The luxury fashion retail sector is getting hit with another big blow. The Dallas-based retailer, Neiman Marcus is expected to file for Chapter 11 bankruptcy protection later this week. The iconic store missed a $5.7 million interest payment, which is triggering an immediate need for a lifeline.
Neiman Marcus is said to be holding $4.3 million in debt and operates 43 retail stores, along with Last Call and two Bergdorf Goodman locations in Manhattan. All stores have been temporarily closed since March because of COVID-19 but the retailer's problems started well before the worldwide pandemic. Store closings only hastened bankruptcy, which was rumored for about a year.
Filing for Chapter 11 bankruptcy protection allows Neiman Marcus to default on some debt, remain open, close underperforming stores, restructure its operation, and secure additional capital that's structured in a way that's less challenging to pay back.
Gary Wassner, CEO of Hilldun Corp, a financial services company specializing in fashion and retail said that the Neiman Marcus bankruptcy should not be compared to Barneys as it's unlikely that Neiman Marcus will close its doors for good.
"Barneys was worth less than $1 billion and Neiman Marcus is a $5 billion company that has real value. It is a very valuable asset. They own a lot of their real estate and have a very strong CEO," Wassner said.
Wassner believes that part of retail's struggles has to do with the current promotional mindset. He believes deliveries come in too early and by the time customers are interested in shopping the merchandise is already on sale. "We are a buy now, wear now country. It's how people think," Wassner says.
Shoppers can expect a windfall of sales once stores open."Shoppers haven't even seen the Spring and Summer merchandise and it's going to have to get moving fast," Wassner says. "Nobody wants to ship into a discounted market." Retailers will have to speed up the Summer season and push Fall back.
Those looking for Neiman Marcus savings now can hit the sale section where reduced merchandise is an additional 25% off, which brings the total saving to 70% to 80% off on many items. There is also a beauty promotion where you can save 25% off most cosmetics and fragrances. Bergdorf Goodman will begin offering an extra 30% off sale merchandise on Tuesday.
Be mindful of how you shop now. If our expectations are correct, you might want to save your cash for when stores open again.
Tonight I made homemade gnocchi, sipped Tuscan wine and ending the evening with a scroll through the Florence-based LuisaViaRoma. Right now, you can save 30% off the new collection with the temporary code L30 or 25% off with the standing code OFF25.
There are lots of exclusions but we found a few key items that are worthwhile using this discount. Start with Balenciaga, which includes almost all merchandise. This new style Balenciaga quilted bag $1183 from nearly $1700 and BB leather slides are $416 from $600. You can also apply the savings to Manolo Blahnik styles, including Hangisi and Lurums. These Lurums are $900 from $1300 and they come in lots of colors. Hangisi heels are $700 from $1000 and are also available in a full spectrum.
These Proenza x Birkenstocks are a nice designer twist on the classic and come to $294 from $420 and standard Birkenstock Arazonas are just $64. (I actually just ordered all my kid's Birkenstocks for the Summer because these prices are so good.)
There is a time tracker for the 30% off code but it doesn't seem to expire too quickly if you apply it to your cart and continue to shop. If all else fails, you always can save 25% off with the alternative code above....
This is the time of year that the sample sale season usually begins to heat up. This coming week 260 Sample Sale will attempt their first online sample sale with Oscar de la Renta.
Usually, the sale attracts enough shoppers to accumulate lines that span up to an hour to get in. This sale is prized for having ornate gowns priced between $600 and $1000 from retail prices that extend upward of $3000.
I'm wondering if an online sale can offer the same savings when there is the added expense of photographing, measuring and describing each item. I also question if shoppers will be willing to purchase items that aren't returnable. Fit can quality defects can widely range when it comes to samples.
I'm looking forward to seeing how this sale will unfold. In the meantime, there are more than enough sales happening at established retail stores. The LVMH-owned site, 24S, is running a promotion where you can save 20% off full-price items with the code SPRING20. The big designer names like Dior, Celine, Gucci, and YSL are excluded but there are still lots of great finds.
Italist is where we look for designer items that are usually excluded from sale promotions. Discounts on the site are hitting what would normally found at a second markdown. This Fendi tote is $1871 from $2800, Saint Laurent Tribute slides are $400 from about $600. You can click here to read the full story.
If you're looking to expand your stay-at-home wardrobe, you should check out the markdowns on Shopbop. Post-COVID shoppers can browse Ssense for savings on more designer items.
Last but certainly not least, this week, we saw some great sale offerings from Nordstrom. The site is offering discounts of 60% off. As an added bonus, the store periodically adds a few designers to the sale assortment. You have to be fast to catch them but isn't that always the case with a good sale. Details can be found here.
This coming week we can look forward to Saks and Neiman Marcus starting spring sales for contemporary brands. Until next week... same time, same place? Cheers!
The Sephora Spring Savings event starts today! Right now, Rouge Members can save up to 20% off on all their beauty wants and needs. You can log into your account and use the code SPRINGSAVE to engage the discount at checkout.
Rouge Members can start shopping today and save 20% off on their beauty wants and needs. The promotion opens to VIB Members on Tuesday, 4/21 and they can save 15% and Insiders gain access on Thursday, 4/23 with a savings of 10% off.
The promotion runs through May 1st for all Rouge members, April 29th for VIB, and April 27th for Insiders. I've listed all my favorite beauty items below. In non-blogger talk/ real human terms, that translates to mean the items I restock every season during this event.
*20% offer valid for Rouge members 4/17/20 - 5/1/20 at 11:59pm PT; 15% offer valid for VIB members 4/21/20 - 4/29/20 at 11:59pm PT; and 10% offer valid for Insider members 4/23/20 - 4/27/20 at 11:59pm PT. Offer only valid on merchandise purchases made in Sephora U.S. and Canada stores, Sephora inside JCPenney stores, on sephora.com and sephora.ca. Offer
not valid on jcp.com. Limitations: one Dyson item and five Morphe items per SKU per transaction. Not valid on The Ordinary products, MAC Cosmetics VIVA GLAM products, in-store services, previous purchases, gift wrapping, packaging, taxes, or shipping & handling charges. Return of discounted merchandise will be for price actually paid. Sephora is not responsible for damaged, lost, or stolen offer materials or barcodes. Offer has no cash value and may not be altered, sold, bartered or transferred. Applicable Beauty Insider status must be attained prior to redemption. No minimum purchase required. Due to heavy demand, Sephora FLASH delivery times cannot be guaranteed for this offer. Not valid on orders shipping outside the U.S. or Canada. Cannot be used in conjunction with other offer or reward. Sephora and JCPenney employees are not eligible. Sephora may modify or cancel offer at any time. See Beauty Insider Terms for details, including exclusions on what purchases qualify toward spend thresholds.
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We all wait eagerly forward to Summer designer markdowns but how exciting would it be if you could get similar discounts today? Italist has already started to chisel away at prices on Spring '20 merchandise. The additional savings on top of the currency difference adds to some big savings. You might even go as far as saying it's as good as a first, or even second, markdown.
I am pretty sure that this Fendi terrycloth tote would have made its way to Instagram fame had this been a normal fashion season. Here it is for $1500 from $2690 US retail and is ready for its post-COVID-19 debut. This leather style Fendi tote from the same collection is $1000 less than it is at Fendi.
Italist's prices may not seem so discounted when you are looking at the site straight on. We suggest you do a search for retail stores to get an accurate retail price. We don't need to wait until July to pull the trigger. We can start enjoying now....
It's almost time for a new Ssense promotion. This time we are talking about sitewide markdowns. Starting at noon today you can take 20% off nearly everything on the site with the code SHOP20. The code becomes active at 12pm EST.
The promotion has some key exclusions: Gucci, Dries Van Noten, Stone Island, Yeezy, Golden Goose, Comme des Garçons Play, Comme des Garçons Wallets, Acne Studios, Converse x Essentials, Stüssy x Nike, Loewe, Canada Goose, Valentino, Fendi, Alexander McQueen, Bottega Veneta, Balenciaga and Saint Laurent..
We suggest you target your early searches to brands that are sometimes excluded from sitewide discounts.Christian Louboutin and Givenchy are always good markdown finds. This Givenchy tote is a great essential travel item at $1500 from $1790.
Ssense is always good to score some Balmain deals. Many times their retail price is lower than US retail, which makes the savings even greater. This Balmain sweatshirt comes to $360 from %500 US retail and this Balmain tee is $180 from $295 US retail.
The Ssense code doesn't currently have an expiration end date, which means that the promotion can end at any moment. We suggest you browse right away because the best deals from top brands always get scooped up quickly.
The sweats lifestyle ensemble doesn't require much creativity but it's comfortable and functional. It's also mind-numbingly boring. I've been looking forward to the Shopbop markdown to spruce-up my comfort wardrobe and it's finally here. Right now you can save 40% off 1000s of new markdowns. Use this link to click over now.
There are also some Golden Goose sneakers on sale, which should tie in nicely with your haute sweats. This pair with neon laces are $300 from $600 and this paisley style is $275 from $550.
If the item you're watching isn't included in this markdown Shopbop is likely to add it in the next sale drop. Usually, the site adds batches of merchandise every few weeks....
Those in isolation understandably like to surround themselves with comfort items. For some people, comfort comes in the form of double-Cs. It happens that Chanel's aversion to e-commerce has severely troubled shoppers at a time when most retail stores are closed.
Fulfilling your Chanel wishlist has become a struggle for many customers. Stores like Hirshleifers and Jefferys are able to provide shoppers with the new Chanel collections but are already running low on the most sought after items. I personally receive several emails and DMs daily about purchasing items all the while prices on the resale market are dropping nearly as quickly as crude oil.
Fashionphile allows for returns, which makes it the most attractive retail destination when shopping from preowned merchandise. Even if it means paying a little bit extra, I like to have the option to review the item before fully committing.
