News

IPO ahead for Neiman Marcus: Will second attempt be a winning move?

Luxury retailer aims to raise $100M with IPO and has expansion plans for 2016.

August 6, 2015

High-end fashion retailer Neiman Marcus Group is banking on continued robust growth and luxury sales as it readies a $100 million initial public offering move.

The company Tuesday filed, marking the second IPO effort by the 100-year-old retailer, according to a Reutersreport.

Based in Dallas, Texas Neiman Marcus sells apparel, cosmetics, jewelry, shoes and handbags at its 41 department stores. The first IPO move was in early summer 2013. by the company’s previous owners. But then TPG Capital and Warburg Pincus sold the company for $6 billion to Area Management and CPPIB.

The Reuters reports noted that a new Euromonitor International data predicts that the North American retail luxury segment will increase by 4.1 percent, and the global market increasing 3.6 percent each year.

The company’s latest revenue for year ended Aug. 2, 2014 was $4.8 billion, stated a Business Insider report, which also noted the company is expanding operations in New York next year and aims to boost the number of designed shops by 20 percent.