Neiman Marcus Group Says Luxury Demand Boosted Business Above Pre-Pandemic Levels

Neiman Marcus Group (NMG), which owns Bergdorf Goodman, reported on Tuesday that it saw comparable sales growth of over 30% compared to this period last year, surpassing pre-COVID benchmarks. NMG’s CEO Geoffroy van Raemdonck said that the company’s “Revolutionizing Luxury Experiences” growth strategy is already seeing strong results. The retailer saw comparable GMV growth, or total sales value over a period of time, in the high 20% range versus pre-pandemic 2019. Strong full-price selling also contributed to a strong margin expansion over 300 basis points. “Our performance reflects continued strong growth … as well as a healthy U.S. luxury customer,” van Raemdonck said in a statement. “While we continue to operate in a dynamic environment, we believe we are well positioned for the future with our differentiated integrated luxury retail model, healthy balance sheet, and strong customer and luxury brand relationships.” NMG is a private company that does not share full financial performance results, though the company does often provide periodic updates. Last month, Farfetch closed a new minority common equity investment of $200 million in NMG. NMG said it plans to invest in four specific arms to further its growth: Experimental store concepts and renovations, online perfomance, a loyal and new luxury customer

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