Neiman Marcus CEO faces backlash for "snobbish" pivot to wealthy customers

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Brian Lutz
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Neiman Marcus CEO faces backlash for "snobbish" pivot to wealthy customers

Post by Brian Lutz »

https://nypost.com/2023/02/14/neiman-ma ... -shoppers/

Neiman Marcus CEO Geoffroy van Raemdonck is facing backlash from employees and customers after making comments in an interview with Fortune magazine that the company would shift a significant amount of its resources toward "whale" customers, claiming that only 2% of their customers account for 40% of their sales.
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Re: Neiman Marcus CEO faces backlash for "snobbish" pivot to wealthy customers

Post by storewanderer »

Brian Lutz wrote: February 20th, 2023, 7:15 pm https://nypost.com/2023/02/14/neiman-ma ... -shoppers/

Neiman Marcus CEO Geoffroy van Raemdonck is facing backlash from employees and customers after making comments in an interview with Fortune magazine that the company would shift a significant amount of its resources toward "whale" customers, claiming that only 2% of their customers account for 40% of their sales.
I don't see what he did wrong. This is the type of analysis most companies do. Look at the entire travel industry for one good example.
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Re: Neiman Marcus CEO faces backlash for "snobbish" pivot to wealthy customers

Post by Alpha8472 »

Neiman Marcus closed a store in Walnut Creek, California a few years ago. Walnut Creek is an upper middle class city with many richer people as well. If Neiman Marcus could not make it in that type of an affluent city, it shows that they were doing something wrong. Macy's and Nordstrom in the same shopping center are doing fine.

Either cater to your profitable customers or fail. Neiman Marcus could not figure out who to focus on a few years ago. It was too expensive for average people, and it was not high in service enough for richer customers.

You would walk into the store and you could not find any employees to help you. High end customers want people to serve them right away or they leave.
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Re: Neiman Marcus CEO faces backlash for "snobbish" pivot to wealthy customers

Post by buckguy »

This is an quote from last year—-slow news day?
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