Neiman Marcus CEO: "Luxury is Not Dead"
On Thursday, Neiman Marcus revealed that it had suffered a miserable Christmas, posting a 30-percent drop in revenue compared to December 2007 sales figures. Which is among the reasons Neimans yesterday began laying off 374 employees, about 100 of those in Dallas. As far as Neimans president and CEO Burt Tansky, pictured here with Hilary Swank, is concerned, sure, what remains of the economy has something to do with slow sales, which he insists will pick up eventually since "luxury is not dead." But he told an audience yesterday that the high price of luxury goods isn't the sole reason for plunging profits.
Tansky, known for loving the rich, was clearly frustrated at their lack of spending, even though he acknowledged the "rich aren't so rich anymore." He even blamed the media for writing about how and where consumers can find bargains, as well as husbands.
"Husbands used to say, 'Enough.' Now they say, 'Don't even think about it,' " Tanksy told the attendees.
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you'll never miss Observer's biggest stories.