Guess How Many Billion Dollars Neiman Marcus Is Worth?
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- Sep 9, 2013 1:00 PM
The names Ares Management LLC and the Canada Pension Plan Investment Board may not be as familiar as Louboutin, McQueen, and Prada, but make no mistake — they all belong in the same sentence. At least, now they do, as Neiman Marcus has official named its new owners of the highly respected establishment.
Following several months of discussion, Neimans has been scooped up by Ares Management LLC and the Canada Pension Plan Investment Board (it's a mouthful, we know), taking over ownership from TPG Capital and Warburg Pincus, which have been with the store for the past eight years. And, the selling price for the shopping destination that houses so many of the luxury labels we lust for? A whopping $6 billion. Or, what we like to call, approximately 4.5 million PS1 bags. (WWD)
Photo: Via WWD.
Following several months of discussion, Neimans has been scooped up by Ares Management LLC and the Canada Pension Plan Investment Board (it's a mouthful, we know), taking over ownership from TPG Capital and Warburg Pincus, which have been with the store for the past eight years. And, the selling price for the shopping destination that houses so many of the luxury labels we lust for? A whopping $6 billion. Or, what we like to call, approximately 4.5 million PS1 bags. (WWD)
Photo: Via WWD.
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