Wednesday saw the release of a new set if goals by Neiman Marcus Group for workforce diversity and climate adaptation. The first Environmental Social Governance Report by Neiman Marcus Group sets targets dates for key issues in 2025 and 2030.
The Dallas-based luxury retailer said Wednesday that December and January saw an identical sales increase of more then 7%. The holiday quarter prior to the pandemic in 2019 saw an increase of 15% in adjusted earnings before interest, taxes, and other items. The adjusted earnings for January were 26% more than the comparable period before the pandemic.
The privately owned retailer did not disclose sales and profit figures. However, it did mention that its liquidity had improved from $458million a year earlier to $1.2million and that it has not used its $900m line of credit.
Geoffroy van Raemdonck CEO stated holiday results were strong, and margins were better before the pandemic. However, the company is continuing to focus on its full pricing strategy.
Van Raemdonck stated that NMG is in the business of relationships. NMG has a strong relationship with luxury customers and brand partners who continue to trust us. Customers also know that we have curated an exceptional selection of the most desirable brands.
The company’s 57 page report outlines its plans to reduce emissions, procure renewable energy, and eliminate fur products by next Year.
It also stated it plans on increasing revenue from ethical and sustainable products, and identifying a list of suppliers by 2025 to assist Bergdorf Goodman shoppers in making informed buying decisions. The report recommends a range of initiatives, from recycling beauty tests and boosting recycled content shopping bags to collaborating and donating to nonprofits like the Textile Exchange and the Humane Society of the United States When making merchandise purchases.
Neiman Marcus has been opening Fashionphile-branded buying outlets in its stores since 2019, when it invested in luxury reseller Fashionphile.
Neimans stated that it hopes to extend the useful lives of more than 1,000,000 luxury items by 2025 through mending, alternations, restoration and donation.
According to the report Neiman Marcus will foster a culture that is inclusive by increasing racial diversity among the leadership positions at the vice president and above to 21% and 28% respectively by 2030. The company, which recently scored a perfect score on Human Rights Campaign Foundations Corporate Equality Index (HRCFI), will continue to set ambitious goals, and plans to increase spending in minority suppliers.
Neiman Marcus has just introduced 16 weeks’ worth of paid parental leave. It is also conducting a 2022 pay equity study. It also plans on raising $3 million with its customers for charity through The Heart of Neiman Marcus Foundation. This will make volunteering easier and more accessible for employees. It also places a high priority on disaster preparedness and relief for communities in which it has stores.
Eric Severson (chief people and belonging officer) stated that the report shows the true impact Neimans had on the lives and communities of our customers, associates and brand partners.
Twitter: @MariaHalkias
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