Next Chapter for Neiman Marcus

Neiman Marcus CEO expects retailer's $6 billion sale to boost business

The $6 billion sale of Neiman Marcus, which the Dallas-based luxury retailer announced on Monday, "will be terrific for our business," said CEO Karen Katz, just before the start of the Donna Karan runway show, where Katz had a prime front row seat across from actress Goldie Hawn.

"We're very excited. We've been owned by our two private equity owners, TPG and Warburg Pincus, for eight years," she said. "We knew that we were going to have to figure out the next chapter for Neiman Marcus, and we had a lot of different options. We're really delighted that we are going to be with another private equity firm as well as the Canadian Pension Plan Investment Board.

"There will be no difference in how we interact with customers," Katz said. "That's what's most exciting. To them, it should be a very seamless change of ownership."

"They understand the brand of Neiman Marcus and Bergdorf Goodman, and they are going to invest capital in the business to help us grow. So we're very, very excited."

Katz and senior Neiman Marcus officials are attending fashion week, where they are looking at spring 2014 collections from a wide array of designers.

The new owners, Ares Management and Canadian Pension Plan Investment Board, will hold an equal economic interest in Neiman Marcus. The company's management will retain a minority stake.

The deal is expected to be finalized before the end of the year. No management changes are expected at Neiman Marcus, Katz said. "The management team is sticking around. Most of us have been at Neiman Marcus for most of our career. We're here for the long run. All of that is a very stable situation.

"There will be no difference in how we interact with customers," Katz added. "That's what's most exciting. To them, it should be a very seamless change of ownership."

The new owners have had experience in the retail sector, with investments in General Nutrition Centers and the 99 Cents Only chain of stores, which they purchased for $1.6 billion last year. "They've owned a number of retailers in and out of their portfolio, so they really do understand retail. I think they are every excited about owning a luxury retailer like Neiman Marcus," Katz said.

With the recent announcement that the Hudson's Bay Company in Canada plans to purchase Neiman's main rival, Saks Fifth Avenue, in a $2.4 billion deal, the luxury retail sector is in a state of flux. But Katz believes the changes will benefit Neiman's in the very competitive marketplace.

"When you change ownership, you get a new perspective on the business, a different set of eyes, different challenges," she said. "And I think that's really positive. Just having a different way to look at our business is going to be really helpful to us.

"They are really good people. They are very respectful of our brand. We got to spend a lot of time with them over the summer as a management team. I think it's really going to be a really, really great experience for all of us."

The $6 billion sale "will be terrific for our business" said Neiman Marcus CEO Karen Katz from New York fashion week.

Photo courtesy of The Legacy Senior Communities

The $6 billion sale "will be terrific for our business" said Neiman Marcus CEO Karen Katz from New York fashion week.

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Fashion on display

Rare Halston fashion exhibition now on display in unlikely Texas city

Halston: Inventing American Fashion exhibit Ellen Noël Art Museum

Photo courtesy of Ellen Noël Art Museum

An colorful eveningwear grouping takes advantage of Ellen Noël Art Museum's curved walls.

A rare exhibition honoring fashion pioneer Halston has popped up in an unexpected place: West Texas. Dallas fashionistas who are fans of the designer can make a five-hour pilgrimage to Odessa’s newly revamped Ellen Noël Art Museum to view "Halston: Inventing American Fashion."

Halston’s minimalistic fashions are rarely the subjects of retrospectives, although the designer’s dramatic life story recently had a pop-cultural resurgence through a 2021 Ryan Murphy miniseries. "Halston: Inventing American Fashion" assesses the talent that made him a household name.

Known now for outfitting 1970s icons like Liza Minelli and Bianca Jagger, Halston changed the international reputation of American sportswear as part of the famous 1973 “Battle of Versailles” fashion show, holding his own against Paris’ most lauded couturiers. His uniquely louche style still influences contemporary brands like Marc Jacobs, Zac Posen, and Tom Ford, who was briefly the creative director for a revised Halston label.

The mannequins in the Odessa display are outfitted with 75 ensembles from flowing Ultrasuede daywear to more dramatic draped gowns. The pieces “illustrate how Halston revolutionized fashion by prioritizing comfort, confidence, and modern femininity,” according to a release.

Although Odessa may seem an odd choice for the show, Halston had deep Texas connections. After he moved on from hat making, Amarillo millionaire Estelle Marsh was his sole backer willing to fund his first Madison Avenue boutique.

$Ellen No\u00ebl Art Museum, Odessa, new facade.$ The new facade at Ellen Noël Art MuseumPhoto courtesy of Ellen Noël Art Museum

$Halston: Inventing American Fashion exhibit Ellen No\u00ebl Art Museum$

Photo courtesy of Ellen Noël Art Museum

An colorful eveningwear grouping takes advantage of Ellen Noël Art Museum's curved walls.

And the recently completed renovation of Odessa's Ellen Noël Art Museum has some of the designer’s signature sleek. Designed by architect R.J. Lopez, the renovation includes new galleries and improved circulation, but the centerpiece is a striking transparent façade, replacing the original brick of the 1985 building.

“The renovation project has been over 10 years in the making and in the construction phase for the past two years,” says the museum’s buildings manager, Steve Patton, via a release. “The completion of the project has resulted in an incredible facility that is a shining star in West Texas, offering programs and exhibits that will be a destination point for people all over the world!”

"Halston: Inventing American Fashion" will run through March 22. Admission to the Ellen Noël Art Museum is free.

exhibits odessa fashion west texas museums designer texas