Neiman Marcus CEO Geoffroy van Raemdonck is tired of focusing on shoppers less fortunate than others.
In a new interview with Fortune, van Raemdonck says in order to bring luxury shopping back to the levels it was experiencing out of the pandemic, van Raemdonck says he wants to focus “on the biggest spenders and win over more shoppers from the jet-setting millionaire cohort.”
The New York Post reports that van Raemdonck said that the Dallas-based store is no longer going to sell “everywhere on the price spectrum, from clearance to high-end jewelry,” arguing that focusing on the most affluent customers avoids the “churn and the price is no longer the main consideration.”
Van Raemdonck also noted that 2% of Neiman Marcus’ customers accounts for a whopping 40% of its business; he wants to give his full attention to them.
Van Raemdonck contined saying, “Many customers shop at Neiman Marcus 25 times a year and spend $27,000. I see much more risk in having a one-time transaction where I don’t know if you will ever come back.”
Some of Neiman Marcus’ top sales rep were horrified at van Raemdonck’s comments. One rep, who asked not to be identified said a customer who has spent $5,000 at Neiman Marcus over the past year mentioned van Raemdonck’s interview over the weekend and “felt personally insulted.”
“I’m scrambling now,” the rep said.
The rep added, “What about the future millionaires? We work so hard to create a welcoming culture at our store for everyone and now we have our CEO excluding some that come in. He’s actually hurting us and our future.”
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