What: Geoffroy van Raemdonck, CEO of the Neiman Marcus Group, discusses his perspective on the importance of emotions and relationships in the luxury retail industry.

Why it is important: Emotions and relationships in the luxury retail industry play a crucial role in building strong customer connections and delivering personalised experiences.

He highlights the focus on building strong customer relationships and delivering what's best for them. While there is speculation about a potential bid from Saks Fifth Avenue to acquire Neiman Marcus Group, van Raemdonck states that the company's owners are looking to monetize their investment through an IPO or sale eventually. He acknowledges the challenges faced by the fashion retail industry, such as continuing volatility and increased promotionality. To navigate these challenges, Neiman Marcus Group emphasizes remote selling, special events, and multisensory activations to provide unique and exclusive experiences for customers.

Van Raemdonck also emphasizes the importance of building a strong company culture based on love, authenticity, and embracing diversity. Overall, he believes that Neiman Marcus Group's focus on love, emotions, and experiences will drive its success and differentiate it in the market.

Neiman Marcus Group CEO on interaction and retail’s volatility