Fashion / Shopping

Neiman Marcus Makes a Bold CEO Switch: New Leader Brings a Rep as a Luxury Savant

BY // 01.05.18

This morning, Dallas-based luxury retailer Neiman Marcus revealed that Karen Katz will retire from the role as President and CEO next month and will be succeeded by former Ralph Lauren executive, Geoffroy van Raemdonck. Katz, who has been CEO of the company since 2010, will step down from her executive duties on February 12 and plans to continue serving on the board of directors

According to Neiman Marcus, the appointment of van Raemdonck “is part of a long-term leadership succession planning process to ensure continued growth and evolution of the company,” which is struggling with a nearly $5 billion debt due to its leveraged buyout in 2013.  

Katz guided Neiman Marcus through the changing retail landscape, investing heavily in the company’s digital operations and implementing the company’s Digital First strategy as brick-and-mortar retail declined. She ends her tenure on a positive note, as the first fiscal quarter of 2018 shows comparable sales rising for the first time in more than two years.

“As CEO, Karen helped establish Neiman Marcus as a digital leader in luxury fashion and retail and put the Company on a path for long-term growth. We are extremely grateful for her vision and significant contributions, which have spanned over 30 years at the Company, including the last seven as CEO, and look forward to continuing our work together on the Board,” said David Kaplan, chairman of the board.

Van Raemdonck joins Neiman Marcus from Ralph Lauren, where he was Group President for EMEA and Global Travel Retail for several years. The 45-year-old has an extensive background in luxury retail. Before Ralph Lauren, he served as CEO at St. John, where he launched an impressive turnaround of the American luxury house. He previously held leadership roles at Louis Vuitton and L Brands, Inc. (owner of Victoria’s Secret).

“It has been a unique privilege serving as CEO, and I am proud of the substantial progress and success our team has achieved,” said Katz in a statement. “Geoffroy has an impressive track record of success at luxury brands, and he is the right person to lead the Company through this next phase of growth.”

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Want to know more about Neiman’s new leading man? Take a look back at his glamorous Positano nuptials as covered by PaperCity’s Filippo Tattoni-Marcozzi. 

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