What: The Neiman Marcus Group has established an Environmental Social Governance team for the first time.

Why is it important: Neiman’s said the success of this small team will largely hinge on “a cross-functional governance model to engage leaders and task forces across the company ensuring that ESG is infused into all parts of NMG’s business.”

The ESG team consists of a vice president and two managers who report to NMG’s chief people and belonging officer Eric Severson, with quarterly oversight from NMG’s board.

The team is collaborating with independent, third-party consultants to conduct a survey to highlight ESG issues. Neiman’s will use the findings to identify ESG priorities, set time-bound goals, invest in competitive opportunities, and publish a comprehensive strategy later this year.

In 2019, NMG became the first luxury retailer to make a long-term investment in resale by acquiring a minority stake in Fashionphile, a reseller of preowned luxury handbags and accessories. Customers can bring in used luxury items to Fashionphile, get them authenticated, and receive cash or a 10% increase on a Neiman Marcus gift card for the items. Used luxury items can be purchased on the Fashionphile website.

Neiman Marcus Group Honors Earth Day

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