The department store operator announced a series of new strategic initiatives on Wednesday, including the fusion of its in-store and online teams, the sale of two distribution centers and the streamlining of Last Call.
Neiman Marcus has announced its acquisition of a minority stake in Fashionphile, making it the first major luxury retailer to directly invest in resale, a market segment projected to grow to $51 billion by 2023.
The Dallas, Texas-based department store operator reported a net loss of $29.0 million for the second quarter of 2019 on Tuesday, as the retailer pushes forward with efforts to turn its business around.
For the first time since its birth in 1907, Neiman Marcus will open a location in Manhattan on Friday, debuting a new range of exclusive digital and physical features at The Shops & Restaurants at Hudson Yards.
The luxury retailer reported its fourth consecutive quarter of positive sales increases on Tuesday, progress which allowed the company to announce reduced losses, as well as big changes in its senior executive team.
Neiman Marcus has appointed Adam Orvos as Executive Vice President and Chief Financial Officer. Orvos replaces interim CFO Dale Stapleton, who will continue to serve as the company's SVP and Chief Accounting Officer.
US luxury retailer Neiman Marcus Group announced itself profitable in the second quarter with a net profit of $346.3 million compared a $140.6 million in the year-ago period. Revenues rose 6.2% on last year, said NMG.