Neiman Marcus has once again filed plans to go public, the second attempt by the luxury retailer to launch an initial public offering since 2013.
The retailer filed for a $100 million IPO with the Securities and Exchange Commission, though that figure is a placeholder that doesn’t necessarily reflect the final offering amount. Neiman Marcus intends to list the stock under the ticker symbol NMG, but hasn’t yet picked a stock exchange.
The move to go public comes less than two years after Neiman Marcus agreed to be bought for $6 billion by Ares Management and a Canadian pension plan. That deal came just a few months after Neiman Marcus had filed plans to go public in June 2013. The retailer was at one point a publicly traded company. It was acquired in 2005 for $5.1 billion by two private equity firms.
The latest filing was sparse on details about how Neiman Marcus intends to use the cash it will raise from the IPO, only saying the retailer intends to use proceeds to repay debt and use any remaining funds for “general corporate purposes.”
Neiman Marcus generated $4.8 billion in revenue for fiscal 2014, of which about 24% were transactions that occurred online. The company believes more than 75% of total luxury spending is digitally inspired, implying the retailer is highly exposed to online shopping trends. For the most recent quarter ended May 2, Neiman’s sales rose to $1.22 billion from $1.16 billion, helping the retailer swing to a profit from the year-earlier loss.
The company operates in the massive global luxury fashion market that is expected to grow from $308 billion this year to $354 billion by 2019, Neiman said in its SEC filing. The growth is expected to be stronger in international markets, most notably in Asia Pacific as well as the Middle East and Africa.