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U.S. luxury retailer, Neiman Marcus Group, yesterday unveiled strong results for the 2021-2022 fiscal year, which ended in July.
NMG, one of the largest multi-brand luxury retailers in the U.S., has closed a successful fiscal year 2021-22.
“We are very pleased with the strong performance achieved in fiscal 2022, which validates our ambitious strategy and our team’s impressive execution,” announced Geoffroy van Raemdonck , NMG’s president and CEO.
The group achieved sales growth of more than 30% compared to last year, delivering more than $5 billion in GMV (gross merchandise value). Adjusted EBITDA reached 495 million dollars, representing an EBITDA margin of 11% .
A new loyal customer base
The group’s customers continue to be loyal, despite difficult economic cycles. For example, the top 2 percent of customers generate about 40 percent of total sales and their average spend exceeds 25 000 dollars per year.
“Our brand partners come to us to reach our affluent customers with a luxury retail experience,” van Raemdonck continued.
Since the pandemic, new customers, belonging to Generations X and Z, have also entered the market, looking for luxury brands. They are at the top of the engagement spectrum and have driven revenue growth for many companies.
Throughout the year, NMG remained committed to retail with multi-channel offerings. As a result, the group expanded the reach of luxury brands in the U.S. market.
Strategies that work
Among the brand’s development strategies was a new remote sales tool: CONNECT. It has connected sales associates with customers anywhere, anytime, to promote conversation and advice.
In April, the company announced a partnership with Farfetch, one of the world’s leading technology platforms specializing in luxury apparel. The partnership aims to transform the digital platforms of some of the group’s brands such as Bergdorf Goodman.
Another key element of NMG’s successful growth roadmap was the publication of the first ESG (social and governance) report, which explains the long-term strategies to revolutionize luxury experiences.
Proud of its success and growth in fiscal year 2022, Neiman Marcus Group will continue to meet with clients and establish new exclusive brand partnerships for fiscal year 2023.
Read also>Responsible consumption impacted by inflation ?
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U.S. luxury retailer, Neiman Marcus Group, yesterday unveiled strong results for the 2021-2022 fiscal year, which ended in July.
NMG, one of the largest multi-brand luxury retailers in the U.S., has closed a successful fiscal year 2021-22.
“We are very pleased with the strong performance achieved in fiscal 2022, which validates our ambitious strategy and our team’s impressive execution,” announced Geoffroy van Raemdonck , NMG’s president and CEO.
The group achieved sales growth of more than 30% compared to last year, delivering more than $5 billion in GMV (gross merchandise value). Adjusted EBITDA reached 495 million dollars, representing an EBITDA margin of 11% .
A new loyal customer base
The group’s customers continue to be loyal, despite difficult economic cycles. For example, the top 2 percent of customers generate about 40 percent of total sales and their average spend exceeds 25 000 dollars per year.
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U.S. luxury retailer, Neiman Marcus Group, yesterday unveiled strong results for the 2021-2022 fiscal year, which ended in July.
NMG, one of the largest multi-brand luxury retailers in the U.S., has closed a successful fiscal year 2021-22.
“We are very pleased with the strong performance achieved in fiscal 2022, which validates our ambitious strategy and our team’s impressive execution,” announced Geoffroy van Raemdonck , NMG’s president and CEO.
The group achieved sales growth of more than 30% compared to last year, delivering more than $5 billion in GMV (gross merchandise value). Adjusted EBITDA reached 495 million dollars, representing an EBITDA margin of 11% .
A new loyal customer base
The group’s customers continue to be loyal, despite difficult economic cycles. For example, the top 2 percent of customers generate about 40 percent of total sales and their average spend exceeds 25 000 dollars per year.
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