Neiman Marcus Offers Lower-Priced Luxury To Aspirational Shoppers

Is that $1,400 snakeskin Michael Kors bag out of your price range? Fear not, because now you can buy the leather version for a mere $695 at Neiman Marcus -- yes, that retail oasis for the wealthy.

Neiman Marcus will continue to sell its violet Halston gown (size 6 only) for $5,500, but the brand is making adjustments as the Neiman Marcus Group struggles through a year that’s pummeling the luxury market. Neiman Marcus is some $3 billion in debt and experiencing double-digit losses at its stores, including Bergdorf Goodman. Longtime CEO Burton Tansky says as a result the brand is “pressing suppliers to produce lower-priced versions of designer styles.”

It might seem presumptuous to ask favored footwear brand Manolo Blahnik for a 43-percent-off version of one of its styles of flats, but that’s exactly what Tansky did. And Manolo, rather than go elsewhere (Neiman Marcus is the brand’s biggest client), is now looking to introduce more cost-cutting styles in the future.Continue reading...