Neiman Marcus Group CEO Geoffroy van Raemdonck noted on Monday that customers spending more than $10,000 a year account for almost half of the company’s sales despite economic challenges.
"Historically, what’s really impacted luxury is big drop in our price, big drop in the market and that’s usually what drives the change in behavior," he continued. a year account for almost half of the company’s sales despite economic headwinds, including high inflation. U.S.
Van Raemdonck noted that his sales are up 30% compared to pre-COVID levels in the last quarter and that sales of the company’s top 20 brands are up 70%. He attributed the bump to the company’s "differentiated business model," where customers can engage with 3,000 sales associates in stores, online and in a remote setting.
He noted that there has been strong demand for luxury shoes and handbags as well as a "massive acceleration" in mens items, which he pointed out increased 60% compared to pre-COVID levels.
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