Luxury fashion retailer Neiman Marcus Group filed for an initial public offering for the second time in two years. The previous owners, TPG Capital and Warburg Pincus, planned to take the company public in July 2013, but instead sold it to CPPIB and Ares Management for $6 billion.
Neiman Marcus operates 41 department stores with the brand name, a Bergdorf Goodman store in Manhattan, and Last Call off-price stores, Reuters reported. Internationally, Neiman Marcus also now owns German fashion e-commerce site MyTheresa.com, as well as Theresa, the flagship store in Munich.
The latest call for an IPO comes as the luxury market experiences significant growth in North America, and is expected to rise 4.1 percent this year compared to the 3.6 percent rate for the overall global market. About 38 percent of Neiman Marcus customers have a median household income over $200,000.
The company itself is growing and revenue was up 4.1 percent in fiscal 2014. The brand has experienced 22 consecutive quarters of positive comparable store sales.
Last month, Neiman Marcus teamed up with online consignment store The RealReal to offer gift cards in exchange for selling used clothing on TheRealReal website.
-See this Reuters article
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