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DALLAS, United States — Struggling luxury retailer Neiman Marcus Group Ltd on Friday named Ralph Lauren Corp executive Geoffroy van Raemdonck to succeed Karen Katz as its new chief executive next month.
Katz, a Neiman lifer who has served as CEO since 2010, will retain her board seat after stepping down on Feb. 12, the company said.
Van Raemdonck joins Neiman from luxury apparel manufacturer Ralph Lauren, where he was group president for Europe, Middle East and Africa and head of travel retail.
His resume also includes time spent at French luxury conglomerate Louis Vuitton from 2008 to 2013 and Victoria's Secret owner L Brands Inc.
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The move to replace Katz comes as the up-market chain continues to struggle with a nearly $5 billion debt load mainly due to its leveraged buyout in 2013, when Ares and Canadian public pension fund CPPIB acquired it from other private equity firms.
Like other retail chains, Neiman Marcus is struggling to reinvent itself as customers increasingly prefer online shopping to brick-and-mortar retail.
Same-store sales rose for the first time in two years in its latest quarter, as efforts by Katz to invest heavily in its online business paid off.
Katz will be eligible to receive nearly $2.5 million as a lump sum following her retirement as CEO and another $1 million before March 14, 2019, Neiman Marcus said in a regulatory filing.
By Siddharth Cavale; Editor: Martina D'Couto.
