Neiman Marcus Said to Be Exploring Options
Luxury retailer Neiman Marcus Group is reportedly eyeing a possible sale or public stock offering, as the company talks to banks about strategic options.
According to The Wall Street Journal, Neiman Marcus started preparing for an IPO last year. It talked to Wall Street analysts and made moves to demonstrate growth, such as buying a stake in a Chinese fashion website.
The report cited a source as saying the Dallas-based company is now looking to hire a bank for advice about options, including a sale, stock offering or recapitalization.
Neiman Marcus was acquired in 2005 by private equity firms TPG and Warburg Pincus for $5.1 billion. Since then, the retailer has looked to attract new customers and expand its footprint.
In 2011, it decided to accept Visa and MasterCard after only accepting the Neiman Marcus credit card, American Express or cash. And in advance of the last holiday season, the company partnered with Target Corp. (NYSE:TGT) to sell a collection in its stores.
Neiman Marcus reported $1.36 billion in revenue and a $40.4 million profit in the fiscal quarter ended Jan. 26.