default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Neiman Marcus Names Geoffroy van Raemdonck Chief Executive

The Ralph Lauren executive replaces Karen Katz, chief executive of the luxury department store group for the last seven years.
Neiman Marcus in Natick, Massachusetts | Source: Neiman Marcus
By
  • Reuters

DALLAS, United States — Struggling luxury retailer Neiman Marcus Group Ltd on Friday named Ralph Lauren Corp executive Geoffroy van Raemdonck to succeed Karen Katz as its new chief executive next month.

Katz, a Neiman lifer who has served as CEO since 2010, will retain her board seat after stepping down on Feb. 12, the company said.

Van Raemdonck joins Neiman from luxury apparel manufacturer Ralph Lauren, where he was group president for Europe, Middle East and Africa and head of travel retail.

His resume also includes time spent at French luxury conglomerate Louis Vuitton from 2008 to 2013 and Victoria's Secret owner L Brands Inc.

The move to replace Katz comes as the up-market chain continues to struggle with a nearly $5 billion debt load mainly due to its leveraged buyout in 2013, when Ares and Canadian public pension fund CPPIB acquired it from other private equity firms.

Like other retail chains, Neiman Marcus is struggling to reinvent itself as customers increasingly prefer online shopping to brick-and-mortar retail.

Same-store sales rose for the first time in two years in its latest quarter, as efforts by Katz to invest heavily in its online business paid off.

Katz will be eligible to receive nearly $2.5 million as a lump sum following her retirement as CEO and another $1 million before March 14, 2019, Neiman Marcus said in a regulatory filing.

By Siddharth Cavale; Editor: Martina D'Couto.

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Retail
Analysis and advice from the front lines of the retail transformation.

In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.


The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.



The sportswear giant posted flat sales in its latest quarterly report, beating Wall Street expectations. To fully recover, the business must demonstrate greater product innovation, analysts say.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional - How to Turn Data Into Meaningful Customer Connections
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional - How to Turn Data Into Meaningful Customer Connections