The Neiman’s Challenge: Staying at Top of Luxury Under Two New Owners

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The top U.S. luxury chain on Monday announced a definitive agreement to be sold to two private equity firms, Texas Pacific Group and Warburg Pincus LLC, for $100 a share in cash, or about $5.1 billion.

From This Issue

David Bonderman, founding partner of the Texas Pacific Group.


The Neiman’s Challenge: Staying at Top of Luxury Under Two New Owners

NEW YORK — The new owners of Neiman Marcus have a tough act to follow.

The top U.S. luxury chain on Monday announced a definitive agreement to be sold to two private equity firms, Texas Pacific Group and Warburg Pincus LLC, for $100 a…

clock May 3, 2005David Moin and Vicki M. Young


Neiman Marcus, Then and Now

Neiman Marcus opens on Sept. 10 at Elm and Murphy streets in Dallas, founded by Herbert Marcus Sr., his sister, Carrie Neiman Marcus, and her husband, A.L. Neiman.

Fire destroys the original…

clock May 3, 2005WWD Staff


Adidas in Deal to Sell Salomon

Adidas-Salomon AG agreed to sell its Salomon division to Finnish sports equipment firm Amer Sports Corp. for $625.6 million.

clock May 3, 2005Emilie Marsh


Wal-Mart Shutters Unionized Canada Unit

MONTREAL — Wal-Mart Canada has closed its only unionized store in Canada, in Jonquière, Quebec, ahead of schedule.

Instead of waiting for the scheduled May 6 closing date, Wal-Mart shut the 130,000-square-foot store on Saturday,…

clock May 3, 2005Brian Dunn

Fashion Features

In Brief: Bush Pushes CAFTA … Jeweled Kiss … Mall Buying

BUSH PUSHES CAFTA: President Bush will meet with the leaders of Costa Rica, Guatemala, El Salvador, Honduras, Nicaragua and the Dominican Republic on May 12 as he begins a major push for the Central American Free Trade Agreement,…

clock May 3, 2005WWD Staff


Memo Pad: Kratochvil Out At In Style … Smart and Smarter … Thanks a Billion

KRATOCHVIL OUT AT IN STYLE: John Korpics has been In Style’s creative director for less than three months, but already he’s brought about one of the most talked-about staffing changes in the magazine’s relatively…

clock May 3, 2005WWD Staff


A Wynn-ing Weekend in Vegas

LAS VEGAS — It was bling at its brightest in Las Vegas this past weekend as the who’s who of fashion and beauty turned out to help celebrate the official opening of the wing of retail shops at the new $2.7 billion Wynn resort….

clock May 3, 2005Michelle Tyree


EU Begins to Enforce Tariffs On Some U.S.-Made Apparel

The EU began charging a 15 percent tariff Sunday on imports of certain U.S.-made apparel after Congress failed to rescind the Byrd Amendment.

clock May 3, 2005Evan Clark and Kristi Ellis

Sephora's Shanghai store, the retailer's first in China.

Beauty Features

Sephora Opens Shop in Shanghai

SHANGHAI — It’s easy to find the way to this city’s brand new Sephora shop: Just look for the little black-and-white bags.

Only weeks after the store’s mid-April opening on Huaihai Central Road, a pedestrian-heavy,…

clock May 3, 2005Betsy Lowther

Andrea Jung

Beauty Features

Avon Net Up 16% in Quarter

NEW YORK — Despite softer sales in key markets, Avon Products Inc. delivered a 16 percent increase in net income for the first quarter on sales that rose 7 percent.

Avon posted net earnings of $172 million, or 36 cents per diluted share,…

clock May 3, 2005Amy S. Choi


Met Fete

NEW YORK — Karl Lagerfeld can make a lot of things happen. He can convince Nicole Kidman to personally greet hundreds of guests and create, what he calls, the “perfect exhibit,” at last night’s…

clock May 3, 2005WWD Staff

Neiman Marcus at The Shops at Willow Bend in Texas.


Industry: If It’s Not Broke, Don’t Fix It

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…

clock May 3, 2005WWD Staff

Fashion Features

Texas Pacific M.O.: To Diversify Brands

NEW YORK — With the acquisition of the Neiman Marcus Group by Texas Pacific Group and Warburg Pincus, the spotlight again shifts to the financial players, their motives and plans for their retail and fashion acquisitions.

Of the two, Texas…

clock May 3, 2005Vicki M. Young

Fur is like fabric to Dolce & Gabbana. Here, a runway look.

Fashion Features

Italians Add a Dash of Fashion to Fur

Fur has come full circle in the fashion cycle and has been transformed into a more trendy item along the way.

clock May 3, 2005Alessandra Ilari

Fashion Features

Hearty Turnout Planned for Montreal Fur Fair

MONTREAL — Interest in fur is going strong and this month’s North American Fur and Fashion Exhibition in Montreal is virtually sold out.

The event, scheduled for May 8-11 at Place Bonaventure, is nearing its capacity of 158…

clock May 3, 2005Brian Dunn

A J. Mendel favorite.

Fashion Features

Bergdorf Goodman Packs the House

NEW YORK — Spring is in the air, but winter was on the minds of many of the women shopping at the J. Mendel trunk show at Bergdorf Goodman here on Thursday.

Designer Gilles Mendel, who received a strong reception to his fall runway show,…

clock May 3, 2005WWD Staff

Underwater sea life in a silk burnout at Exotic Silks.

Fashion Features

IFFE Trends: Stretch, Vintage

Textile firms exhibiting at the recent International Fashion Fabric Exhibition said buyers had a taste for stretch fabrics and vintage prints.

clock May 3, 2005Ross Tucker and Daniela Gilbert


Birks and Mayor’s Sign Merger Deal

MONTREAL — Henry Birks & Sons and its majority-owned Mayor’s Jewelers Inc. of Sunrise, Fla., have signed a definitive merger agreement to combine their operations.

Birks, based here, paid $15 million for about 70 to 75 percent…

clock May 3, 2005Brian Dunn


Trade Stakes Raised at Paris Parley

The U.S. plans to urge developing countries to drop tariffs on industrial goods in exchange for wealthy countries liberalizing agricultural trade.

clock May 3, 2005John Zarocostas


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