US upmarket department store Neiman Marcus plans float to raise $100 million

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Bosses explained to the market just how wealthy its clientele are by revealing 40% of its customers have a median household income of more than $200,000 (£128,000) a year.

The department store chain, which owns  41 stores, 42 Last Call outlets and Bergdorf Goodman on Manhattan’s fashionable Fifth Avenue, hopes to raise  $100 million from the float used to pay down a $4.7 billion debt pile.

Current owners Ares Management and the Canadian Pension Plan Investment Board will retain a majority stake in the business, bought in 2013 for $6 billion.

Neiman Marcus, whose advertising campaigns have featured actress Drew Barrymore, saw its sales jump 5% to $1.2 billion during the three months to May 2 compared with last year and swung to a $19.8 million profit after a loss of $8 million in the same quarter last year.

 

It has been in private hands for the last decade with several private-equity investors.

However, the current owners hope to cash in on a boom in luxury spending in the US.

Source Article from http://www.standard.co.uk/business/business-news/us-upmarket-department-store-neiman-marcus-plans-float-to-raise-100-million-10439916.html

August 5, 2015 |
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