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Neiman Marcus files for bankruptcy

reuters.com

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Re: Neiman Marcus files for bankruptcy

#141

Post by ghaff »

cik wrote: post #49
karatestomp wrote: post #4

Earlier quoted context omitted.

They all seem to have decided on a "market expansion at the expense of brand dilution" strategy. Ditto most of the formerly-consistently-good clothing brands. I'm not really sure which stores/brands replace the ones that have done this, these days. [EDIT] I suspect part of this is because the cost of actually-good clothes hasn't dropped like shitty-clothes costs have, because (this is further speculation on my part)…

You'd be surprised. The cost of rubbish clothing has fallen, but then the cost of very reasonable mid-quality has dramatically fallen. I used to buy Levis, then Gap for mid range. Now, I get the same quality (and literally the same factory) jeans from Joe Fresh, for 1/4th to 1/5th of the price. Suit shirts are the same. An online tailor I've been using for a decade sells shirts at half the price of Banana Republic (c…

As someone who knows very little about the fashion business--though I have had tailored clothing made--I'm a little surprised that more of a market for bespoke online ordering hasn't developed. Sure, you'll "never" get to the level of an in-person tailor with multiple fittings. But one would think that there would be a fair number of people willing to pay something of a premium for at least roughly customized clothing. I know that exists for shirts but, as I recall from when I used to buy more business casual, it was still a very big premium over buying stuff that fit me reasonably from Lands' End.

Re: Neiman Marcus files for bankruptcy

#142

Post by whatok »

alephnan wrote: post #103
bdcravens wrote: post #99

Earlier quoted context omitted.

Probably due to size?

As in market cap? It's 3x more, but Barney's is more legendary in fashion circles. Could also because there is more brand dilution at Neiman Marcus

Neiman Marcus has no public market cap; it's a private company. You're probably referring to their debt.

Re: Neiman Marcus files for bankruptcy

#143

Post by karatestomp »

bdcravens wrote: post #102
karatestomp wrote: post #35

Earlier quoted context omitted.

Conspicuous consumption. The price is the point. It’s a signaling thing. In the case of something like sneakers with a big brand logo on them, it’s likely someone “low” trying to signal to their peers that they’ve made it (whether they have or not). See: Fussell’s Class , or The Official Preppy Handbook for signaling rules specific to the upper-middle and upper classes (very expensive sneakers with swooshes: big no.…

My understanding is that the parent comment isn't talking about Nikes, but brands like Burberry.

Oof, yeah, even worse. $390 for sneakers with “BURBERRY” in huge letters all the way down the side (just checked the price). Even more for shoes that must be expensive because they’re so goddamn ugly, impractical, and flashy. You can get custom-made oxfords for the price of some of these. Pure signaling for an audience that thinks in prices first.

Re: Neiman Marcus files for bankruptcy

#144

Post by twblalock »

lkrubner wrote: post #127

Everyone talks about the "Amazon effect" but the changing distribution of income is also worth considering: " Retail is suffering because the middle classes have lost $1,355 trillion in income since 1970 " http://www.smashcompany.com/business/retail-is-suffering-bec...

I don't buy that explanation. A lot of traditional mall and department store retail is suffering, but other kinds of retail is doing great selling to middle-class Americans. Examples include Home Depot, Lowes, Walmart, Target, and Amazon. They are winning because they offer more convenience to customers as a result of their size, selection, and online presence.

Besides, this article is about a luxury retailer, not the kind of place middle-class Americans go to.

Re: Neiman Marcus files for bankruptcy

#145

Post by black_puppydog »

whatok wrote: post #101
black_puppydog wrote: post #94

Earlier quoted context omitted.

in other words, yes, it is created "out of nothing" (when handing out the loans) and once the "unexpected bad things" happen it becomes "real" (as in it is on the books and will now have to be accounted for properly)?

I'm not a fan of private equity but I'm also not a fan of rants directed my way when I'm answering a question someone asked. Please take this somewhere else.

sorry if this came across as directed at you somehow. you seemed to have a more detailed understanding of the moving parts, so I figured I could throw a super simplified version of my understanding at you and see if it is a valid simplification or an invalid one. I'll interpret your answer as "invalid" for now. :)

Re: Neiman Marcus files for bankruptcy

#146

Post by vl »

lkrubner wrote: post #127

Everyone talks about the "Amazon effect" but the changing distribution of income is also worth considering: " Retail is suffering because the middle classes have lost $1,355 trillion in income since 1970 " http://www.smashcompany.com/business/retail-is-suffering-bec...

Middle class doesn’t shop at Neiman Marcus though.

Re: Neiman Marcus files for bankruptcy

#147

Post by trey-jones »

vl wrote: post #146
lkrubner wrote: post #127

Everyone talks about the "Amazon effect" but the changing distribution of income is also worth considering: " Retail is suffering because the middle classes have lost $1,355 trillion in income since 1970 " http://www.smashcompany.com/business/retail-is-suffering-bec...

Middle class doesn’t shop at Neiman Marcus though.

I think the suggestion here is that they used to, until the American Middle Class was forcibly merged into the American Lower Middle Class.

Re: Neiman Marcus files for bankruptcy

#148

Post by karatestomp »

popup21 wrote: post #121
karatestomp wrote: post #71

Earlier quoted context omitted.

Some of it (and Class ) is just plain good advice. Prefer nice clothes/things, but use the hell out of them and don’t be afraid to repair them. Don’t comment on how nice something someone bought is (this middle-class habit seems really weird after having it pointed out). Avoid “collectibles” and for god’s sake don’t think of them as an investment. That sort of thing.

I wore my copy out actually. That book single handily was responsible for my brief infatuated phase for wearing polos and no-sock penny-loafers while sporting a locust valley lockjaw. I'm laughing about it as I write this...

Hey now, loafers may be the best daily-wear shoe, and being socks-optional for popping over to the coffee shop or out on a quick errand is no small part of that :-)

But yeah, the book’s full of actually-decent fashion advice as long as you avoid the jokes (you can, in fact, wear polos with a button fastened) and are careful not to fall into affectation (probably avoid Nantucket reds if you’re not part of that set, for example) or it’s easy to accidentally become a walking parody. Fine line, hahaha.

Re: Neiman Marcus files for bankruptcy

#149

Post by bdcravens »

alephnan wrote: post #103
bdcravens wrote: post #99

Earlier quoted context omitted.

Probably due to size?

As in market cap? It's 3x more, but Barney's is more legendary in fashion circles. Could also because there is more brand dilution at Neiman Marcus

I was referring to the number of stores, which speaks to whether it's a "common" brand (outside of fashion circles)

Re: Neiman Marcus files for bankruptcy

#150

Post by ghaff »

popup21 wrote: post #121
karatestomp wrote: post #71

Earlier quoted context omitted.

Some of it (and Class ) is just plain good advice. Prefer nice clothes/things, but use the hell out of them and don’t be afraid to repair them. Don’t comment on how nice something someone bought is (this middle-class habit seems really weird after having it pointed out). Avoid “collectibles” and for god’s sake don’t think of them as an investment. That sort of thing.

I wore my copy out actually. That book single handily was responsible for my brief infatuated phase for wearing polos and no-sock penny-loafers while sporting a locust valley lockjaw. I'm laughing about it as I write this...

TBH, I still probably naturally gravitate towards polos or button-downs, khakis, boating shoes, etc. It's really only been in the past few years (when I still traveled, sigh) that I began deliberately dressing down a bit at certain types of events, at least some of the time, because I wasn't dressed "right" for the event.
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