Headlines

Canada in Neiman Marcus’ Future?

New owner reveals the possibility is being considered

Published

11 years ago

December 23, 2013

steve kaufman

André Bourbonnais, senior vp of private investments for the Canadian Pension Plan Investment Board, wouldn’t rule out expansion into Canada for its newest property, The Neiman Marcus Group (Dallas).

Speaking at an event in Dallas last week, co-sponsored by the University of Texas at Dallas’ Center for Finance Strategy Innovation and the Consulate General of Canada, Bourbonnais said “geographic expansion is one way the company could grow.”

And, according to a report in The Dallas News, Bourbonnais said he sees openings for upscale retailers in Canada and noted that Nordstrom has already announced plans for multiple stores there. And Saks Fifth Avenue, which also has new Canadian owners, is expected to open stores in Canada.

CPPIB, together with private equity firm Ares Management LLC (Los Angeles), bought the luxury retailer this year for $6 billion. Bourbonnais noted that the previous owners, TPG Capital (Fort Worth, Texas) and Warburg Pincus LLC (New York), couldn’t fulfill growth plans for Neiman Marcus because of the recession.

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