More than a year after announcing its bankruptcy filing, Neiman Marcus is finally getting back on its feet with a new campaign that suggests a better tomorrow. Indeed, on Thursday, May 7, 2020, after 113 years in business, luxury retailer Neiman Marcus announced its bankruptcy. The health crisis dealt the fatal blow to one of America’s largest retail chains, which already had a heavy debt load before the pandemic.
As the retail chain celebrates the anniversary of its emergence from bankruptcy, the announcements are multiplying, as well as the publications on social networks and events in stores. Neiman Marcus has announced the return of its fall “The Book” – available last year only in digital form – , scheduled for August 30, which will feature Gabriella Hearst of Chloe and Virgil Abloh of Off-White and Louis Vuitton.
Neiman Marcus‘ newest campaign, titled “Re-Introduce Yourself,” is a revival for the famed retailer. Launched on August 9, the campaign unveils a selection of over 100 brands, including 40 new luxury and emerging brands. The campaign also invites consumers to reflect on the world of tomorrow. By immortalizing its models on the tarmac of an airplane or behind a door that opens onto nature, Neiman Marcus invites its customers to question the constant changes of our era.
For the launch of this new campaign, the retailer has highlighted the art of fashion and the fall season. New and exclusive brands are featured in the launch, highlighted by models, Cloud Modi, Liam Kelly and Dominique Hollington.
Lana Todorovich, Director of Merchandising for Neiman Marcus, said, “The upward commercial momentum we have experienced is an optimistic sign of new possibilities and a new world. This season calls for all of us to reintroduce who we are and what we have learned about ourselves. It’s time for Neiman Marcus to do the same, and we want our clients to not only find us, but to know that we are in this together.”
With this campaign, Neiman Marcus hopes to get off on the right foot after the extensive restructuring undertaken following its bankruptcy announcement. The group, which started in Dallas in 1907, was already burdened with a debt of 4 billion dollars before the pandemic, and the closure of its 37 stores and the layoff of its 14,000 employees only made the situation worse.
It should be remembered that in order not to close its doors or be cornered by its creditors, Neiman Marcus has filed for Chapter 11 bankruptcy. This mechanism protects American companies declared bankrupt and allows them to restructure without pressure from creditors.
Neiman Marcus reached an agreement with its creditors by offering to write off the several billion dollars of debt it had accumulated. In return, the creditors become majority shareholders of the chain as soon as it emerges from bankruptcy. This restructuring plan allows him to come back in force with a new campaign, and many projects to come, as the long awaited Halston x Netflix capsule scheduled for this month in Neiman Marcus stores.
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Featured photo : © Neiman Marcus
