Neiman Marcus names Ralph Lauren exec as CEO: Reuters
Neiman Marcus Group Ltd has named Geoffroy van Raemdonck, an executive at upscale clothing manufacturer Ralph Lauren Corp, to succeed Karen Katz as CEO of the debt-burdened luxury retailer next month, Reuters reported. Van Raemdonck was Ralph Lauren’s group president for Europe, the Middle East and Africa and head of travel retail. He previously was CEO at St. John Knits International Inc, where he oversaw a turnaround of the luxury apparel retailer. Neiman Marcus is struggling with a nearly US$5 billion debt load, due mainly to its 2013 leveraged buyout by Ares Management and Canada Pension Plan Investment Board. Like other retail chains, Neiman Marcus has also suffered as customers move away from brick-and-mortar stores in favor of online shopping.
