US luxury fashion retailer Neiman Marcus files for IPO

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US luxury fashion retailer Neiman Marcus Group Inc. filed with US regulators on Tuesday for an initial public offering, the second time in two years it has unveiled plans to go public, Reuters reported. The 100-year-old retailer – backed by the Canadian Pension Plan Investment Board (CPPIB) and Ares Management LP – sells apparel, handbags, shoes, cosmetics and designer jewelry.

Dallas-based Neiman Marcus operates 41 department stores under its own name, the famed Bergdorf Goodman store on Manhattan’s Fifth Avenue and the Last Call discount chain.

The firm’s previous owners, TPG Capital and Warburg Pincus, first planned to take the company public in July 2013, but decided instead to sell the company to CPPIB and Ares Management for US$6 billion.

The latest IPO plan comes as growth in the North America luxury market is expected to outpace growth overseas.

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The North American luxury market is expected to grow 4.1 percent a year, compared with the 3.6 percent rate expected for the global market, Euromonitor International estimates.

Courtesy EJInsight

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