Even though some tony brands have resisted e-commerce, this week’s regulatory filing for Neiman Marcus Group’s possible initial public offering shows that there are more than a few well-manicured fingers tapping out their luxury orders online.
The more than 100-year-old retailer said that about 24 percent, or $1.2 billion, of its $4.8 billion in sales came from e-commerce last year.
More than that, the company in its pitch to investors noted, “We believe that over 75 percent of the total luxury spending of our customers is digitally influenced.”
Neiman’s also cited statistics from Euromonitor International that show that digital sales represented over 4 percent of the U.S. luxury goods market by value last year, an increase of over 40 percent over five years.
The retailer continues to look for new ways to bring together the online and offline experiences, giving shoppers one cohesive brand message.
“We provide our customers a deep assortment of luxury merchandise and a consistent, seamless shopping experience, whether our customers shop in our stores, on our Web sites or via e-mail, text or phone communications with our sales associates,” the company said in the filing. “We empower our sales associates with mobile devices and proprietary technology to improve their connection with our customers.”
To help speak to the shopper in one voice, the company has shifted so that both its stores and online business report to John Koryl, whose title is president, Neiman Marcus stores and online.
It has also spent on technology to better know their consumer and drive revenues.
“We are able to associate approximately 90 percent of our total revenues with specific customers,” the company said in the filing. “Additionally, we are able to associate substantially all browsing behavior on our digital platforms with unique individuals. By aggregating this data and employing advanced analytics, we are able to generate a single view of these customers’ engagement with our brands. We utilize this data to enhance the interactions with our customers when they are in our stores and personalize the presentation of merchandise to our customers when they shop online.”
Neiman Marcus said the average age of its customers is 51 and that they’re active on Facebook, Twitter, Instagram and Pinterest.
What Neiman’s didn’t say is when it might go for an IPO, how many shares it might sell and what those shares might cost. It also has yet to hire a banker or bankers to oversee any IPO.