{"id":224398,"date":"2021-04-11T20:38:05","date_gmt":"2021-04-11T17:38:05","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/neiman-marcus-faces-rift-with-big-luxury-labels-including-gucci\/"},"modified":"2021-04-11T20:38:05","modified_gmt":"2021-04-11T17:38:05","slug":"neiman-marcus-faces-rift-with-big-luxury-labels-including-gucci","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/neiman-marcus-faces-rift-with-big-luxury-labels-including-gucci\/","title":{"rendered":"#Neiman Marcus faces rift with big luxury labels including Gucci"},"content":{"rendered":"

“#Neiman Marcus faces rift with big luxury labels including Gucci<\/strong>”<\/p>\n

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Neiman Marcus stores app<\/a>ear to be losing their grip on Gucci bags and other luxe goods since the swanky retailer emerged from bankruptcy last fall, The Post has learned.<\/p>\n

Six months after shedding most of a punishing, $5 billion debt load through Chapter 11, the Dallas-based luxury chain is struggling to keep its stores stocked as it faces weakened ties with major fashion labels including Gucci, sources told The Post.<\/p>\n

The relationship with Gucci looks particularly strained, insiders say. The iconic Italian fashion label, which charges more than $300 for a pair of rubber slides, is no longer available on the Neiman Marcus Web site. Only seven of its 37 stores now carry Gucci products, according to the site.<\/p>\n

Before Neiman\u2019s bankruptcy filing last spring, most of its stores had carried Gucci\u2019s pricey wares, sources told The Post. And rival Saks Fifth Avenue continues to offer Gucci goods, including shoes and jewelry, both in stores and online. <\/p>\n

\u201cThat Saks has all that merchandise and Neiman\u2019s doesn\u2019t is an indication of [a] falling out,\u201d said one top industry source, noting that the two chains typically mirror each other\u2019s offerings. <\/p>\n

The apparent rift comes as Neiman Chief Executive Geoffroy van Raemdonck \u2014 who has racked up millions of dollars in bonuses before and since the bankruptcy \u2014 has been blasted by staffers for a tone-deaf approach to belt-tightening, flaunting his wealth in a glossy magazine spread last fall even as pink slips were being handed out.<\/p>\n

It\u2019s not just employees who have been getting stiffed. Vendors smarting from unpaid bills have been ramping down their business with Neiman, according to sources. Even the firms that provide insurance for deliveries to Neiman are tightening their terms or suspending coverage, according to company documents.<\/p>\n

\"Neiman
Neiman Marcus CEO Geoffroy Van Raemdonck and husband Alvise Orsini. The has racked up millions of dollars in bonuses before and since the bankruptcy.<\/figcaption>
Getty Images<\/span><\/figcaption><\/figure>\n

Delayed payments to suppliers as a result of the bankruptcy \u201chave restricted, and may continue to restrict, our ability to purchase new inventory from certain vendors,\u201d Neiman told investors in a confidential March 18 financial document, a copy of which was obtained by The Post.<\/p>\n

Firms that insure deliveries, meanwhile, are \u201climiting or terminating coverage,\u201d Neiman said in document, produced in conjunction with a recent $1.1 billion debt offering.<\/p>\n

Neiman in a statement said it continues to have strong ties to its top vendors. \u201cWe have excellent and longstanding relationships with all our brands and any insinuation that this is not the case is categorically false. We\u2019ve retained all of our top 50 brands,\u201d the company said.<\/p>\n

Gucci\u2019s parent company, French luxury goods conglomerate Kering, which also owns Saint Laurent, Bottega Veneta and Balenciaga, didn\u2019t respond to requests for comment. <\/p>\n

The pandemic has been brutal for luxury stores and Neiman has been no exception. Moody\u2019s Investors Service\u00a0recently added Neiman to its bankruptcy watch list. Neiman\u2019s in-store sales plunged 34 percent over the six months ended Jan. 30, while its online sales dropped 6 percent over the same period, according to the confidential March 18 financial document obtained by The Post. <\/p>\n

The company in a statement said it\u2019s \u201cseeing double and trip<\/a>le digit increases in purchases from our top luxury groups compared to pre-COVID.\u201d But in the document to investors it said quarterly sales through March 15 were on the decline versus last year, albeit showing signs of improvement.<\/p>\n

\"Shoppers
Neiman in a statement said it continues to have strong ties to its top vendors.<\/figcaption>
Mark Makela\/Reuters<\/span><\/figcaption><\/figure>\n

Neiman staffers told The Post that sales are tanking partly because there\u2019s less stuff available on shelves and in warehouses.<\/p>\n

\u201cThe biggest complaint from the stores is lack of merchandise,\u201d one Neiman employee told The Post.\u00a0\u201cWe simply don\u2019t have the stock we used to have.\u201d <\/p>\n

\u201cFrom the store point of view there is concern about Louis Vuitton. The inventory is there but not as much as before. Or the selection has shrunk and there are fewer choices than in the past,\u201d said the employee, who asked not to be identified.<\/p>\n

A second Neiman employee said Kering\u2019s non-Gucci luxury brands, including Balenciaga and ready-to-wear and Saint Laurent, are still available but have been harder to find in the stores and warehouses. <\/p>\n

\u201cI feel like I\u2019m in a catch-22,\u201d the sales rep said. \u201cWe must reach out to customers [but] then [we] find out we don\u2019t have the stock either in store or in our warehouse.\u201d<\/p>\n

Some sources claim van Raemdonck\u2019s massive cost cutting has worsened the situation. Neiman acknowledged in the March 18 document it has been losing talent, saying \u201cseveral executives have departed the company in recent years.\u201d<\/p>\n

\u201cWe rely on the experience of our senior management, and their knowledge of our business and industry would be difficult to replace,\u201d the document said. \u201cSeveral executives have departed the company in recent years.\u201d <\/p>\n

About a dozen top executives have left or been pushed out over the past two years, according to press releases and sources close to the company. Among them was former head of merchandising Jim Gold, a 29-year veteran who left in 2019 and was succeeded by Lana Todorovich as president and chief merchandising officer. <\/p>\n

Some industry sources claimed Todorovich \u2014 who previously worked for American fashion outlets Ralph Lauren,\u00a0Perry Ellis\u00a0and Calvin Klein \u2014 lacked the same ties to European luxury labels. <\/p>\n

\u201cFashion is a relationship business,\u201d said a source close to the company. \u201cThere is very little institutional knowledge at Neiman Marcus now. Virtually everyone is gone from the previous regime.’\u201d<\/p>\n

Gary Wassner, chief executive of Hilldun Corp., which insures apparel shipments, confirmed that some of his clients are only providing goods to Neiman on a limited basis or under stricter payment terms.<\/p>\n

\u201cEveryone want to see some more performance now that they are out of Chapter 11,\u201d\u00a0he said.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Neiman Marcus faces rift with big luxury labels including Gucci” Neiman Marcus stores appear to be losing their grip on Gucci bags and other luxe goods since the swanky retailer emerged from bankruptcy last fall, The Post has learned. Six months after shedding most of a punishing, $5 billion debt load through Chapter 11, the…<\/p>\n","protected":false},"author":1,"featured_media":224399,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/04\/Neiman-Marcus-004.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[56453,101630,4978,75327,72943],"class_list":["post-224398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-gucci","tag-4-11-21","tag-bankruptcy","tag-luxury","tag-neiman-marcus"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/224398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=224398"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/224398\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/224399"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=224398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=224398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=224398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}