In its second-largest acquisition, Amazon buys the company for $970 million.
Annual e-commerce sales at The Neiman Marcus Group Inc. jumped 30% in fiscal 2005 while total sales rose 8.4%. Overall the web accounted for 8% of total sales in the 2005 fiscal year compared with 6.7% in 2004.
Annual e-commerce sales at The Neiman Marcus Group Inc. jumped 30% in fiscal 2005 to $313.3 million from $241.8 million in the prior year while total sales rose 8.4% from $3.5 billion in fiscal 2004 to $3.8 billon in 2005.
Overall the web accounted for 8% of total sales in the 2005 fiscal year compared with 6.7% in 2004. Neiman Marcus, No. 36 in the Internet Retailer Top 400 Guide to Retail Web Sites, credits a number of factors in helping to drive up its web sales.
The online shopping environment for upscale merchandise and luxury has been robust in recent years. Neiman Marcus also credits an aggressive e-mail marketing strategy with generating more e-commerce sales. Neiman Marcus regularly sends promotions and other e-mail marketing messages to an opt-in list of more than 1.7 million names.
In October, an investor group led by Texas Pacific Group and Warburg Pincus LLC completed its acquisition of Neiman Marcus in a deal valued at $5.1 billion.