.

Financial overview

Neiman Marcus experienced significant over decades, expanding from approximately $350 million in annual sales by to a peak of $4.66 billion in fiscal 2019, driven by store expansions and catalog operations. This reflected the company's positioning in the luxury retail sector, with revenues reaching $3.7 billion by fiscal 2010 through diversification into and international elements like the acquisition. In May 2020, Neiman Marcus filed for Chapter 11 bankruptcy protection amid the , reporting approximately $5 billion in assets and $5 billion in liabilities, primarily due to a heavy debt load exceeding $5 billion. The restructuring plan, approved by the court in September 2020, eliminated over $4 billion in debt and reduced annual interest expenses by $200 million, with creditors providing a $1.35 billion equity infusion to support emergence from bankruptcy by late September 2020. Following bankruptcy, Neiman Marcus saw a rebound, achieving $4.65 billion in fiscal 2021, a 39% increase from the prior year, bolstered by recovering in-store traffic and digital sales. By fiscal 2023, revenues reached $4.5 billion, with contributing significantly to growth amid a shift toward strategies, though comparable store sales declined 9.4% in the third quarter due to aspirational consumer pullback. In , Neiman Marcus was acquired by Saks Global in a $2.7 billion deal, with expected combined revenue of approximately $7.4 billion for fiscal .[](https://www.businesswire.com/news/home/2024 1223806550/en/Saks-Global-Completes-Acquisition-of-Neiman-Marcus-Group) The merger aimed to enhance scale in a competitive market, with initial quarterly figures showing combined sales of $1.9 billion in 2024. By 2025, Saks Global implemented cost-saving measures as part of broader synergies expected to yield approximately $200 million in fiscal 2025, including the planned closure of Neiman Marcus's and the flagship store after the 2025 holiday season, amid a market slowdown evidenced by a 13% sales drop to $1.6 billion in Q2 2025. These actions addressed weakening credit metrics and declining profitability, with Q1 2025 revenues down 14% year-over-year. The planned closure of the flagship was extended, keeping it operational through the 2025 holiday season to explore reimagination options.

Store operations and locations

Neiman Marcus operates approximately 36 full-line stores across 18 U.S. states as of 2025, with a concentration in major markets such as , , , and . The retailer also maintains a network of outlet stores under the Neiman Marcus banner, featuring discounted luxury merchandise at locations like in , alongside temporary pop-up experiences in select full-line stores to highlight designer collaborations. While Neiman Marcus previously pursued international franchises in regions including the , its current physical retail footprint remains focused on the following post-bankruptcy consolidations. The original flagship store in , which traces its roots to the company's 1907 founding and formal opening in 1914, remains operational as of late 2025, with Saks Global extending its hours through the holiday season to explore reimagination options amid property redevelopment discussions. This location exemplifies the retailer's shift toward experiential formats, incorporating in-store amenities such as salons, restaurants, and interactive installations to enhance beyond traditional shopping. Newer full-line stores, like the Hudson Yards outpost in , emphasize modern luxury architecture and integrated services to attract urban clientele. In terms of operational strategies, Neiman Marcus introduced RFID technology in the to improve accuracy and enable features like smart mirrors for virtual try-ons, achieving up to 98% precision in stock tracking at select locations. Sustainability initiatives include the adoption of eco-friendly materials starting in 2018, as part of broader efforts to reduce waste through partnerships with brands focused on recyclable and reusable options. Following the 2024 merger with Saks Global, Neiman Marcus is integrating operations with locations, including shared inventory systems for online fulfillment that are set to expand to in-store by 2026, aiming to streamline supply chains and enhance efficiency across the combined portfolio.

Signature offerings

The Christmas Book catalog

The Neiman Marcus Christmas Book, a of the retailer's holiday marketing, originated in as a 16-page designed as an extension of earlier invitations sent to customers since to encourage in-store holiday shopping. Over the decades, it has evolved into a substantial exceeding 100 pages by the , with circulation reaching more than 1.5 million households by the late 2000s. This growth reflects the catalog's transformation from a simple gift guide into a cultural blending and whimsy, particularly after the introduction of "fantasy gifts" in the late under Stanley Marcus's direction. The catalog's structure balances accessible, practical gifts—such as apparel, jewelry, and home goods—with extravagant fantasy items like custom yachts or private jets, often priced in the millions, to capture the imagination of affluent shoppers. A portion of proceeds from these fantasy gift sales supports charitable causes, including arts education through The Heart of Neiman Marcus Foundation and other nonprofits, underscoring the retailer's philanthropic commitment during the holiday season. This dual approach not only drives sales but also positions the as a of luxurious , with early experiments in formats tracing back to brief promotional mailers in the store's founding years. Curated annually by Neiman Marcus buyers who scout unique offerings from global vendors, the catalog is printed and distributed each October to align with peak holiday planning. A digital version has been available since the early 2000s, allowing online browsing and purchases that complement the physical edition. The Christmas Book has significantly amplified Neiman Marcus's holiday performance, contributing substantially to seasonal revenue through heightened customer engagement and direct orders. In 2024, following the retailer's integration into Saks Global through a merger with Saks Fifth Avenue, the edition was rebranded as the "Holiday Book" while retaining its core format and fantasy elements. Post-2020, amid the retailer's bankruptcy restructuring, the catalog shifted to a hybrid print-digital model, maintaining annual production but emphasizing online accessibility to adapt to changing consumer behaviors and e-commerce growth. This evolution includes enhanced digital features, such as interactive shopping tools, ensuring the catalog's enduring role in holiday luxury marketing.

Luxury merchandise and services

Neiman Marcus specializes in a curated selection of luxury merchandise, with fashion comprising the majority of its offerings, including designer apparel, accessories, shoes, and handbags from prestigious brands such as and . The retailer also features categories in products, fine jewelry, and home furnishings, emphasizing high-end, aspirational items across its stores and online platforms. To enhance the shopping experience, Neiman Marcus provides personalized services, including the InCircle , launched in 1984 as the first of its kind in , which rewards members with points on purchases and exclusive perks, serving hundreds of thousands of participants. Additional offerings encompass complimentary personal styling sessions by in-house experts and hosting of private events for high-value clients, fostering deeper customer relationships. The company's merchandise is sourced through direct partnerships with over 2,000 luxury brands, enabling exclusive collections and timely access to new releases. This includes a longstanding tradition of buying trips to , initiated by co-founder Carrie Marcus Neiman in the store's early years to secure couture and inspire American luxury retail. In recent innovations, Neiman Marcus introduced the Fashioned for Change initiative in 2022, curating sustainable and ethical product edits across apparel, accessories, and beauty to promote eco-conscious luxury while aiming to increase such sales to 10% by 2025. The retailer expanded same-day options in select markets starting in 2021, partnering with providers to fulfill online orders rapidly from in-stock inventory. Following the 2024 merger with Saks Global, completed in December, Neiman Marcus gained expanded access to Saks-exclusive merchandise and shared inventory systems as of 2025, enhancing cross-brand availability for customers. These core offerings extend seasonally through the Christmas Book catalog, which highlights unique luxury items.

Notable incidents

2013 data breach

In December 2013, Neiman Marcus discovered a significant when its alerted the company to suspicious activity involving customer credit cards. A forensic investigation confirmed that had infected point-of-sale (POS) systems at numerous stores, capturing unencrypted data during transactions. The intrusion affected approximately 350,000 credit and debit cards used between July 16, 2013, and October 30, 2013, across 77 locations nationwide, though only about 9,000 to 40,000 cards showed signs of fraudulent use. The breach stemmed from hackers installing RAM-scraping on the POS terminals, which extracted card numbers, expiration dates, and magnetic stripe data from the system's before occurred. While the exact remains undisclosed, investigations suggested exploitation of vulnerabilities, potentially via a third-party or remote , similar to contemporaneous retail attacks like the one at . No customer names, addresses, or personal identification numbers (PINs) were compromised, limiting the scope to financial data theft. Neiman Marcus immediately isolated and removed the malware upon discovery, collaborated with cybersecurity firms and federal law enforcement, and enhanced to prevent lateral movement by intruders. Neiman Marcus publicly disclosed the incident on , 2014, notifying potentially affected customers via and offering one year of complimentary credit monitoring and protection services. The company also advised customers to review statements and contact their card issuers for reissuance. In the immediate aftermath, Neiman Marcus upgraded its Data Security Standard (PCI DSS) compliance protocols, implemented endpoint detection tools for systems, and conducted comprehensive vulnerability assessments. These measures included annual third-party security audits and mandatory employee training on and access controls, contributing to no comparable breaches in subsequent years. The breach triggered several class-action lawsuits filed in early 2014, alleging negligence in data protection. These were consolidated in the U.S. District Court for the Northern District of , with plaintiffs claiming increased risk of and out-of-pocket expenses. In March 2017, the cases settled for $1.6 million, providing class members with merchandise credits of up to $100, reimbursement for documented losses up to $2,500, and free credit monitoring; the settlement received final court approval in December 2017. Separately, a 43-state investigation culminated in a $1.5 million settlement in January 2019, which required Neiman Marcus to adopt additional safeguards like of card data and regular testing.

Cookie recipe urban legend

The urban legend about Neiman Marcus's chocolate chip cookie recipe claims that in the 1940s, a customer dined at the store's cafe, ordered what was billed as "the best cookie I've ever had," and later received a $250 charge for the recipe when she inquired about it. The story posits that the price was adjusted to $2.50 per cookie for a batch of 100, infuriating the woman who then shared the "secret" formula far and wide as an act of revenge against the luxury retailer's perceived gouging. This narrative evolved from earlier tales of overpriced recipes, such as a 1930s legend involving the Waldorf-Astoria hotel and a red velvet cake, adapting the motif of elite establishments exploiting customers for culinary secrets. The myth proliferated in the via chain letters and early forwards, often framed as a triumphant tale of consumer empowerment, with recipients urged to distribute it to as many people as possible to "stick it to" Neiman Marcus. By the , it appeared in anthologies and folklore collections, solidifying its place in as a symbol of corporate excess amid the rise of chain retail. In truth, the chocolate chip cookie itself was invented in the 1930s by Ruth Wakefield, who added chopped chocolate to her dough at the in , leading to the iconic Toll House recipe that Neiman Marcus never claimed or sold. The retailer has consistently provided recipes for free through its catalogs and publications, with no record of charging for any, and the hoax version—featuring ground oats, gratings, and large yields—bears little resemblance to their actual offerings. Notably, Neiman Marcus did not even serve in its cafes until 1997. Facing decades of , Neiman Marcus publicly debunked the in through statements and media outreach, tracing early chain letters to a woman in and affirming they had never imposed such a . To dispel the rumor, the company released its official cookie recipe online, inviting all to bake it without charge and turning the myth into a promotional opportunity. The enduring legacy of the tale has fostered a vibrant cultural footprint, with the hoax recipe becoming a staple in home baking circles, inspiring commercial adaptations like pre-packaged mixes and nods in films, books, and holiday traditions that evoke Neiman Marcus's aura of opulent indulgence. This folklore has amplified the brand's mythic allure, blending whimsy with critiques of luxury pricing in American retail history.

2024 data breach

In June 2024, Neiman Marcus disclosed that an unauthorized party accessed a between April and May 2024, potentially compromising personal information of approximately 64,472 customers, including names, details, dates of birth, and numbers. A subsequent report in July 2024 revealed a larger exposure of over 31 million unique addresses associated with the incident. The breach did not affect data or passwords. Neiman Marcus notified affected customers, offered two years of complimentary credit and protection monitoring, and implemented enhanced security protocols, including improved access controls and monitoring. The incident led to a class-action alleging inadequate data protection. In June 2025, a $3.5 million settlement was reached, providing eligible claimants with up to $500 in compensation for documented losses, free credit monitoring, and identity restoration services; final court approval was granted on October 23, 2025. As of November 2025, no further major impacts have been reported.

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