Neiman Marcus has recently become the most expensive brand in the luxury department store sector. Its former owners who had bought it in 2005 for $5.1 billion have recently sold it for a whopping $6 billion to a group of investors led by Ares Management and a Canadian pension plan.
According to The New York Times, if the new owners hadn’t found someone willing to pay that sum for the chain, they would have gone public with their offer. The new owners are very happy with the purchase and they have also officially declared that they intend to invest “meaningful capital into the business to ensure Neiman’s long-term position as the unparalleled leader in luxury retail”.
The brand’s chief executive, Karen Katz, has declared her enthusiasm that the new owners will support Neiman Marcus in its dedication to luxury and fashion, as well as innovative marketing and irreproachable service. We must say that we are happy about that too.