The Neiman Marcus Group has named Katie Anderson executive vice president and chief financial officer, filling an important role at a pivotal time for the luxury retailer.
Anderson starts her new job on April 4 and succeeds Brandy Richardson who left Neiman’s in November to join Tailored Brands.
Anderson will report to Geoffroy van Raemdonck, chief executive officer of the Neiman Marcus Group, and will be responsible for all financial functions, as well as risk management, real estate, supply chain and tracking progress in the company’s strategies.
Anderson was CFO at Guess Inc. Earlier, she served as CFO of California Pizza Kitchen and Sprinkles. She started her career in investment banking at Citigroup Inc. and then Moelis & Co.
The fashion industry is closely watching how NMG recovers since it emerged from bankruptcy in September 2020 through a debt-for-equity deal with its new owners, eliminating more than $4 billion of debt and annual cash interest payments of $200 million to $300 million stemming from the debt. The new owners are Pimco, Davidson Kempner Capital Management and Sixth Street.
The restructuring has enabled Neiman’s to once again invest in its Neiman Marcus and Bergdorf Goodman stores and websites, and become more competitive.
As Neiman’s indicated in its announcement on Anderson, the company is investing in its digital first strategy, to grow online sales and strengthen engagements with shoppers through different channels. The company also said it is investing to enhance stores, data, technology and the supply chain.
“Katie’s accomplished background and financial acumen will guide NMG as we deliver against our key priorities to make life extraordinary for our customers, luxury brand partners and associates,” van Raemdonck said. “I am confident that her experienced leadership in both public and private companies will be an asset to NMG as we evolve with a rapidly changing industry.”
Anderson’s appointment furthers NMGs reputation for advancing women. Women represent the majority of the board of directors, more than 50 percent of those holding the position of vice president and above are women. Sixty-eight percent of all corporate and store employees are women.
On Wednesday, NMG reported adjusted earnings before interest, taxes, depreciation and amortization growth of 15 percent for its second fiscal quarter compared to the same holiday period pre-COVID-19. Adjusted EBITDA for the 12 months ending January 2022 increased 26 percent compared to the pre-COVID-19 period ended January 2020.
However, NMG did not disclose any actual dollar figures for the top or bottom lines.
“I am thrilled to be joining Neiman Marcus Group at this exciting time,” Anderson said. “NMG’s financial strength and powerful brand positioning of Neiman Marcus and Bergdorf Goodman as the integrated luxury retailer of choice speaks to their ongoing investments in their customers, luxury brand partners and associates.”
Mark Weinsten had been serving as NMG’s interim CFO and will exit the company after a transition period with Anderson.