Luxury's torrid growth coming out of the pandemic was bound to fall back down to Earth. But Neiman Marcus Group CEO Geoffroy van Raemdonck has a plan to deal with the sector's slowing momentum: focus on the biggest spenders and win over more shoppers from the jet-setting millionaire cohort.
Neiman Marcus, for decades the go-to retailer for affluent fashionistas who won't bat an eye at shelling out $15,000 for an Alexander McQueen lace dress, gets about 40% of its annual $5 billion revenue from only 2% of those shoppers. And in that clientele, most have net worths of at least seven figures.
