In February, Neiman Marcus CEO Geoffroy van Raemdonck said going forward, he wants his store to focus "on the biggest spenders and win over more shoppers from the jet-setting millionaire cohort."
He added that focusing on the most affluent customers avoids the "churn and the price is no longer the main consideration."
Basically, van Raemdonck only wanted the uber wealthy shopping at Neiman Marcus.
Seven months later, who could have guessed that Neiman Marcus has experienced a decline in sales and is currently seeking a merger with Saks Fifth Avenue to help curb its sharp decline in revenue.
According to the NY Post, Neiman Marcus could sell for upward of $2 billion, insiders estimate, less than half the $5.1 billion it fetched in 2005. A source close to the situation said, "Neiman's just had its worst fiscal year since its bankruptcy."
According to the source, van Raemdonck could walk away with about $40 million depending on the price Saks pay.
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