Neiman Marcus Group to cut its workforce by 5%

• Neiman Marcus Group announced that it would let go of 500 workers.
• The business also announced the departure of its Chief Product & Technology Officer.
• The NMG Product & Technology organization will be led at the group level.

In an effort to reduce expenses in a challenging economic climate, the luxury department store chain Neiman Marcus Group said on Tuesday that it would let go of 500 workers or around 5% of its workforce.

The business joins a growing list of corporations in the US that have cut staff due to concerns about the economy, including Wall Street banks, software firms, and online furnishings retailer Wayfair Inc.

The business also announced the departure of Chief Product & Technology Officer Bob Kupbens and the appointment of Ryan Ross, president of Neiman Marcus, to manage the group’s consumer insights.

The NMG Product & Technology organization will be led at the group level by Bergdorf Goodman’s president Darcy Penick.

According to its website, the Neiman Marcus Group employs more than 10,000 people.

As part of a partnership to expand the high-end department store’s online operation, Farfetch Ltd, an online seller of luxury fashion goods, announced last year that it would spend up to $200 million in Neiman, giving it a greater presence in the US.

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