Neiman Marcus Sells For $6B

Of the 1 percent, by the 1 percent, for the 1 percent. In a luxury trifecta, Neiman Marcus, the owner of emporia for the ultrawealthy, which is owned largely by ultrawealthy private-equity firms TPG and Warburg Pincus, has been sold to some other ultrawealthy private-equity firms for the rich price of $6 billion. Neiman Marcus has thrived in this uneven economy and filed papers for an initial public offering earlier this year. Buyout firm Ares Management and the Canada Pension Plan Investment Board shelled out $6 billion for the company, a nice profit for TPG and Warburg, who bought the retailer for $4.9 billion eight years ago.