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Comoany Report - Research Paper Example
The company offers the finest merchandise from the world’s most popular designers. It operates only two stores, which are situated across the…
Edwin Good who was then a merchant in New York, came to Manhattan to work as an apprentice for Bergdorf. When almost two years passed Goodman had raised enough money to purchase the store from Goodman and moves to a location where it stands today and named the store ‘Bergdorf Goodman’ in 1901. Goodman was the first couturier to introduce ready-to-wear fashion in 1914, which became very popular (The Neiman Marcus, Inc).
Gradually Goodman started to purchase the stores nearby and expended its business throughout the street and acquiring the entire block in 1930. Goodman was awarded as the ‘Legion of Honor’ from France and after that he retired as the most accomplished merchant of his time in 1953. Goodman’s son Andrew assumed the position of President and continued to expand its product range (The Neiman Marcus, Inc).
The company expanded its business of up to $1 million in beauty salon and bridal services and in the year 1967 the investment of $2.5 million doubled the size of the store. In 1980, Bergdorf Goodman was taken over by Neiman Marcus and Contempo Casuals to form Neiman Marcus Group. The group expanded the business in to a restaurant and a café in which lunch and afternoon tea is served. In 2005, two equity firms acquired Neiman Marcus Group (The Neiman Marcus, Inc).
The mission of the Company is to become a premier luxury retailer in providing our customers with unique needs and with superior services. The focus is to serve the affluent customers with distinctive merchandise with a commitment stronger than ever. Our aim remains to maximize the perception of brand exclusivity and alleviate the sales of goods at premium prices (The Neiman Marcus, Inc).
Operating earnings for the specialty stores were $272.5 million and the revenues for the August 2009 was $124.3 million. The increase in the operating margin was due to the low net markdowns and higher customer ...