Neiman Marcus Group announces the retirement of President and CEO Karen Katz; Geoffroy van Raemdonck to succeed

LUXURY FASHION AND RETAIL VETERAN GEOFFROY VAN RAEMDONCK APPOINTED NEW CEO OF NEIMAN MARCUS GROUP; KAREN KATZ TO RETIRE AND REMAIN ON BOARD OF DIRECTORS

DALLAS, Texas, 2018-Jan-10 — /EPR Retail News/ — Neiman Marcus Group (Neiman Marcus), the leading luxury fashion retailer, today ( January 5, 2018) announced the retirement of Karen Katz from the role of President and Chief Executive Officer, effective February 12, 2018. Luxury fashion and retail veteran Geoffroy van Raemdonck has been appointed to succeed Katz as the Company’s new Chief Executive Officer. Katz will continue to serve on the Company’s Board of Directors and will work closely with van Raemdonck to facilitate a seamless transition process. The appointment is part of a long-term leadership succession planning process to ensure continued growth and evolution of the Company.

“As CEO, Karen helped establish Neiman Marcus as a digital leader in luxury fashion and retail and put the Company on a path for long-term growth. We are extremely grateful for her vision and significant contributions, which have spanned over 30 years at the Company, including the last seven as CEO, and look forward to continuing our work together on the Board,” said David Kaplan, Chairman of the Board.

Kaplan continued: “We are thrilled to welcome Geoffroy to Neiman Marcus and look forward to extending the Company’s positive momentum under his leadership. He is a global industry leader and business builder with exceptional vision and energy. The entire board is confident that Geoffroy’s
leadership will add significant value to the Company, our partners and our customers.”

Katz introduced Neiman Marcus to new customers and deepened relationships with the Company’s core shopper, while establishing Neiman Marcus as the leader in luxury online retail. She led the implementation of the Company’s Digital First strategy, which continues to drive growth. Currently, the Company’s online business represents more than 30% of total revenues. Most recently, investments made in new technologies and marketing tools drove a marked improvement in the first fiscal quarter of 2018, with comparable sales rising for the first time in more than two years.

“It has been a unique privilege serving as CEO, and I am proud of the substantial progress and success our team has achieved,” Katz said. “Geoffroy has an impressive track record of success at luxury brands, and he is the right person to lead the Company through this next phase of growth.”

“Neiman Marcus manages one of the most iconic brand portfolios in fashion retailing, and I am excited to build on the great foundation Karen created during her tenure,” said van Raemdonck. “I look forward to working closely with the leadership team, the Company’s 14,000 employees globally and our luxury brand partners as we continue to innovate and engage our loyal customers in new ways.”

Prior to Neiman Marcus, van Raemdonck served as Group President for EMEA and Global Travel Retail at Ralph Lauren, where he led the transformation of all Ralph Lauren brands across full and off-price stores, wholesale and digital. His accomplishments include delivering strong double-digit profit growth over multiple years, expanding gross margin and increasing distribution quality. Previously, van Raemdonck served as CEO at St. John Knits International, Inc., where he launched a turnaround of the American luxury house leading to significant performance improvements. Prior to that, he held a variety of global leadership roles at Louis Vuitton from 2008 to 2013 and was most recently President South Europe where he elevated brand perception and consumer experience in 22 countries and led a team of 1,200 employees across retail, marketing, PR, merchandising, supply chain, finance and HR. Earlier in his career, van Raemdonck held executive leadership positions at L Brands, Inc. He began his career at Boston Consulting Group, where he spent nearly a decade developing and implementing growth strategies on behalf of consumer and brand-driven clients. He holds an MBA from the University of Chicago, and a Master of Business and Sciences from the Université catholique de Louvain in Belgium.

About Neiman Marcus Group:
Neiman Marcus Group LTD LLC is a luxury, multi-branded, omni-channel fashion retailer conducting integrated store and online operations under the Neiman Marcus, Bergdorf Goodman, Last Call, Horchow, CUSP, and mytheresa brand names.

For more information, visit www.neimanmarcusgroup.com.

Contact:
Mimi Crume Sterling
Vice President, Corporate Communications & Public Relations
Neiman Marcus
mimi_sterling@neimanmarcus.com

Source: Neiman Marcus Group

Neiman Marcus Group appoints Michael Fung as Interim CFO and COO

DALLAS, TX, 2016-Nov-29 — /EPR Retail News/ — Neiman Marcus Group (NMG) announces effective November 28, 2016 Michael Fung will serve as Interim Chief Financial Officer and Chief Operating Officer of Neiman Marcus Group. This position was previously held by Donald T. Grimes.

Most recently, Mr. Fung served as Interim Chief Financial Officer and Treasurer for 99 Cents Only Stores and currently serves on its board. Prior to that, Michael spent 11 years at Wal-Mart Stores Inc., retiring in 2012. During his tenure, he served as Chief Financial Officer for Walmart U.S and SVP, Global Procurement and Internal Audit. He was responsible for implementing Walmart’s financial and procurement system, SAP.

“Michael is an excellent choice to serve as our interim Chief Financial Officer and Chief Operating Officer,” said Karen Katz, President and Chief Executive Officer, Neiman Marcus Group. “He is an accomplished leader who brings extensive experience in corporate finance, strategy, financial planning and analysis, logistics and operations to NMG.”

Earlier in his career, he held leadership and executive-level positions at Sensient Technologies, Vanstar Corporation, Bass Pros Shops, Beatrice Companies, and Deloitte & Touche.

Michael Fung brings nearly 40 years of experience to NMG. He currently serves on the Board of Directors for FranklinCovey, Salt Lake City and 99 Cents Only Stores in Los Angeles. Mr. Fung chairs the Audit Committee for both FranklinCovey and 99 Cents Only Stores and also serves on the Compensation Committee and the Nominating and Governance Committee at FranklinCovey. He is a board member and Chair of the Asian Pacific Islander American Scholarship Fund.

Fung received a Masters of Business Administration from the University of Chicago’s Booth School of Business, and a Bachelor of Science in Accounting from the University of Illinois at Chicago.

About Neiman Marcus Group:

Neiman Marcus Group LTD LLC is a luxury, multi-branded, omni-channel fashion retailer conducting integrated store and online operations under the Neiman Marcus, Bergdorf Goodman, Last Call, Horchow, CUSP, and mytheresa brand names. For more information, visit www.neimanmarcusgroup.com.

Contact:

Mimi Sterling
Neiman Marcus Group
Mimi_sterling@neimanmarcus.com
214-573-5682

Source: Neiman Marcus Group

Neiman Marcus Group will announce its Q4 and FY end financial results on September 26, 2016

DALLAS, 2016-Sep-13 — /EPR Retail News/ — Neiman Marcus Group LTD LLC will announce its fourth quarter and fiscal year end financial results on Monday, September 26, 2016 with an investor conference call to be held at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).

The audio webcast may be accessed on the Neiman Marcus Group LTD LLC website at www.neimanmarcusgroup.com simultaneously with the commencement of the call. Prior to the call, any necessary supplemental financial or statistical information will be posted to the Neiman Marcus Group LTD LLC website. Following the live broadcast, interested parties may replay the webcast by accessing this website.

Neiman Marcus Group LTD LLC is a luxury, multi-branded, omni-channel fashion retailer conducting integrated store and online operations under the Neiman Marcus, Bergdorf Goodman, Last Call, Horchow, CUSP, and mytheresa brand names. For more information, visit www.neimanmarcusgroup.com.

From time to time, the Company may make statements that predict or forecast future events or results, depend on future events for their accuracy or otherwise contain “forward-looking information.” These statements are made based on management’s expectations and beliefs concerning future events and are not guarantees of future performance.

The Company cautions readers that actual results may differ materially as a result of various factors, some of which are beyond its control, including but not limited to: weakness in domestic and global capital markets and other economic conditions and the impact of such conditions on the Company’s ability to obtain credit; general economic and political conditions or changes in such conditions, including relationships between the United States and the countries from which the Company sources its merchandise; economic, political, social or other events resulting in the short-or long-term disruption in business at the Company’s stores, distribution centers or offices; changes in consumer confidence resulting in a reduction of discretionary spending on goods; changes in the demographic or retail environment; changes in consumer preferences or fashion trends; changes in the Company’s relationships with customers due to, among other things, its failure to provide quality service and competitive loyalty programs, its inability to provide credit pursuant to its proprietary credit card arrangement or its failure to protect customer data or comply with regulations surrounding information security and privacy; the effects of incurring a substantial amount of indebtedness under the Company’s senior secured credit facilities and other debt instruments; the ability to refinance the Company’s indebtedness under its senior secured credit facilities and other debt instruments and the effects of any refinancing; the effects upon the Company of complying with the covenants contained in its senior secured credit facilities and other debt instruments; restrictions on the terms and conditions of the indebtedness under the Company’s senior secured credit facilities and other debt instruments may place on the Company’s ability to respond to changes in its business or to take certain actions; competitive responses to the Company’s loyalty program, marketing, merchandising and promotional efforts or inventory liquidations by vendors or other retailers; changes in the financial viability of the Company’s competitors; seasonality of the retail business; adverse weather conditions or natural disasters, particularly during peak selling seasons; delays in anticipated store openings and renovations; the Company’s success in enforcing its intellectual property rights; changes in the Company’s relationships with designers, vendors and other sources of merchandise, including changes in the level of goods and/or changes in the form in which such goods are made available to us for resale; delays in receipt of merchandise ordered due to work stoppages or other causes of delay in connection with either the manufacture or shipment of such merchandise; changes in foreign currency exchange or inflation rates; significant increases in paper, printing and postage costs; changes in key management personnel and the Company’s ability to retain key management personnel; changes in the Company’s relationships with certain of our buyers or key sales associates and the Company’s ability to retain our buyers or key sales associates; changes in government or regulatory requirements increasing the Company’s costs of operations; litigation that may have an adverse effect on the Company’s financial results or reputation; terrorist activities in the United States and elsewhere; the impact of funding requirements related to the Company’s pension plan; the Company’s ability to provide credit to its customers pursuant to its proprietary credit card program arrangement, including any future changes in the terms of such arrangement and/or legislation impacting the extension of credit to its customers; and the design and implementation of new information systems as well as enhancements of existing systems.

These and other factors that may adversely affect the Company’s future performance or financial condition are contained in its Annual Report in Form 10-K and other reports filed with and available from the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

Contact:

Mark Anderson
Director – Finance and Investor Relations
(214) 757-2934

Source: Neiman Marcus Group LTD LLC

Donald T. Grimes joins Neiman Marcus Group as Executive VP, COO and Chief Financial Officer

DALLAS, Texas, 2015-6-2 — /EPR Retail News/ — Karen Katz, President and Chief Executive Officer of Neiman Marcus Group LTD LLC announced today that, effective June 15, 2015, Donald T. Grimes will be joining the company as Executive Vice President, Chief Operating Officer and Chief Financial Officer. Mr. Grimes will succeed Jim Skinner, who will continue to be part of the company’s management team in the newly created role of Vice Chairman, Neiman Marcus Group.

Mr. Grimes, 52, joins Neiman Marcus Group from Wolverine World Wide, Inc. (NYSE:WWW) where he was Senior Vice President, Chief Financial Officer and Treasurer for the global branded footwear and apparel corporation. Prior to Wolverine, Mr. Grimes held leadership and executive level positions at Keystone Automotive Operations and Brown-Forman Corporation. He started his career with Coopers & Lybrand.

“Don is an excellent choice to serve as our new Chief Operating Officer and Chief Financial Officer, “ said Karen Katz, “ He brings impressive and extensive leadership experience in operations, strategy and corporate finance, including M&A and international. Along with his vast experience, keen intelligence and ability to produce results, Don brings a balance of pragmatism and creativity — essential qualities for transforming our business and envisioning its future. He will be a great addition and complement to an already accomplished NMG management team.”

Mr. Grimes will be responsible for finance, accounting, investor relations, tax, legal, distribution and fulfilment, and properties.

About Neiman Marcus Group: 
Neiman Marcus Group LTD LLC is a luxury, multi-branded, omni-channel fashion retailer conducting integrated store and online operations under the Neiman Marcus, Bergdorf Goodman, Last Call, Horchow, CUSP, and mytheresa brand names. For more information, visit www.neimanmarcusgroup.com.

From time to time, the Company may make statements that predict or forecast future events or results, depend on future events for their accuracy or otherwise contain “forward-looking information.” These statements are made based on management’s expectations and beliefs concerning future events and are not guarantees of future performance.

The Company cautions readers that actual results may differ materially as a result of various factors, some of which are beyond its control, including but not limited to: political or economic conditions; terrorist activities in the United States and elsewhere; disruptions in business at the Company’s stores, distribution centers or offices; changes in consumer confidence resulting in a reduction of discretionary spending on goods; changes in demographic or retail environments; changes in consumer preferences or fashion trends; competitive responses to the Company’s marketing, merchandising and promotional efforts; changes in the Company’s relationships with key customers; delays in the receipt of merchandise; seasonality of the retail business; adverse weather conditions, particularly during peak selling seasons; delays in anticipated store openings or renovations; natural disasters; significant increases in paper, printing and postage costs; litigation that may have an adverse effect on the Company’s financial results or reputation; changes in the Company’s relationships with designers, vendors and other sources of merchandise; the Company’s success in enforcing its intellectual property rights; the effects of incurring a substantial amount of indebtedness under the Company’s senior secured credit facilities, senior notes and senior subordinated notes and of complying with the related covenants and conditions; the financial viability of the Company’s designers, vendors and other sources of merchandise; the design and implementation of new information systems or enhancement of existing systems; changes in foreign currency exchange rates or inflation rates; impact of funding requirements related to the Company’s noncontributory defined benefit pension plan; changes in the Company’s relationships with certain of key sales associates; changes in key management personnel; changes in the Company’s proprietary credit card arrangement that adversely impact its ability to provide consumer credit; or changes in government or regulatory requirements increasing the Company’s cost of operations.

These and other factors that may adversely effect the Company’s future performance or financial condition are contained in its Annual Report in Form 10-K and other reports filed with and available from the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

###

Ginger Reeder
Vice-President, Corporate
Communications
Neiman Marcus Group
214.573.5822

Neiman Marcus Group to acquire the global online luxury business mytheresa.com from Christoph and Susanne Botschen and Acton Capital Partners

Dallas, TX, 2014-9-17— /EPR Retail News/ — Neiman Marcus Group LTD LLC announced today that it has signed an agreement to acquire the mytheresa.com global online luxury business from Christoph and Susanne Botschen and Acton Capital Partners. In addition, NMG will also be acquiring the THERESA flagship luxury fashion store in Munich from the Botschen family. The transaction is expected to close later this year, subject to regulatory approvals and other customary closing conditions.

Based in Munich, Germany, mytheresa.com was founded by Christoph and Susanne Botschen in 2006 as a way to expand the reach of the THERESA store in Munich. THERESA has long been established as the premier luxury multi-brand fashion store in Munich since its founding in 1987. The companies’ revenues are approximately $130 million annually. From its base in Munich, mytheresa.com ships to over 120 countries globally with a highly localized approach and more than two-thirds of the company revenue comes from outside of Germany. mytheresa.com’s strength in the European, Middle East, and Asia markets complements NMG’s core business in The United States. mytheresa.com is well known for its highly curated mix of over 170 luxury
brands and for its depth of selection. The key categories are women’s ready to wear, shoes, handbags and accessories.

The mytheresa.com online store and THERESA will be run as an independent subsidiary of NMG based in Munich. The mytheresa.com management team including Managing Directors Dr. Thomas Mueller and Jens Riewenherm and Buying Director Justin O’Shea will be continuing in their current roles. An advisory board will be established for the independent business unit with Christoph and Susanne Botschen as well as representatives from NMG. The independent business unit will report to Joshua Schulman, currently President of Bergdorf Goodman. Mr. Schulman will add President of NMG International to his current responsibilities.

“With the acquisition of mytheresa.com, Neiman Marcus Group takes yet another strategically significant step towards our long range international strategy to more broadly serve the affluent customer around the world. We are excited to add mytheresa.com and the THERESA store to our prestigious portfolio of brands,” said Karen Katz, President and CEO Neiman Marcus Group. “Christoph and Susanne Botschen have brilliantly built and positioned mytheresa.com and THERESA by catering to the international luxury customer who is young and fashion savvy through incomparable editing of fashion and the trends, along with superior service. As importantly, they have assembled a talented and accomplished team that will be a great cultural fit with our company.“

“We are very pleased to have found a strategic partner with a lot of experience,” said Christoph and Susanne Botschen, founders of mytheresa.com. “The Neiman Marcus Group perfectly understands the luxury fashion DNA of mytheresa.com and the THERESA store and supports the continued international growth path of our business.

Both parties are going to benefit from this partnership and we are proud to be part of the NMG portfolio. We would like to thank the Acton team who helped us a great deal in scaling the business and organization, while keeping the spirit of a founder-led company intact.”

“We are thrilled with mytheresa.com’s outstanding performance since our investment four years ago. Today it certainly is one of the world’s leading online stores for luxury fashion. Neiman Marcus Group is ideally suited to continue mytheresa.com’s fantastic success story,” said Dr. Jan-Gisbert Schultze, Managing Partner at the Munich-based international growth equity investor Acton Capital Partners.

Morgan Stanley acted as the financial advisor to Neiman Marcus Group. Proskauer Rose LLP and Hengeler Mueller acted as legal counsel for Neiman Marcus Group. Altium Capital and Goldman Sachs acted as financial advisors to Christoph and Susanne Botschen and Acton Capital Partners, Milbank and Guett Olk Feldhaus acted as legal advisors.

###

About Neiman Marcus Group:
Neiman Marcus Group LTD LLC operations include the Specialty Retail Stores segment and the Online segment. The Specialty Retail Stores segment consists primarily of Neiman Marcus, Bergdorf Goodman and Last Call stores. The Online segment conducts direct to consumer operations under the Neiman
Marcus, Horchow, CUSP, Last Call and Bergdorf Goodman brand names. For more information, visit www.neimanmarcusgroup.com.

About mytheresa.com and THERESA:
mytheresa.com is one of the world’s leading online retailers for luxury fashion. Launched in 2006, mytheresa.com prides itself on offering the best choice of collections from more than 170 international top designers such as Balenciaga, Saint Laurent, Valentino and many, many more. The product range includes clothing, shoes, bags and accessories. Around 500 new products go online every week. Following the long-term internationalization strategy mytheresa.com now ships to more than 120 countries globally and with more than two-thirds of the company’s revenue coming from outside of Germany. The company employs over 200 people at its locations in Aschheim and Heimstetten near Munich. The THERESA local store was established in 1987 by Christoph and Susanne Botschen. With its’ superior choice of luxury fashion products and long-term relations to the best luxury brands globally THERESA is the core as well as foundation of the mytheresa.com success. For more information, visit http://www.mytheresa.com/en-de/service/aboutus

About Acton Capital Partners:
Acton Capital Partners is an independent, partner-led growth equity investor in the internet sector. The investment focus of Acton’s Heureka I and II Funds is B2C and B2smallB oriented business models in e-commerce, online marketplaces, e-services and media. The current Heureka portfolio includes 15 companies, such as Clio, Etsy, Linas Matkasse, MyOptique Group, KupiVip and Windeln.de. Investment success stories of the Acton team during the past 15 years include AbeBooks, Alando, ciao.com, Elitepartner, HolidayCheck, OnVista and zooplus. For more information, visit www.actoncapital.com

Forward-Looking Statements From time to time, Neiman Marcus Group LTD LLC (the “Company”) may make statements that predict or forecast future events or results, depend on future events for their accuracy or otherwise contain “forward-looking information.” These statements are made based on management’s expectations and beliefs concerning future events and are not guarantees of future performance.

The Company cautions readers that actual results may differ materially as a result of various factors, some of which are beyond its control, including but not limited to: weakness in domestic and global capital markets and other economic conditions and the impact of such conditions on the Company’s ability to obtain credit; general economic and political conditions or changes in such conditions, including relationships between the United States and the countries from which the Company sources its merchandise; economic, political, social or other events resulting in the short-or long-term disruption in business at the Company’s stores, distribution centers or offices; changes in consumer confidence resulting in a reduction of discretionary spending on goods; changes in the demographic or retail environment; changes in consumer preferences or fashion trends; changes in the Company’s relationships with customers due to, among other things, its failure to provide quality service and competitive loyalty programs, its inability to provide credit pursuant to its proprietary credit card arrangement or its failure to protect customer data or comply with regulations surrounding information security and privacy; the effects of incurring a substantial amount of indebtedness under the Company’s senior secured credit facilities; the ability to refinance the Company’s indebtedness under its senior secured credit facilities and the effects of any refinancing; the effects upon the Company of complying with the covenants contained in its senior secured credit facilities; restrictions on the terms and conditions of the indebtedness under the Company’s senior secured credit facilities may place on the Company’s ability to respond to changes in its business or to take certain actions; competitive responses to the Company’s loyalty programs, marketing, merchandising and promotional efforts or inventory liquidations by vendors or other retailers; changes in the financial viability of the Company’s competitors; seasonality of the retail business; adverse weather conditions or natural disasters, particularly during peak selling seasons; delays in anticipated store openings and renovations; the Company’s success in enforcing its intellectual property rights; changes in the Company’s relationships with designers, vendors and other sources of merchandise, including changes in the level of goods and/or changes in the form in which such goods are made available to us for resale; delays in receipt of merchandise ordered due to work stoppages or other causes of delay in connection with either the manufacture or shipment of such merchandise; changes in foreign currency exchange or inflation rates; significant increases in paper, printing and postage costs; changes in key management personnel and the Company’s ability to retain key management personnel; changes in the Company’s relationships with certain of its key sales associates and the Company’s ability to retain its key sales associates; changes in government or regulatory requirements increasing the Company’s costs of operations; litigation that may have an adverse effect on the Company’s financial results or reputation; terrorist activities in the United States and elsewhere; the impact of funding requirements related to the Company’s pension plan; the Company’s ability to provide credit to its customers pursuant to its proprietary credit card program arrangement, including any future changes in the terms of such arrangement and/or legislation impacting the extension of credit to its customers; and the design and implementation of new information systems as well as enhancements of existing systems.

These and other factors that may adversely affect the Company’s future performance or financial condition are contained in its Annual Report in Form 10-K and other reports filed with and available from the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

For more information:
Neiman Marcus Group:
Ginger Reeder
Vice President, Corporate Communications
+1 214.573.5822
ginger_reeder@neimanmarcus

mytheresa.com and THERESA:
Sebastian Warschow
Head of PR & Corporate Communications
+49.089.679707241
s.warschow@mytheresa.com

Acton Capital Partners
Anja Seipp, Seipp Kommunikationsberatung
+49.89.2421887.22
press@actoncapital.de