NEW YORK — It’s a good company. Don’t mess with it.
That was the general reaction of vendors and designers on Monday to the purchase of The Neiman Marcus Group Inc. by Texas Pacific Group and Warburg Pincus. While vendors generally reacted positively, they cautioned the new owners not to make any substantial changes in either Neiman’s operations or its management.
Mark Lee, president of Gucci, described Neiman Marcus as “an extremely important, long-standing partner for Gucci.”
“I am confident that today’s announced transaction will be positive for Neiman Marcus provided the current, outstanding management of Neiman Marcus remains in place and provided the character and quality of the immensely successful strategy implemented by Neiman Marcus over the last 15 years is not altered in any negative manner,” he continued.
Robert Chavez, president and chief executive officer of Hermès of Paris Inc., the French luxury firm’s American subsidiary, said he was heartened that Texas Pacific has holdings and experience in luxury.
“I’m sure they will continue to keep Neiman’s on the luxury track it’s been on for several years,” Chavez said. “Our most important relationships are with Burton Tansky and Karen Katz and we would hope to continue working with them hand in hand.”
Tansky is president and ceo of Neiman Marcus Group and Katz is president and ceo of its Neiman Marcus Stores division.
“In my opinion, the new owners will most likely retain the current management team, as they have been so successful,” said Tom Murry, president and chief operating officer at Calvin Klein Inc., who explained that the luxury sector trended well for several years and continues to perform. “Within that sector, Neiman Marcus has been executing well and I don’t anticipate any significant strategic changes if their performance and current trends continue.”
From family members of the company founders, reaction was a mixture of skepticism and pride as well as concern over the future of the retailer.
“It has always been presumed that this day would come, and one hopes that whoever succeeds the Smith family will be as good investors as they were,” said Richard Marcus, former president of Neiman Marcus and son of the late Stanley Marcus. “These companies can look at the legacy of what the Smith family accomplished. This company is in good shape and doing well, and I’m sure they want to keep it that way.”
"I think that all anyone really wants in life is to have people understand us for who we actually are, despite everything," says Ruth Negga. The actress talks "Preachers" season 2 and more on WWD.com. #wwdeye (📷: Dan Doperalski)
"That's something that resonates with me too because I'm so locked into a number. If I go over that number it completely ruins my day so it's nice to get detached from the number on the scale." - Chelsea Handler on Kelly LeVeque's book "Body Love." #wwdeye (📷: John Salangsang)