Neiman Marcus Sells For $6 Billion
It was no secret that the prior owners of luxury department store, Neiman Marcus, had been searching for a buyer and it was, again, no surprise when news hit that the store had indeed been sold to Los Angeles based, Ares Management and the Canada Pension Plan Investment Board for $6 billion.
According to WWD, the plans the two investors have for Neiman Marcus is to put more money into the stores with hopes of expansion. Both have a long-term investment plan for the luxury retailer and it seems that they are in good hands. Ares and its Vice President currently manage successful retail ventures, including the 99 Cents Only Store.
With plenty of interested parties, the duo that sealed the deal will now have most control over the firm. That being said, Neiman Marcus President, Karen Katz, ensures customers won’t notice the change in ownership.
While there may seem to be a lack of change from a customer standpoint, new owners are open to big changes such as a possible expansion to Canada. With half of the partnership being from Quebec, it’s a strong possibility, but Katz vaguely states, “As we’re exploring opportunities for the next few years, we’ll take everything under consideration.”
The new owners are now responsible for over 40 Neiman stores, 35 Last Calls and two Bergdorf Goodman locations.